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

Sabtu, 19 Maret 2011

IDX Composite Ends Marginally Higher - The Indonesia Today

Composite index of Indonesia Stock Exchange (IDX) closed slightly higher by 0.28% as Telkom, Unilever, and Danamon dropped substantially.

Telkom down 1.47%, while Unilever slashed 3.11%, while Danamon conceded 3.01%. BRI, Indosat, Indofood, and Kalbe Farma also ended the week in red.

The largest company on IDX, Astra International, gained 0.93%, while BCA closed flat. Gudang Garam, Bumi Resources, and Indo Tambangraya were top gainers in the Top 20 stocks by market cap. Gudang Garam surged 5.16%, while BUMI and ITMG gained 3.33% and 3.99% respectively.

Plantation stocks also ended Friday trading with substantial gain, led by Bakrie Sumatra (+2.94%) and BW Plantation (+2.8%), mainly on strong 2010 results. Sampoerna Agro and Astra Agro Lestari also closed higher by 2.73% and 1.61% respectively.

Asian markets closed mostly in higher ground, except for Straits Times and Bombay's BSE Sensex. Nikkei 225 finally closed higher by 2.72%, while KOSPI advanced 1.13%. Shanghai also gained 0.42%, while Hang Seng inched up 0.07%. All Ordinaries scored substantial gain of 1.67%, while FTSE 100 opened higher by 0.53%.

China raises bank reserves to cool lending - Associated Press

Saturday, 19 March 2011 00:00
China on Friday ordered its banks to raise the amount of money they hold in reserves in another move to curb lending and cool a spike in inflation.The People's Bank of China said banks

must raise reserves by 0.5 percent of deposits. This is the third such move this year by the central bank and follows six reserve increases in 2010.
Reserves vary by institution but are about 20 percent for China's biggest state-owned lenders.

Beijing is using a series of repeated, gradual hikes in interest rates and reserve levels to stanch a flood of lending that helped China rebound quickly from the global crisis but now is fueling pressure for prices to rise.

Inflation is politically dangerous for China's communist leaders because it erodes economic gains on which they base their claim to power. Poor families are hit hardest in a society where some spend up to half their incomes on food and millions have seen little benefit from three decades of economic reform.

Chinese prices rose 4.9 percent in February, driven by an 11 percent jump in politically sensitive food costs despite government efforts to increase supplies and curb a bank lending boom that analysts say is partly to blame.
But the measures appear to be starting to work. Earlier this month, China's central bank said bank lending fell in sharply February, indicating the measures are finally reining in the credit boom that is pushing up real estate and stock prices. The bank said February lending fell 26 percent from the same month last year to 535.6 billion yuan ($81.5 billion).

Beijing has raised interest rates three times since October, but economists say more rate hikes are needed and it will be months before the effect is seen.
Chinese savings rates are so high that rises in reserve levels still allow the total amount of money available for lending to grow. Instead, they are seen instead as a signal to banks to slow lending or face more drastic controls.
China's banks lent just over 1 trillion yuan ($153 million) in January. That was after their 2010 lending rose to nearly 8 trillion yuan ($1.2 trillion), overshooting the official target of 7.5 trillion yuan.

Analysts say Chinese leaders acted too slowly in heading off inflation after they deflected the 2008 crisis and growth quickly returned to normal levels. The government has set a 4 percent inflation target this year but private sector analysts say consumer prices could rise by up to 6 percent.

Thermal Coal Falls 4.87% - The Indonesia Today

Thermal coal spot prices dropped 4.87% to US$123.29 per ton for the week ended March 18 in Newcastle Port, Australia, a benchmark for Asian market.

NEWCIndex of globalCOAL reported that the weekly index dropped 4.87% to US$123.29 from US$129.6 per ton for the week ended March 11, 2011.

RBIndex (Richard Bay Port, South Africa) and DES ARA Index have yet to be released. Last week RBIndex and DES ARA Index ended at US$119.74 and US$123.35 per ton respectively.

globalCOAL is backed by some of the world's leading coal market participants such as Anglo American, Enel, BHP Billiton, e.on, Glencore International AG, J-Power, Rio Tinto, and SSY Futures.

Coal-related stocks, meanwhile, closed Friday (March 18) trading mixed, with both China Shenhua and China Coal ended slightly lower by 0.44% and 0.52%, while BHP Billiton gained 1.97%. Straits Asia lost 1.22% in Singapore, but Bumi Resources gained 3.33% in Jakarta. Indo Tambangraya Megah also surged 3.99%, while Borneo Lumbung Energi (BORN) advanced 1.27%.

In London, Xstrata, the world's largest thermal coal exporter, gained 1.34% midday, while Anglo American advances 1.89%.

Indorama Net Profit Soars 128% - The Indonesia Today

Polyester producer PT Indo-Rama Syntetics (INDR) Tbk posted net profit of US$25.9 million last year, soared 128% from 2009 on improved margin.

The company, controlled by Lohia family, reported sales revenue of US$616.9 million last year, jumped 31% from US$469.9 million in 2009, while cost of goods sold increased 20.7% to US$553.86 million.

Indorama then booked gross profit of US$63 million, doubled from US$31.2 million in 2009. Operating expenses, meanwhile, surged 33% to US$36.1 million, but it managed to book operating profit of US$26.98 million, more than six times 2009 operating profit of US$4.1 million.

Indorama had total assets of US$565.67 million and equity of US$285.34 million as at December 31, 2010. INDR closed flat at Rp1,880 Friday (March 18). At that price, Indorama currently has market capitalization of Rp1.23 trillion or about US$140 million.

Jumat, 18 Maret 2011

Global Equity Strategist - Japanese Earthquake: First Thoughts - Citigroup

 Sympathies — We would like to express our deepest sympathy to everyone who has suffered as a result of the Japanese earthquake and we hope for the speediest possible recovery.

 Japanese Economy — Our Japan economist thinks that the damage could be as much as 2% of GDP, similar to the Kobe earthquake of 1995. He thinks that a sharp setback to the economy will eventually give way to major rebuild.

 Japanese Equity Market — Our Japan equity strategist thinks that the immediate reaction of the Japanese equity market is overdone. Low valuations and the prospect for future recovery means that we stay Overweight Japanese equities.

 Global Equity Market — Global equities had risen 24% from last summer’s lows and were due a pull-back in our view. With tensions in the Middle East, the ongoing European financial crisis and now the Japanese tragedy there are plenty of reasons to sell. We would buy into further weakness.

 Global Industry And Stock Implications — We collect the initial thoughts from CIRA analysts around the world. We highlight four key themes: Japanese energy supply, Japanese reconstruction, Japanese demand and global supply chains.

Sampoerna Agro: Buy; Rp2,750; TP Rp4,625; SGRO IJ 4Q10 results above expectations - DBS Vickers

First Take:

4Q10 earnings came in at Rp202.9bn (+72% q-o-q, +161% y-o-y). This would bring the group’s FY10 earnings to Rp451.7bn, significantly above our full year estimate of Rp389.7bn.

As previously mentioned in our 3Q10 results report, SGRO still had around 20k MT of CPO inventory at the end of Sep10. This would have boosted SGRO’s sales volumes. Moreover, In contrast to our assumption of 3Q10 FFB peak production (hence our forecast of 7% q-o-q decline 4Q10 FFB production), we suspect FFB yields peaked in 4Q10 instead.

As at end of Dec10, SGRO had total debt of Rp327.3bn - representing an increase of Rp107.5bn (all short term). Cash balance ended at Rp529.6b - in line with expectations.

