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

Rabu, 08 Juni 2011

Indonesia Equity Sales (update 2) - Credit Suisse

Cement Sector: Lafarge to Enter East Java
The Ministry of Industry states that Lafarge is considering expanding into East Java and/or North Sumatra . In North Sumatra , Lafarge would spend US$276 mn for 1.5 mn tons cement factory. Previously, Lafarge acquired 99% stake of Semen Andalas in Aceh, and built 1.5 mn tons cement factory costing US$276 mn – which already in operations in March. The Ministry adds that China Triumph International Engineering Company also plans to spend US$350 mn to build 2.0 mn tons cement factory in Grobongan, Central Java .

Sales commentary: Unless the government passes the Land Reform Bill, by 2014 at the very latest, Indonesia cement industry could face the problem of overcapacity. At present, we like Semen Gresik (SMGR, O, PT Rp11,000) on its expansion plan and strong market positioning.

Astra International (ASII, N, PT Rp64,000): Stable Motorcycle Sales in May
Indonesia Motorcycle Association (AISI) reported May 2011 sales at 709,077 units (+11% YoY, flat MoM), bringing 5M11 total to 3.4 mn units (+15% YoY). AISI targets Indonesia motorcycle sales to grow 12-13% this year. ASII commands 51% market share in 5M2011.

Sales commentary: Good motorcycle sales number in May, in our view, given seasonality ahead of the new school year in June. We are confident there is upside risk in our motorcycle sales projection for 2011 – especially for ASII, where we only assume 2011 market share of 45%.


Bakrie Telecom (BTEL, U, PT Rp185): New Management Line-Up

BTEL VP Director, Muhammad Buldansyah resigns to join Qatar Telecom on July 1. BTEL promotes Jastiro Abi from CFO to replace Mr Buldansyah.

Sales commentary: Key BTEL personnel to watch are Anindya Bakrie and Jastiro Abi, who remain with the company. Despite solid management team, BTEL is likely to undergo structural pressures, which pose challenges to its financials, in our view.

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