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Senin, 22 Agustus 2011

Agung Podomoro: APLN sets Rp1.2tn bonds with 10% and 11% coupon (APLN, Rp340, Buy, TP: Rp430) - Mandiri

􀂄 APLN announced today final structure of its bonds issuance plan. The total issuance is Rp1.2tn, which comprised into two series: (1) Rp325bn 3-year series at 10%; and (2) 875bn 5-year series at 11%. Tentative timeline:
- Effective date: Aug 18, 2011
- Offering date: Aug 22-23, 2011
- Allotment date: Aug 24, 2011
- Electronic distribution date: Aug 25, 2011
- Listing date: Aug 26, 2011
􀂄 We see the bonds positively as consistent to its commitment in taking active expansion thus sustain the company’s growth going forward. Minimal downside is seen from the issuance, where earnings slipped by only 2%, based on our 12F. APLN currently trades at attractively PE12F of 10.6x, vs. CTRP of 18.7x. Maintain BUY, with TP: Rp430/share.

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