We reiterate our Buy call on SGRO, as believe the market is ignoring the group's strong growth coming from its own estates. Currently SGRO is trading at 11.1 FY11 PE - one of the cheapest in our coverage.

We will be reviewing our forecasts and TP following the analyst briefing later this morning.

Cement Sector Update Faster February - Bahana Sekuritas

Volume: 3.3m tons, +8.5% m-m on an adjusted basis & +9.7% y-y
According to the Indonesian Cement Association, February’s domestic cement consumption rose 9.7% y-y but fell 7.0% m-m to 3.3m tons. However, on an adjusted basis (given just 18 working days, compared to January’s 21 days), February sales actually rose 8.5% m-m. On an aggregate basis, 2M11 total cement volume reached 6.8m tons, +7.1% y-y, in line with our estimate, accounting for 15.6% of our 2011 volume target of 43.7m tons, +7.2% y-y. Of February total volume, Java contributed approximately 54% or 1.8m tons (-11.5% m-m and +11.8% y-y) while the remaining 46% or 1.5m tons (-1.1% m-m and +7.3% y-y) stemmed from ex Java. East Java continued underperforming as February’s volume contracted 10.3% y-y while the best performing were Banten (+29.6% y-y), Jakarta (+28.6% y-y) and West Java (+20.7% y-y) on infrastructure development. Likewise, Sulawesi’s volume dipped 11.6% y-y. In contrast, Sumatra grew 15.3% y-y and accounted for 51.9% of ex Java cement demand.

Future growth to be buoyed by property and infrastructure projects
Going forward, we believe cement demand will be supported by buoyant property development and realization of infrastructure projects, expected to involve total spending of IDR50t. This would in turn produce substantial multiplier effect for growth in cement consumption. We note, however, that the reconstruction efforts in Japan post the earthquake would be limited on Indonesian cement companies due to high freight costs on exported cement.

Sector underperfomance on higher energy-related costs
The sector underperformed the market 5.1% ytd (exhibit 3) mainly on concerns of higher energy-related costs, particularly coal which accounted for over 40% of total production cost. We expect 2011 average coal price to reach USD120/ ton vis-à-vis USD93/ ton in 2010. While cement producers may pass on the energy cost increase onto the consumers to prevent margin compression, this move could raise the attention of the Commission for the Supervision of Business Competition (KPPU), which had been previously investigated cement companies on alleged cartel-like price control.

INTP benefited from Java’s demand; Less favorable growth for SMGR
INTP has continued to benefit from Java’s strong demand growth with February volume reaching 1.0m tons (-2.7% m-m and +13.1% y-y), causing higher market share of 32.0%, up from 31% a year ago and 30.6% a month earlier. This is inline with our expectation, accounting for 15.6% of 2011 volume growth of 13.6m tons (+8.0% y-y). On SMGR, domestic cement of 1.4mt (-7.5% m-m and +2.2% y-y) accounted for nearly 14.9% of our FY11 sales volume target of 18.8m tons (+6.7% y-y). This slightly eroded SMGR’s market share to 41.0% from 41.3% in January. SMGR’s under-performance mainly stemmed from its Tonasa facility as demand in Sulawesi weakened while Java and Sumatra facilities suffered from limited capacity. While we are NEUTRAL on the sector, both stocks offer upsides at current levels. BUY.

Telkom - FY10 result guidance is below projection - Deutsche Bank

Telkom CEO is quoted in Investor Daily that the company may deliver yoy revenue and net profit growth of 2-3% and 1% respectively. These would imply FY10 gross revenue and net profit of Rp68.9-69.6tr and Rp11.5tr; which equate to approximately 95% of our FY10 projections. Ex-forex, Telkom's FY10 NP would have risen by approx 7% yoy.

Based on these, we have provided a more detail FY10 result preview (refer to table below). Despite lower top line revenue trend, the consolidated Ebitda may reach Rp38.8tr (+6% yoy), which is inline with our projection.

We believe that lower than expected revenue is largely due to weak Telkomsel number, in particular during 4Q10. Intense competition remains during the 4Q10. As we have highlighted, Tsel launched new promo "Double Talkmania" in response to the competitors' promo. These should result into lower service prices (including for voice and SMS).

Unfortunately, we think this will continue into 1Q11. We have noticed that Natrindo Telecom Selular (NTS) had recently received more support from its parent company; while XL had just launched another new acquisition strategy. We argue with still 10 operators in the market, the industry will continue to face with a very high churn rate of 15-20% per month - making it difficult for any operator to raise their prices - until after perhaps there are regulatory changes that may be more fair to major three operators

United Tractor (UNTR IJ) re-initiate coverage OPF; Indo coal shipment to Japan - CLSA Indo

United Tractors (UNTR IJ)

Sarina Lesmina reinitiates coverage on United Tractors with OPF rec and TP25,000 offering 14% upside. Sure there is significant short-term headwinds to UNTR from the natural disaster in Japan. It is still difficult to quantify supply disruption to UNTR’s heavy-equipment division (three equipment plants are damaged by the tsunami). Short-term risk also comes from uncertainty on PAMA, the coal mining contracting side from coal production and potential lack of Komatsu equipment. However, UNTR is dominant in both businesses and offers 28% ROE, 27% earnings growth, solid balance sheet and is one of the best run companies in the country. UNTR is also leveraged to the global hunger for seaborne coal. BUY on sharp correction.

Key points from report:
Short-term headwinds due to lower coal production at Pama, and disruptions from Komatsu. But good that UNTR has 2 months inventory
Global thermal-coal seaborne market is in supply deficit until 2013, a cumulative deficit of 75mt from 2009-13
Expect 10% Cagr in UNTR’s heavy equipment sales assuming Komatsu maintains 46% market share
Market leader in mining contracting (Pama) segment (40% mkt share), commands premium pricing due to better experience and scale
Expect coal production to grow 5% YoY (81mt) in 2011, & reach 93mt in 2012. Overburden removal to grow 10% YoY to 716mt in 2011.
Net gearing of 27% with expected earnings growth of 20% Cagr in the next 5 years
Expect minimum 40% dividend payout
TP 25,000, 14% upside, OutPerform. Based on average of PE, PB and EV/EBITDA valuation.

Channel checks, Coal shipment to Japan.
Mita “Komodo” Valina, CLSA’s on the ground specialist, spoke with some coal traders on Japan’s impact on their business. We know of at least 2 Japanese power companies that have declared force majeure, affecting 3.3mt/month in Indonesian coal exports. However, as most coal imports to Japan is from Australia, we expect limited impact to Indo’s coal producers, and might even see a surge in coal demand after the damaged infrastructure is fixed.

ITMG:Awakening the animal spirit - Mandiri Sekuritas

With reserves of 335.6Mt and production of 25.0Mt with estimated peak production volume of 29.0Mt, and dividend payout of 70%, ITMG is an income stock (under strong coal price environment). We play down the recent derivative loss, as ITMG has been prudent in using derivatives to smoothen earnings volatility and not for speculative intentions. Despite cost shock in 4Q10, it is a singular event, and we still have confidence in ITMG cost control. Our concern is on their lack of progress in acquisitions. With sterling reputation in the eyes of investors, ITMG might be unwilling to take risks while in coal concessions prices offered will be related to risks inherited.

