Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 16 Juni 2011

Aneka Tambang: HOLD; Rp2,125; TP Rp2,500; ANTM IJ To pay Rp70.71/share final dividend - DBS

Aneka Tambang (ANTM) has received shareholders approval to pay final dividend of Rp673bn or Rp70.71/share, yielding 3.3%. This translates into 40% payout ratio from FY10 net profit of Rp1.7tn. Meanwhile, ANTM is looking for financing for its US$1.6bn FeNi Halmahera projects (including power plant). PT PLN plans to spend US$600m to build a 250MW power plant to supply power for the smelter while ANTM plans to spend US$1bn for the new FeNi smelter with total capacity of 27,000tpa. Assuming 60-65% to be funded by debt, ANTM needs to raise US$600-650m in loans. The project is estimated to be completed in 2014-15. Once completed, ANTM’s FeNi capacity will double to 53,000tpa from 26,000tpa.

We maintain Hold, TP Rp2,500 based on blended valuation of DCF (12% WACC. 3% terminal growth), 14.0x FY11 PE, and 6.5x EV/EBITDA (5-years average). ANTM is trading at 12x FY11 PE against regional peers’ average of 10x. We like ANTM for its attractive long-term growth prospects through several planned projects but execution is the key risk. Short-term earnings growth will depend on prices for both nickel and gold as we don’t expect capacity expansion in the near term.

Tidak ada komentar:

Poskan Komentar