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Jumat, 12 Agustus 2011

Bakrie & Brothers (BNBR IJ; CP: IDR64; Not rated) - BNP Paribas

Key issues
ƒ The global financial crisis in 2008 resulted in the company posting hugely negative retained earnings and very high debt levels. The company plans to engage in quasi restructuring and debt restructuring which is expected to be completed by the end of the year. The results will bring its equity base to around USD1.2b and debt levels to USD650m-700m.
ƒ Bakrie Brothers also has in place a new management team, which is expected to restructure some of the existing businesses. These range from minority holdings of listed Bakrie entities such as Bumi Plc (BUMI IJ), Bakrie Sumatra Plantation (UNSP IJ), Bakrieland (ELTY IJ), Bakrie Telecom (BTEL IJ) to the non-listed businesses which includes Metal, Infrastructure and Energy Trading. The long-term plan is to reduce equity stakes at the listed Bakrie entities to raise funds and invest in significant unlisted businesses where the Bakrie name will help gain deal flows in

strategic sectors.
ƒ The company trades at significant discount to its NAV (using the market value for the listed entity and book value for the non-listed entities). Management estimates that the NAV is around IDR120/share vs current share price of IDR64. The huge discount is probably attributed to corporate governance issues.

Questions raised
ƒ Which businesses will be the focus for the new management? The domestic driven sectors such as energy, pipelines and infrastructure.
ƒ How will the group fund its investments given its plans to deleverage its balance sheet? Through partnering with foreign investors and raising funds from selling equity in the listed companies under its portfolio.
ƒ How much does the Bakrie family currently own in Bakrie Brothers? 45%. Between 17-20% is owned by foreigners and the rest by domestic investors.

Current view
ƒ Not rated.

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