Costly 4Q10. Mining cost despite qoq production increase of 0.6Mt to 5.6Mt has nearly doubled (+73.6% qoq). Two reasons cited: (1) fuel price increase to US$0.76/ltr from 3Q of US$0.71/ltr, and (2) higher stripping ratio (SR) in Indominco (20 from 3Q of 13.5) due to adjustment in mining plan to tackle weather related problem. ITMG stated that SR will be reverting to normal of 14 plus in 2011. Aside from US$54.1mn derivative losses, the expensing of US$20.1mn writeoff from the cancelled underground mining attempt also eroded the profit.

It is not the derivative that we concern. ITMG makes regular swap transactions on fuels, and also on coal. The losses were partly unrealized due to ‘mark to market’ coal contract at US$125/ton benchmark price, while ITMG recorded gains in its fuel swap transactions. As ITMG has been practicing hedge transactions since its IPO, we have no reservations on its continuance despite the losses that was made.

But lack of inorganic growth initiatives. ITMG has the lowest incidents of negative earning surprise, hence, the investor appreciations. However we hope it is not turning into an obsession. Inorganic growth will involve risk taking and in a bullish sentiment for coal industry, it is difficult to find bargain basement price.

Upgrade to Buy, upgrade target price. We upgraded our earnings forecast as we increased our benchmark coal price projection from US$105/ton to US$115/ton. Our DCF valuation improved to Rp55,800, hence we raised our recommendation from Neutral to Buy. Our views on their lack of risk taking initiatives may be run against investors who prefer stability, and hence ITMG still has its supporters and preferred choice for Indonesian coal exposure.

ENRG and SMCB trade idea (from sales) - JP Morgan

* Sales idea – Energi Mega (ENRG): Brynjar E Bustnes, JPMorgan regional oil analyst who covers Inpex of Japan, wrote “The progress on abadi is, I think, faster than we expected six months ago with the scaling down of the project in mid December (see attached note) to a more manageable size (and no longer “ridiculous”). Newspaper (for oil people!) “Upstream” just noted that inpex (and the abadi project) has prequalified four parties for the floating LNG facilities (FLNG). This is good news as it shows progress.” My take – ENRG has a 10% stake in the Masela Abadi project, with another 10% potentially up for grab. As the Abadi project is progressing, there is scope for multi-national oil companies farming into the project. These M&A activities may set new price benchmark for Abadi.

Four set to battle for Abadi FLNG unit

18 March 2011


FOUR groups of global contractors have set their sights on the liquefied natural gas floating production, storage and offloading vessel for the Abadi gas project in Indonesia. The partnerships that are understood to have passed a recent pre-qualification to bid for the floater are:

• JGC with Technip and Samsung Heavy Industries.
• Chiyoda with SBM Offshore.
• Saipem possibly alone.
• WorleyParsons with Hyundai Heavy Industries.

* Sales idea – Holcim (SMCB): The analyst community are in the midst of revising down 2011 earnings expectations for all Indo cement stocks, as their 4Q10 results are coming out (Indocement overnight and Semen Gresik next Monday). As year 2011 expectations becoming more realistic, the first two months of 2011 has been encouraging for cement consumption in Java island, particularly Jakarta. Holcim (SMCB) has the largest sales concentration in Jakarta and Java island, and their Jan-Feb sales volume data confirms the story: SMCB +22% yoy, INTP +8% yoy, SMGR +3% yoy. Year 2010 disappointment mainly came from weak 2H10 (early part of 2010 still strong), but to me this is exciting because if 2H11 sees economic acceleration, then the analyst community could scramble to re-upgrade their year 2011 forecast. SMCB should offer best leverage to this possibility (Not Rated by JPMorgan).

Indonesia's Timah plans March tin shipment to Japan - Reuters

* Japan buys account for 18 pct of Timah's tin exports
* Timah to stick to delivery schedule for term buyers
* Infrastructure may make tin deliveries difficult -analyst (Timah corrects earlier statement on lack of Japan shipment)
Indonesia's state-owned PT Timah (TINS), the world's largest integrated tin miner, will make a shipment to quake-hit Japan this month and is keeping its delivery schedule to term buyers, an official said on Thursday.

Japan accounts for 18 percent of Timah's shipments, and the firm sends the metal to ports in southern Japan that have been unaffected by last week's devastating quake and tsunami in the northeast, corporate secretary Abrun Abubakar told Reuters.

"We do have a schedule to ship tin to Japan this month and we will stick to the shipping schedule," the company's corporate secretary Abrun Abubakar told Reuters, without giving any further details on the shipment.

Japan's demand for tin from Indonesia, the world's top exporter, will be reduced following the quake, but it is too early to assess the scale of the impact, consulting firm ITRI said earlier this week.

"Timah ships the metal to ports in southern Japan such as Kobe, Kawasaki and Nagoya," said Abubakar. "That's why there's no delay in the tin shipment to Japan."

Last month, Timah said refined tin production in 2010 was 40,413 tonnes, down from 45,086 tonnes in 2009 as heavy rains hampered mining and easily recoverable onshore reserves are declining, a trend that has driven tin prices to record highs this year.
Japan, the world's third-largest economy, was hit by a massive earthquake and tsunami last Friday.

Operators of a quake-crippled nuclear plant in Japan dumped water on overheating reactors on Thursday while the United States expressed growing alarm about leaking radiation and urged its citizens to stay well clear of the area.

"Some Japanese users' production facilities will be impacted, either by damage or power disruption," said David Thurtell, a Citi metals analyst in Singapore.

"Whether they would stockpile material or stop importing is hard to say," he added. "Infrastructure damage may make delivery more difficult."

Tin for three-month delivery on the London metal Exchange traded at $28,699 a tonne at 0626 GMT. The metal, used in solders and tinplate, touched an all-time high at $32,799 in mid-February.

A crackdown on illegal mining since 2006, tighter export regulations, declining onshore reserves and rain that has hindered production in Indonesia have helped drive the tin rally.

"Tin concentrates would probably be easily absorbed in China or other parts of Asia," added Thurtell. "Mine concentrate shortages over the past six or seven months will have left plenty of spare refining capacity."

Indonesia, which supplies nearly 30 percent of the world's tin, produced 78,965 tonnes of the refined metal in 2010, the energy and minerals ministry said late last year, but production is expected to reach 90,000 tonnes in 2011.

Indonesia will restrict annual output to a 100,000 tonnes if record high prices trigger a new scramble for the metal, a senior official said in January.

Late last month, Timah said that first-quarter production would be lower than expected because of rains and rough seas.

Indonesia is Best Emerging Market, Blackstone’s Studzinski Says - Bloomberg

Indonesia is the best emerging market because of prospective growth in metals, mining and agriculture, said John Studzinski, senior managing director of Blackstone Group LP.

“Agriculture will be increasingly important given commodity prices,” Studzinski said at the Bloomberg Link Hedge Fund Conference in London today.

Sales Flat, Trikomsel Profit Jumps 74% to Rp204 Billion - The Indonesia Today

ICT retailer PT Trikomsel Oke (TRIO) Tbk booked net profit of Rp204 billion last year, jumped 74% from 2009 despite flat sales growth.

Trikomsel reported sales revenue of Rp5.51 trillion last year, inched up 0.8% only from Rp5.46 trillion in 2009. Cost of sales, however, declined 2% to Rp4.8 trillion. As a result, Trikomsel posted gross profit of Rp709 billion last year or a 25.7% growth from 2009.
Combined with insignificant growth of operating expenses, Trikomsel managed to book operating profit of Rp410 billion last year, surged 49% from 2009.

Trikomsel then book net profit of Rp204 billion or an earning per share of Rp46. The stock, TRIO, closed at Rp610 Thursday (March 17). At that price, Trikomsel currently has market capitalization of Rp2.71 trillion or about US$308 million.

