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, 28 Juli 2011

SARANA MENARA (TOWR): In-line strong 2Q EBITDA (+20% YoY) – reit Buy on both organic & inorganic - Credit Suisse

Both TOWR and TBIG (@Rp2,350 on 13.8x-10.5x 2011F-12F EV/EBITDA & implied 16% Upside to DCF Rp2,725, Neutral; please see attached previous Daily) are competing to bid for ISAT’s towers. At Rp11,000, TOWR is trading on 11.9x-9.8x 2011F-12F EV/EBITDA and implied 32% Upside to DCF Rp14,500, therefore we reiterate Buy TOWR!

· Colin McCallum, CA (Daily attached): TOWR’s revenue grew by 9.3% QoQ and 19.2% YoY in 2Q11, driven by the addition of 375 new towers. Operational gearing continued to work in TOWR’s favour, with EBITDA margins remaining flat QoQ at 83.5%, but rising from 2Q10’s 82.8% level. Rising EBITDA, together with lower net interest costs, resulted in net profit before forex growing by an impressive 40.3% QoQ to Rp73 bn, and more than tripling YoY. TOWR’s net debt to annualised EBITDA ratio also fell from 3.6x in 1Q11 to only 3.1x in 2Q11.

· The core business model is that the tenancy ratio on newly constructed towers should rise over time. We believe that there are strong drivers in this direction, given ongoing growth in voice, SMS and particularly data traffic volumes in Indonesia . Furthermore, government regulations actively encourage shared tenancy of towers and support independent tower operators. We forecast that tenancy will reach 2.55x by FY20, and our DFC based target price remains Rp14,500. Maintain OUTPERFORM.

Tidak ada komentar:

Poskan Komentar