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Selasa, 26 April 2011

Citra Marga Nusaphala Persada: Propose for land clearing loans Rp400bn to BLU (CMNP, Rp1,130, Neutral, TP: Rp1,100) - Mandiri

􀂄 Quoted on Investor Daily, PT Citra Marga Nusaphala Persada (CMNP) through its subsidiary, PT Citra Waspphutowa applying for Rp400bn loans to General Service Agency (BLU). Such funds will be used for land acquisition on Depok-Antasari (21.6Km) toll road projects. The project is divided into 3 sections while total investment needed for the project is estimated at Rp4.7tn. Construction process is expected to be start on 2013 for section 1 and 2, and on 2014 for section 3.

􀂄 General Service Agency (BLU) was formed by Ministry of Public Works to lend money to investors for land clearing on infrastructure projects. Currently, BLU has committed to obtain capital contribution from government Rp3.9tn which can be given by the end of this year. Most of the funds will be prioritized to support land clearing process on Trans Java Projects (617Km), which is targeted to start operation in 2014.

􀂄 We have a Neutral recommendation on CMNP, is traded at PER11F of 7.0x.

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