Ekspansi Besar-Besaran, Jasa Marga Siapkan Rp30 T - OkeZone

JAKARTA - PT Jasa Marga Tbk (JSMR) merencanakan ekspansi besar-besaran dengan melakukan akuisisi sejumlah ruas jalan tol serta pembangunan ruas baru.

Untuk keperluan tersebut,perseroan menganggarkan dana investasi hingga Rp30 triliun untuk pembiayaan dan akuisisi hingga 2014. Selain itu, ada dana tambahan yang juga disiapkan, yaitu sebesar Rp15 triliun.

“Kami punya sumber pendanaan yang kuat,baik dari kas internal maupun eksternal, yakni berupa pinjaman bank,” ungkap Direktur Utama JSMR Frans S Sunito di Jakarta, kemarin.

Saat ini, perseroan tengah melakukan penjajakan ke beberapa ruas jalan tol yang dinilai potensial untuk diambil alih. Tahun ini, manajemen mengharapkan bisa mengambil alih dua ruas jalan tol di Pulau Jawa, yaitu proyek Trans-Jawa dan Jakarta yang dimiliki swasta. Namun, akuisisi akan dilakukan jika pemiliknya mau melepas kepemilikan secara mayoritas. “Mudah-mudahan bisa terlaksana tahun ini,” harapnya.

Rencana ekspansi Jasa Marga memang seiring dengan program pemerintah yang mengutamakan pembangunan sembilan ruas jalan tol Trans-Jawa dari total 24 ruas yang masih mandek saat ini. Pembangunan ruas jalan tol Trans-Jawa itu diharapkan rampung pada 2014.

Baru-baru ini, perseroan telah berhasil menambah satu ruas tol baru melalui akuisisi. Jasa Marga mengambil alih 52 persen kepemilikan ruas jalan tol Gempol–Pandaan, Jawa Timur, sepanjang 12 km.

Sisanya, kepemilikan dimiliki Pemerintah Daerah (Pemda) Jawa Timur. Frans menuturkan, akuisisi dilakukan karena lokasi ruas tersebut dekat dengan jalan tol milik perseroan,yakni jalan tol Surabaya–Porong–Gempol dan Gempol–Pasuruan.

Frans berharap jalan tol Gempol–Pandaan sudah mulai konstruksi pada semester II/2011. Nantinya, anak usaha perseroan PT Margabumi Adhika Karya (MBAR) akan menjadi pengelolanya. “Proyek pengembangan untuk ruas jalan tol itu mencapai Rp1 triliun,” ungkapnya.

Untuk pendanaannya, perseroan akan menggunakan kombinasi dana dari internal dan eksternal. Rinciannya 30 persen dari internal, dan 70 persen berasal dari pinjaman perbankan.

Terkait pembangunan ruas jalan tol sepanjang 200 km, Frans menyatakan, perseroan sudah mendapatkan komitmen pinjaman dari tiga bank senilai Rp7 triliun. Tiga bank tersebut adalah Bank Mandiri, Bank Negara Indonesia (BNI), dan Bank Rakyat Indonesia (BRI).

Sementara sisanya akan dicari dari sumber lain. Frans mengatakan, perseroan juga memiliki komitmen kuat dari sejumlah bank, baik swasta maupun pemerintah, untuk memberi dukungan pendanaan.

Perseroan masih memiliki dana sisa penawaran umum saham perdana (initial public offering/IPO) yang belum digunakan hingga saat ini mencapai Rp2,5 triliun. Mengenai kemungkinan penerbitan obligasi atau pun saham baru (right issue) Jasa Marga belum merencanakannya dalam waktu dekat.

Pasalnya, perseroan masih memiliki sisa dana IPO sebesar Rp2,5 triliun. Kebijakan obligasi hanya akan dilakukan untuk membiayai ulang (refinance) surat utang yang jatuh tempo. “Namun, jika di tengah jalan kami butuh dana, kami bisa pertimbangkan keluarkan obligasi,” ungkap Frans.

Analis BNI Securities Maxi Liesyaputra menilai, JSMR masih memiliki outlook positif untuk pertumbuhan kinerja dalam jangka panjang. Itu terutama dengan mulai beroperasinya ruas-ruas baru serta kenaikan tarif tol. Beberapa ruas tol baru yang telah dan akan beroperasi, seperti Bogor Ring Road dan Semarang–Solo, diyakini menambah pendapatan perseroan.

Selain itu, sejumlah ruas lain juga akan menyusul beroperasi tahun ini. “Jasa Marga memiliki outlook positif untuk pertumbuhan kinerja dalam jangka panjang,” tandasnya.

Bakrie Sumatera 2010 Profit Surges 219% - The Indonesia Today

PT Bakrie Sumatera Plantations Tbk (UNSP) posted net profit of Rp805.63 billion in 2010, surged 219% from Rp252.68 billion in previous year due to loan interest write-off.
It recorded net earning per share (EPS) of Rp67.56 compared to Rp66.73 a year earlier.

The company booked gain of Rp525.98 billion from writting-off interest of loan in 2010. It posted no loan interest write-off in 2009.

Revenue increased 29% to Rp3.0 trillion from Rp2.33 trillion a previous year while cost of good sold only rose slightly to Rp1.71 trillion from earlier Rp1.65 trillion.

Meanwhile operating expense soared 119% to Rp442.3 billion from Rp202.17 billion in 2009. Then the company booked operating profit of Rp849.97 billion, a 81% rise compared to Rp470.32 billion in 2009.

As of December 2010, the company's assets totaled Rp18.5 trillion while liability amounted Rp9.96 trillion.

Jepang Kembali Dialiri Dana USD37 Miliar - OkeZone

TOKYO - Bank of Japan (BoJ) pada Jumat ini kembali memompa 3 triliun yan (USD37 miliar) untuk menenangkan pasar uang yang diguncang gempa besar, tsunami, dan keadaan darurat nuklir di Jepang.

Dilansir dari AFP, Jumat (18/3/2011), langkah ini mengangkat total injeksi dana di pasar uang dalam jangka pendek sejak Senin mencapai 37 triliun yen.Menyusul janji sebelumnya untuk memberikan dana dalam jumlah besar setelah bencana.

Adapun prioritas bank sentral untuk memastikan bahwa lembaga keuangan di daerah yang terkena bencana tidak kehabisan dana.

Harga saham-saham di Tokyo naik 2,78 persen dalam transaksi awal Jumat ini setelah kelompok tujuh negara besar setuju untuk campur tangan di pasar dalam menstabilkan mata uang setelah gempa besar dan tsunami.

Seperti diketahui, Kamis kemarin Pemerintah Jepang kembali menyuntikkan dana ke dalam sistem keuangan pascakejatuhan bursa di dua hari pertama awal pekan ini.

Sebanyak 6 triliun yen (USD76 miliar) atau Rp684 triliun digelontorkan sehingga total dana yang dikucurkan untuk stabilisasi sistem keuangan mencapai 34 triliun yen. Penggelontoran dana dari Bank Sentral Jepang (BoJ) itu juga dipicu penguatan yen telah menembus melonjak rekor tertinggi sejak Perang Dunia Kedua.

Indonesia Faces Risk Core Inflation Will Climb, Fitch Says - Bloomberg

Indonesia faces the risk accelerating global food an oil prices will speed core inflation in Southeast Asia’s biggest economy, said Andrew Colquhoun, Fitch Ratings head of Asia-Pacific sovereigns.

