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, 23 Juni 2011

Buy TBIG, IMAS, ENRG - JPM

* Sales call: buy Tower Bersama Infrastructure (TBIG) – after market close yesterday the company announced the signing of a conditional sale and purchase agreement to acquire a 100% equity interest in PT Mitrayasa Sarana Informasi (“Infratel”), a privately owned independent telecommunications tower provider, with 263 towersites and 332 shelter-only sites, with an aggregate of 672 tenancies. This acquisition will add more than 10% to TBIG’s revenue. My take – As of the end of Dec 2010, TBIG had 3,104 sites and 4,729 tenants. So Infratel acquisition may expand its number of sites by 8% and its tenants by 14%. This sounds like a significant acquisition. Given TBIG’s very attractive debt facility (all-in cost of 9% fixed in IDR), there is decent chance that the acquisition may contribute positively to EPS on day one (especially if TBIG has the option to repay all of Infratel’s debt immediately). Price of the acquisition is not yet disclosed. On consensus, the stock trades on 17.6x and 13.2x P/E for FY11-12, but with strong potential for upward EPS revision as TBIG executes its M&A plans.

* Sales call: buy Indomobil Sukses International (IMAS) – CEO Jusak Kertowidjojo announced to the market that the company will soon raise Rp2.76trn by issuing new shares at Rp8000. The company intends to aggressively expand its Indomobil Finance loanbook, by injecting Rp553bn new equity into the subsidiary (who recently raised Rp1trn in an upsized bond issue). They also intend to grow the distibution network for Hino trucks and Nissan. My take -- the stock could be an interesting complement to Astra International, as a purer play on discretionary spending as Indonesia enters the "S" curve in car ownership ratio. Its winning product "Nissan Livina" could gain market share (from low base) relative to "Toyota Avanza" and "Daihatsu Xenia" when the Indonesian consumers have the extra dollar to spend.

* Sales call: buy Energi Mega Persada (ENRG) – JPM Korea shipbuilding analyst thinks that Japan quake and Shell’s FLNG decision in May has accelerated many FLNG projects in Asia and Latin America. There are 27 projects in pipelines with FLNG concept. INPEX and Petronas projects are already open since the end of last year and yards are expecting results within 2011. Also, we expect Petrobras will open its FLNG tender soon, earlier than expectation with estimated size of $2~3bn. JPM oil analyst Brynjar E Bustnes provided us with the page below on FLNG project status update. My take – a new strategic partner in Energi’s Masela project can help unlock the true value of this big Indonesian gas reserves. There is decent chance that the project can be bigger than initial design, and implementation can be quicker, if Shell were to come into the picture.

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