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

Jumat, 08 Juli 2011

Potential sale of towers by Indosat to Tower Bersama is positive for both companies - DBS

Tower Bersama Infrastucture: Buy; Rp2,425; TP Rp2,700; TBIG IJ
Indosat: Buy; Rp5,150; TP Rp6,200; ISAT IJ

PT Tower Bersama Infrastructure plans to acquire 4,000 towers owned by PT Indosat, Investor Daily Indonesia reported, citing Helmy Yusman Santoso, finance director Tower Bersama. The acquisition ' s value may be more than USD500 million, the report said. The Indonesian company is likely to use funds from capital expenditures and loans to finance the acquisition, according to Santoso, who didn ' t give a value for the transaction.
Our View
· Positive for Indosat. Indosat owns close to 12K towers in its portfolio, which can result in potential upside of 15%-25% for its share price if all sold for USD125K-140K per tower. This should also provide enough cash ammunition to the company to reduce its FY10 net debt of USD2.2bn (net debt to EBITDA over 2x).
· Positive for Tower Bersama too. 4K towers at USD500m, translates to USD125K per tower, which is fairly attractive considering an average tenancy ratio of slightly over 1x for the big tower portfolio. The construction cost of each tower comes to around USD 100K and it takes couple of months to complete.
· Tower Bersama should be able to raise debt. Tower Bersama’s net debt stood at ~USD180m as at 1Q11. 4K towers should generate USD60m EBITDA annually. Including TBIG’s USD90m EBITDA, consolidated EBITDA of USD150m should easily support net debt of USD680m, below 5x EV/EBITDA.

Tidak ada komentar:

Posting Komentar