There may be some risk of inflationary pressures from food and fuel broadening into the rest of the economy, Colquhoun said in Jakarta today. Accelerating core inflation could be very difficult to get back “in its box,” he said.

Consumer-price growth in February slowed to 6.84 percent from a year earlier, compared with a 7.02 percent pace in January, a report showed March 1. Core inflation, a measure of price gains excluding volatile items such as food, gained to 4.36 percent from 4.18 percent. Bank Indonesia has said core inflation may accelerate to about 5 percent this year.

A strengthening rupiah will mitigate any effect on Indonesia’s budget deficit this year, Finance Minister Agus Martowardojo told reporters after making opening remarks at the Fitch presentation today. The deficit won’t rise above 2 percent of gross domestic product, he said.

Indonesia’s sovereign credit rating may reach investment grade in the third quarter, Coordinating Minister for the Economy Hatta Rajasa told reporters in Jakarta today at a separate event.

To contact the reporter on this story: Novrida Manurung in Jakarta

Asia Coal-Thermal coal bearish short-term on Japan quake - Reuters

Friday, 18 March 2011 00:00
Australia's thermal coal prices, a benchmark for Asia, slipped this week as demand in quake-hit Japan tumbled for the short-term, with many coal-fired plants shut and vessels unable to discharge coal at some ports.

Thermal coal on the globalCOAL Newcastle index for the week to date was $125.79 per tonne on Wednesday, down from $130.33 a week earlier.
"We can expect a drop-down in the front-delivery, but longer-term deliveries will be very strong due to recovery period," one Sydney-based trader said, but added that in the near-term, the market has been plagued by uncertainty.
"We still don't know what the aftermath of the earthquake is, it's very difficult to predict what the final impact of the earthquake will be."

On the global coal index, closing prices through the end of the second quarter were flat to lower, with coal for delivery in the third quarter of 2011 and later posting gains.
Two of Japan's largest utilities, Tokyo Electric Power (TEPCO) and Tohoku Electric declared force majeure on some coal deliveries due to shut power plants and damaged port facilities, with other utilities also expected to declare force majeure as well.

With some Japanese-bound vessels unable to discharge coal, traders and brokers said utilities were still trying to fix destinations for the spare supplies.
Utilities were exploring several options including splitting some of the cargoes for delivery and carrying over the tonnage to the next quarter, said one trader with direct knowledge of vessel re-routing due to the quake.

Traders also said utilities were attempting to swap cargoes for immediate delivery for other parcels with later delivery with both local and foreign utilities.
Korea South-East Power Co Ltd (KOSEP) was considering taking 70,000 tonnes of Canadian thermal coal for late-March arrival, as Japanese utility J-Power was unable to use it after Japan's quake and tsunami.

In the long-term, demand from Japan is likely to climb with some of the nuclear capacity taken offline by the deadly quake unlikely to return soon, or not at all, in the case of the most severely damaged plant that is on the verge of a meltdown.
Analysts at Societe Generale said this week that if the nuclear capacity currently offline stays offline for the rest of 2011, Japan would need an additional 7 million tonnes to 8 million tonnes before the end of 2011 and a permanent 3 million tonnes from 2012 onwards.

Several countries, including Russia and Indonesia, have said they could increase coal supplies to Japan if they are needed.
Japan's quake could also impact demand for coal in China, the world's largest consumer of coal, if China's exports to Japan drop significantly causing industrial power demand to decrease, some analysts said.

Japan's annual thermal coal contract talks for coal will be delayed as producers and buyers assess the situation, traders said.
The world's top thermal coal supplier Xstrata had been scheduled to meet with major Japanese utilities this week, but the negotiations are now likely to drag on for a few more weeks.

Analysts at UBS said earlier this week they are forecasting $130 per tonne, FOB, for the annual contract.
Prior to the earthquake, traders and brokers had reported that Japanese buyers were offering $130 per tonne, with Xstrata countering with $140 a tonne.

All eyes in the market will likely be on Japan -- traders and analysts have both said it was too early to tell the extent of the damage at coal-fired plants or how soon they may be able to return to normal.

The market will be watching for signals on when Japan's coal demand will begin to recover from the quake and how much coal demand could increase during recovery.
Global sentiment on nuclear energy will also be a focus -- following the quake, several European governments have sent signals that they may reconsider their policies, a development that could increase demand for coal.

Kamis, 17 Maret 2011

Nuclear crisis has implications for coal - Financial Times

By Javier Blas, Commodities Editor
Published: March 17 2011 08:56 | Last updated: March 17 2011 08:56

The consequences of Japan’s multi-faceted disaster – the earthquake, tsunami and now its nuclear crisis – for the $100bn a year seaborne thermal coal market are slowly becoming clear. Even if over the short-term the impact is mixed, beyond a few months it is decidedly bullish.

The combination will be positive for big coal miners such as Xstrata, Bumi of Indonesia, Anglo American and US-based Peabody , and for the biggest traders of the commodity, including Glencore – which handles around 30 per cent of the seaborne coal market – Noble Group of Hong Kong and US-based Cargill.

Over the short-term, prompt demand for seaborne thermal coal has fallen in Japan, as economic activity slows and, therefore, power consumption. Moreover, several thermal power plants have been damaged, so utilities have asked miners to defer cargoes.

With little appetite for the coal elsewhere in the Asian region – the arbitrage opportunity with China is firmly closed as domestic prices there are low – thermal coal prices in the Australian port of Newcastle, a benchmark for the Pacific basin, have remained stable at around $128 a tonne, below the two-year peak of $135 in January. more ...

Pasar Tak Bagus, Telkom Berencana Buy Back Saham - OkeZone

JAKARTA - PT Telekomunikasi Indonesia Tbk (TLKM) berencana melakukan buy back saham dalam waktu dekat ini. Hal tersebut dilakukan karena kondisi pasar yang sedang tidak bagus.

"Kalau lagi kondisi seperti ini, lebih baik kita buy back, tetapi buy back harus mendapat izin dari pemegang saham dahulu," ujar Direktur Utama Telkom, Rinaldy Firmansyah, ditemui di Gedung Energi, Jakarta, Kamis (17/3/2011).

Dia menambahkan bila saat ini pihaknya sedang menunggu proses laporan keuangan dari perseroan. Namun, dia berharap laporan itu sudah bisa masuk dua atau empat minggu ke depan.

Hal ini dilakukan perseroan agar proses rapat umum pemegang saham (RUPS) dapat segera dilaksanakan. Dengan begitu, perseroan bisa melakukan buy back. "Kita ingin melakukan itu. Tapi kan saat ini dananya nol. Sebab untuk melakukan buy back harus seizin RUPS," ujar dia

Maka dari itu, Rinaldy menambahkan, bila pihaknya berharap laporan keuangan perseroan akan keluar akhir Maret ini. "Mudah-mudahan saja laporannya keuangannya akhir Maret ini," harap dia.

Indocement Profit Grows 17.4% to Rp3.2 Trillion - The Indonesia Today

Second largest cement producer PT Indocement Tunggal Prakarsa (INTP) Tbk booked net profit of Rp3.224 trillion last year, increased 17.4% from 2009.

Indocement reported sales revenue of Rp11.137 trillion last year, increased 5.3% from 2009, while its cost of revenues inched up 2.36% to Rp5.597trillion. As a result, Indocement booked gross profit of Rp5.54 trillion, grew 8.45% from 2009.

INTP then posted operating profit of Rp4.02 trillion, increased only by 8.85% from 2009. But the company booked substantially higher other income of Rp221 billion against Rp92 billion in 2009, thanks to interest income of Rp183 billion.

