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Rabu, 18 Mei 2011

Intraco Penta: Plan right issue up to US$500mn (INTA, Rp3,525, Not Rated) - Mandiri

􀂄 According to Investor Daily, INTA is seeking to raise fund via right issue up to US$500mn that will be exercised in Q3 2011. The main proceeds will be used to acquire coal asset with minimum reserves of 100Mt. Details of the coal asset has not disclosed yet
􀂄 We have not got the clarification from the company about the final size. Based on our latest update from the company, the right issue size was about US$250-300mn
􀂄 INTA’s 1Q11 results are still in limited review due to corporate action that might be taken in coming quarters. But we expect sounding results considering as of 31 March 2011, total heavy equipment sales have reached 897units or US$167mn which represent around 70% from FY11 target
􀂄 Currently we do have rating on the stock. Based on company’s estimatimates INTA is traded attractively at around 9.5xPER11F

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