With net profit of Rp3.224 trillion, INTP booked earning per share of Rp876.05. The stock closed lower by 2.72% to Rp14,300 Thursday (March 17). That price reflects PE multiple 16.3 on 2010 earnings. At Rp14,300 per share, Indocement currently has market capitalization of Rp52.6 trillion or US$6 billion.

As at December 31, 2010, Indocement sits over a huge cash of Rp4.68 trillion or about US$500 million.

HM Sampoerna Records Rp6.42 Trillion Profit - The Indonesia Today

Cigarette giant PT HM Sampoerna (HMSP) Tbk booked net profit of Rp6.42 trillion last year or about US$730 million, surged 26.2 percent from 2009.

HM Sampoerna reported sales revenue of Rp43.38 trillion last year, increased 11.3% from 2009, while its cost of revenues grew 10.7% to Rp30.7trillion. As a result, the company booked gross profit of Rp12.65 trillion, grew 12.7% from 2009.

HM Sampoerna then posted operating profit of Rp8.7 trillion, increased 19% from 2009. With income tax expenses of Rp2.32 trillion, HMSP then recorded net profit of Rp6.42 trillion or Rp1,465 per share. The net profit means its return on equity (ROE) reached 62.9%.

The stock closed lower by 0.39% to Rp25,400 Thursday (March 17). That price reflects PE multiple 17.3 on 2010 earnings. At Rp25,400 per share, HM Sampoerna currently has market capitalization of Rp111.3 trillion or about US$12.68 billion.

PT Phillip Morris Indonesia controls 98.18% shares of HM Sampoerna, while the balance controlled by public investors.

Medco Energi & convertible bonds - Insider Stories

Oil and gas producer PT Medco Energi Internasional Tbk (MEDC) plans to issue convertible bonds (CB) worth US$300 million in 2011.

Medco Director of Finance Cyril Nurhadi admitted said there is a debt due next year and must be repaid. "Besides, we also will use these funds to develop Block A," he said. Moreover, Medco will allocate capital expenditure (capex) amounting US$250 million. The funds will be mostly derived from the internal cash. How is the CB issuance progress?

Fitch: Indonesia Baru Investment Grade Setahun Lagi - Tempo Interaktif

TEMPO Interaktif, Jakarta - Head of Sovereign Ratings Fitch Rating wilayah Asia Pasifik Andrew Colquhoun menyatakan, Indonesia akan memperoleh level layak investasi (investment grade) paling cepat setahun lagi, atau lambat 18 bulan.

"Produk sovereign itu kan complicated, jadi kita perkirakan atara 12-18 bulan lagi Indonesia akan memperoleh investment grade," kata Andrew saat ditemui di Four Seasons Hotel, Kamis (17/3).

Ada beberapa alasan, terkait pemberian investment grade ini. Pertama, menurut Andrew, adalah soal pengendalian inflasi. Fitch memuji kinerja Bank Indonesia dalam hal ini. "BI telah menjaga inflasi agar terus terkendali," katanya. Terutama lewat kebijakan pengetatan likuiditasnya.

Seperti yang telah diketahui, Bank Indonesia menerapkan kebijakan bauran untuk mengetatkan likuiditas di pasar uang domestik. Yakni dengan menaikkan Giro Wajib Minimum Rupiah dari 5 persen ke 8 persen. Bank Indonesia juga mentolerir penguatan rupiah, dengan alasan membendung imported inflation.

Andrew menilai, langkah Bank Indonesia ini sudah pada jalurnya. Apalagi di tengah ancaman harga minyak yang fluktuatif ini.

Faktor lainnya yang menjadi pertimbangan lembaga rating memberikan investment grade pada Indonesia, adalah ihwal infrastruktur. Dan ketiga adalah partisipasi asing di Surat Utang Negara.

Andrew juga mengungkap optimismenya atas pertumbuhan ekonomi Indonesia tahun ini. "Menurut kami, ekonomi Indonesia akan menguat, dan tumbuh di kisaran 6 persen," katanya.

Sementara itu soal ancaman overheating, Andrew tidak yakin akan terjadi. "Saya rasa tidak," katanya. "Tidak ada indikasi ke arah sana sama sekali," katanya.

Fitch: Reformasi Struktural Akan Mempercepat Investment Grade - Tempo Interaktif

TEMPO Interaktif, Jakarta - Kepala Pemeringkat Utang Fitch Wilayah Asia Pasifik Andrew Colquhoun mengatakan beberapa fundamental struktural dan kredit Indonesia masih terlihat lemah dibandingkan dengan standar jajaran BBB lainnya. Misalnya, pendapatan rata-rata yang rendah dan indikator lingkungan bisnis serta prevalensi korupsi.

Menurut Fitch, reformasi struktural untuk mengatasi hal ini akan memperkuat dasar untuk peningkatan peringkat. Colquhoun mengatakan Indonesia sudah mendekati peringkat investment grade. Ini karena Fitch melihat ada prospek pada pertumbuhan termasuk meningkatnya investasi.

Peningkatan investasi tersebut masih terkait revisi outlook Indonesia BB plus Long Term Local dan Foreign Currency Issuer Default Ratings dari stabil ke positif pada Februari kemarin.

"Outlook Positif membawa Indonesia mendekati peringkat investasi atau investment grade, mencerminkan ketahanan ekonomi negara, perbaikan terbaru pada likuiditas eksternal, dan penguatan solvabilitas fiskal yang diukur dengan penurunan rasio utang publik," kata Colquhoun di Jakarta, Kamis (17/3).

Colquhoun meninjau kekuatan, kelemahan, dan kecenderungan sovereign kredit Indonesia dalam konteks karakteristik dari negara-negara dengan peringkat investasi.

Sama seperti mayoritas negara-negara yang ditingkatkan menjadi BBB minus selama lima tahun terakhir, Indonesia dinilai Fitch telah memperlihatkan peningkatan prospek pertumbuhan. Menurut Fitch, ini karena didukung oleh naiknya investasi.

Meskipun, lanjut Fitch, inflasi yang merupakan kelemahan tradisional Indonesia, bisa menimbulkan beberapa resiko dalam jangka pendek. Kemudian Otoritas menghadapi tantangan dalam mengelola banyaknya arus modal jangka pendek yang masuk, termasuk resiko arus modal yang dapat mengalir keluar kembali dengan cepat. Namun, Fitch percaya, cadangan devisa yang kini sudah meningkat di level US$ 102,2 miliar dapat menahan dampak guncangan global.

Rating Bank dan Sektor Telekomunikasi Positif - Tempo Interaktif

TEMPO Interaktif, Jakarta - Direktur Senior Lembaga Pemeringkat Fitch Ambreesh Srivastava menyatakan bank-bank besar di Indonesia berada di level positif dan mencerminkan prospek ekonomi Negara yang kuat. "Beberapa Bank di Indonesia dengan peringkat internasional BB plus ditempatkan pada outlook positif menyusul perubahan serupa pada outlook peringkat Sovereign," kata Srivastava di Jakarta Kamis (17/3).

Menurutnya ada kemungkinan beberapa bank dapat naik menjadi peringkat investasi atau investment grade jika peringkat sovereign ditingkatkan di masa mendatang. Menurut Srivastava, Fitch memperkirakan kualitas aset dan biaya kredit tetap terkelola dengan baik pada tahun 2011 di tengah kondisi ekonomi yang membaik.

Untuk kawasan ASEAN lainnya, Fitch memperkirakan kondisi ekonomi secara umum tetap kondusif bagi kinerja bank, dengan kemampuan mereka yang defensif pada umumnya seperti yang tercermin dalam outlook stabil pada kebanyakan bank.

Sementara itu, Fitch juga memiliki Outlook positif pada sektor telekomunikasi di Indonesia yang didasarkan pada harapan atas penurunan pemakaian rata-rata per orang atau average revenue per user (ARPUs) yang terbatas, dan pertumbuhan pelanggan yang dinilai moderat. Nitin Soni, Analis dari Asia-Pasifik TMT, membandingkan Indonesia dengan India.

"Perusahaan telekomunikasi Indonesia memiliki profil kredit yang lebih kuat dengan pertumbuhan pendapatan yang lebih tinggi, EBITDA margin yang lebih baik, serta arus kas atau free cash flow yang lebih kuat dan rasio hutang yang lebih rendah". Meskipun, katanya, masih ada ketidakpastian regulasi telekomunikasi di Indonesia, Fitch mencatat adanya peningkatan selama dua tahun terakhir." Beberapa inisiatif terbaru, termasuk perubahan mekanisme dalam menghitung biaya frekuensi, dan kemungkinan penurunan dalam biaya interkoneksi, diperkirakan akan positif bagi operator telekomunikasi," tambah Soni.

Sedangkan untuk sektor pertambangan, Buddhika Piyasena, Direktur, Korporasi, mencatat bahwa Fitch menetapkan outlook stabil berdasarkan pendekatan "through-the-cycle" terhadap emiten yang terkait dengan komoditas." Fitch mempertahankan Outlook Stabil pada industri pertambangan di Indonesia meskipun adanya belanja modal yang sedang berlangsung, ketidakpastian regulasi dan beberapa potensi aktivitas M & A. Bila tidak ada M & A, harga yang tinggi dan peningkatan volume diperkirakan dapat meningkatkan pendapatan kas dan metrik kredit sampai tahun 2012," tambah Piyasena.

PTPP FY10 net income increases 23.51% - Insider Stories

The state-owned contractor PT Pembangunan Perumahan Tbk (PTPP) today reported a 23.51% increase in net income last year as operating revenue rose 4.76%.

In a financial statement submitted to Indonesia Stock Exchange (IDX) today, Pembangunan Perumahan posted Rp201.65 billion net income last year from Rp163.26 billion in the previous year.
Operating profit slightly increased 6.61% to Rp392.19 billion from Rp367.89 billion, sending its operating margin to 8.91% from 8.75%.

Gross profit augmented 22.03% to Rp417.99 billion from Rp342.54 billion. Operating revenue slightly inched up 4.76% to Rp4.40 trillion from Rp4.20 trillion.
The biggest contributor for operating revenue was construction services with Rp4.29 trillion, while property and realty businesses contributed Rp38.05 billion and Rp75.59 billion respectively.
Indonesian government controls 51% stake in Pembangunan Perumahan, Koperasi Karyawan owns 27.51%, and public shareholders hold the remaining.

RUU Mata Uang Muluskan Rencana Redenominasi Rupiah - Detikfinance

Jakarta - Pemerintah dan DPR menyetujui untuk memasukkan rencana redenominasi ke dalam RUU Mata Uang. Setelah RUU ini disahkan DPR, maka redenominasi bisa dilakukan kapan saja dengan persetujuan DPR.

Hal ini disampaikan oleh Wakil Ketua Komisi XI DPR Harry Azhar Azis kepada detikFinance, Kamis (17/3/2011).

"Panja RUU Mata Uang telah selesai dan dibawa 30 Maret 2011 ke paripurna, setelah itu dibawa ke Bamus (Badan Musyawarah). Bisa disahkan 5-6 April," jelas Harry.

Dikatakan Harry, bunyi pasal soal redenominasi di RUU Mata Uang adalah: 'Perubahan harga rupiah diusulkan BI berkoordinasi dengan pemerintah untuk mendapat persetujuan DPR.'

Di penjelasan pasal tersebut disebutkan, perubahan harga rupiah yang dimaksud adalah redenominasi. "Jadi dalam pembahasannya, perubahan harga rupiah adalah redenominasi itu. Misalnya dari Rp 1.000 menjadi Rp 1 rupiah," imbuh Harry.

Pada saat pembahasan, DPR sebenarnya juga ingin memasukkan opsi sanering atau pemotongan nilai tukar dalam RUU tersebut. Namun usul DPR tersebut tidak disetujui oleh pemerintah.

Berdasarkan pemberitaan sebelumnya, Bank Indonesia (BI) telah mendapatkan 'lampu hijau' dari Presiden RI untuk melakukan koordinasi dengan pemerintah mengenai rencana redenominasi. Bank sentral optimistsis pembahasan redenominasi dengan pemerintah akan selesai sebelum akhir 2011.

Seperti diketahui, bank sentral mengagendakan proses redenominasi atau penyederhanaan nilai mata uang akan berlangsung selama 10 tahun.

Adapun tahapan redenominasi yakni
2011-2012 : Sosialisasi
2013-2015 : Masa Transisi
2016-2018 : Penarikan Mata Uang Lama
2019-2022 : Penghapusan Tanda Redenominasi di Mata Uang dan Proses Redenominasi Selesai.

Antam seeks US$1 billion financing - Insider Stories

One of Indonesia's largest nickel miner PT Aneka Tambang Tbk (Antam) is keen to issue bonds and seek bank loan facility worth US$1 billion this year.
The financing will be used by the company to bankroll US$1.6 billion of ferronickel smelter's project in East Halmahera, Maluku.

"Several banks in talk with us to fulfill the investment. We are studying to issue bond," said Antam's President Director Alwin Syah Loebis said.
The project is estimated to generate 27,000 metric tons of ferronickel per year and expected to have commercially production by 2014. Antam expects a stronger net income this year after it posted growth last year to over Rp1 trillion.

Bank Mandiri to Acquire Insurance Firm in Q3 - The Indonesia today

PT Bank Mandiri Tbk (BMRI) targets to acquire one general insurance firm in the third quarter (Q3) of this year, Investor Daily reported this morning. Zulkifli Zaini, BMRI's president director, said the bank will hold shareholder general meeting in May for gaining approval for the acquisition. He said Bank Mandiri intends to become majority shareholders in the general insurance firm through the acquisition and will implement the same business model with PT AXA Mandiri which focuses on life insurance business. In 2010, BMRi's units including insurance business contributed 10-11% of total BMRI's total income. BMRI declines 3.28% to Rp5900 on broad market sentiment this morning.

Indika to launch US$300 mio bonds - Insider Stories

PT Indika Energy Tbk (INDY), an integrated energy company controlled by Agus Lasmono Sudwikatmono and Wiwoho Basuki Tjokronegoro, will issue US$300 million bonds next month to refinance the maturing bonds in 2012.

Two executives familiar with the information said that Indika has appointed four managers to handle the issuance, namely Citi, Goldman Sachs, Standard Chartered Bank, and UBS Securities.
“Besides refinancing dollar-nominated bonds maturing next year, the bonds proceeds will be used to acquire 51% shares of PT Mitrabahtera Segara Sejati Tbk,” the executives told Bisnis yesterday.

Being asked for confirmation, President Director Indika M. Arsjatd Rasjid PM said that he has not received the report from Director of Finance Azis Armand. “If it’s about finance, please ask director of finance,” he said.
However, when Azis Armand was asked about the dollar-nominated bonds, he disproved the information.

Earlier, 73.11% shares of Indika Energy belonged to PT Indika Mitra Energi. Then, in the middle of November last year, Indika Mitra sold the shares of Indika Energy and generated Rp1.9 trillion cash.

After the divestment, Indika Mitra owned 63.11% shares of Indika Energy. The controlling shareholders of Indika Mitra are Wiwoho Basuki Tjokronegoro and Agus Lasmono Sudwikatmono, son of the late businessman Sudwikatmono.

Agung Lasmono was in Forbes’s wealthiest people list in Indonesia in 2010. Agus, 39, had the fortune of US$845 million, or Rp7.6 trillion, from coal mining business.
Indika Energy, through its subsidiary PT Indika Inti Corpindo, has 46% shares of coal producer PT Kideco Jaya Agung.

Akuisisi Perusahaan Sawit, Tiga Pilar Terbitkan Obligasi US$ 70 Juta - Detikfinance

PT Tiga Pilar Sejahtera Food Tbk (AISA) melakukan banyak langkah unorganik untuk mengembangkan usahanya di berbagai bidang. Salah satunya dengan mengakuisisi perusahaan sawit, senilai Rp 810 miliar. Untuk itu, perseroan berencana menerbitkan obligasi konversi (convertable bond) pada pertengahan tahun 2011.

"Penerbitan obligasi sekitar US$ 60-70 juta. Nanti akan ditukarkan saham anak usaha," jelas Direktur Keuangan AISA, Sjambiri Lioe dalam analyst meeting di kantornya, Plaza Mutiara, Mega Kuningan, Jakarta, Kamis (17/3/2011).

Ia menambahkan, kini perseroan tengah menyelesaikan due dilligence atas calon anak usahanya tersebut. Nantinya, perusahaan yang bernama PT Jatim Jaya Perkasa ini, akan masuk menjadi anak usaha PT Bumi Raya Investindo (perusahaan terafiliasi).

"Nanti yang akan dikonversi saham anak usaha. Bukan TPS Food," ucapnya.

Selain akuisisi perusahaan sawit, AISA juga siap membeli 2 pabrik makanan (non branded dan branded). Dana investasi untuk pengembangan bisnis makanan mencapai Rp 223 miliar.

"Akusisi pabrik food, di semester I semua," papar Sjambiri.

"Pabrik beras satu lagi, nilainya Rp 110 miliar. Kami akan perbesar pasar rice, karena demand-nya masih sangat tinggi," imbuhnya.

Laba AISA Melesat 84,79% di 2010 - TopSaham

Laba bersih PT Tiga Pilar Sejahtera Food Tbk (AISA) selama 2010 melesat 84,79% menjadi sebesar Rp 71,637 miliar. Pada tahun 2009 laba bersih hanya sebesar Rp 37,786 miliar. Sementara Laba per saham (EPS) pun melesat dari Rp 22,60 di akhir 2009 menjadi Rp 42,85 di akhir 2010.

Dalam laporan keuangan yang dipublikasikan AISA mencatat pendapatan sebesar Rp 844,867 miliar, naik 58,45% dibanding tahun 2009 sebesar Rp 533,194 miliar.

Laba kotor di akhir 2010 tercatat sebesar Rp 197,927 miliar, naik 29,43% dari tahun 2009 sebesar Rp 152,977 miliar. Sedangkan posisi laba usaha tercatat sebesar Rp 137,976 miliar di akhir 2010, naik 30,82% dari akhir 2009 sebesar Rp 105,468 miliar.

Sementara pos beban lain-lain menyusut 9,49% menjadi Rp 47,990 miliar di akhir 2010 dibandingkan posisi akhir 2009 sebesar Rp 53,025 miliar.

Penurunan pos beban lain-lain berhasil mengangkat posisi laba sebelum pajak menjadi sebesar Rp 92,169 miliar di akhir 2010, naik 75,75% dari akhir 2009 sebesar Rp 52,443 miliar.

Implications of Japan's Earthquake for the Region - Morgan Stanley

Key takeaway: We think the IDR and KRW may perform following the Japanese quake. Indonesia is a large exporter of energy to Japan and Korea may benefit from a substitution effect due to the potential disruption to Japan’s manufacturing capabilities.

Japan is Still Open for Trade: We believe that the dislocation in trade between Japan and AXJ will be relatively light. While there has admittedly been some infrastructure damage to Japan’s ports, Yokohama – the country’s main port – is fully operational. In this sense, Japan is still open for business.

Change in the Pattern of Trade: While the physical disruption to the actual import and export of goods should be minor, there may be a significant shift in the pattern of Japan’s trade following the quake. Imports for resources may increase during the crisis and the following reconstruction period. In this regard, AXJ is in a strong position as it already supplies Japan with priority consumption goods (e.g. food and clothing), energy (e.g. oil and coal) and base metals.

Below is a brief country-by-country analysis (Ordered by its size of export weight for Japan) :

Indonesia: Indonesia has the largest export exposure to Japan in the region (20.4% of total exports). Moreover, given that Indonesia is a key exporter of oil, gas and coal to Japan, its exports are likely to remain buoyant going forward. Indeed, with several of Japan’s nuclear plants shut down, its demand for coal and oil may well increase.

Philippines: The Philippines exports to Japan are a mix of food, furniture and semi-conductors. Food exports are likely to remain strong, given the current hoarding by households. Furniture demand may also pick up after we transition to the reconstruction period. However, the demand for semi-conductors is dependent on whether the gray-outs in Japan significantly disrupt the production of electronic goods.

Thailand: Thailand is a large producer of staple food goods (e.g. rice) and so may benefit from a spike in demand, given the possible food disruption on shore in Japan. The offset is that there may a significant drop in Thai tourism as Thailand is a major export destination for the Japanese.

China & Taiwan: China exports apparel to Japan and other low-cost manufactured goods. Taiwan’s exports are metals, chemicals, and precision instruments. Given the mix, it is not entirely clear what the trade impact will be for these countries. On balance, probably slightly negative, in our view.

Malaysia: Malaysia is an exporter of oil and natural gas to Japan and so may see an increase in export demand following the quake. However, given that the Japanese export market for Malaysia (11.0% of total exports) is almost half the size of that for Indonesia (20.4% of total exports), the MYR could be less positively impacted than the IDR, in our view.

Korea: Korea’s exports to Japan are relatively low (8.7% of total exports). Of far more consequence, though, is the fact that Japan is Korea’s largest export competitor. Thus, with the potential disruption to Japan’s manufacturing capability from rolling gray outs, there may be a substitution effect in favor of Korean exports.

Singapore & India: Singapore and India have low export links to Japan (5.8% and 3.9% of total exports, respectively), mainly because of geographical distance and both being resource poor. As a result, Singapore and India should be largely unaffected by the quake, in our view.

Bottom Line: Japan’s ports are still open for trade following the quake. However, the pattern of trade will likely benefit the resource suppliers in the region, namely Indonesia and Korean exports may also benefit from substitution effect.

Kalbe Farma (KLBF IJ), Turnaround?, from Swati Chopra TP Rp. 2700 - CLSA Indo

Swati is now seeing the long awaited execution improvement in KLBF as the company brings aboard some of the best people in the industry (for marketing and M&A) to restructure its business.

Between a stronger currency and low hanging fruits from restructuring, a bull case could see earnings grow by 35% this year vs. a base case of 14% growth.

If the currency goes to 8,000 to the USD the company will capture all of the margin gains; they won't be reducing any prices. COGS is 90% dollar sensitive.

With US$200m cash in hand, no debt, US$300m in operating cashflow and another US$270m in treasury stock the company could easily close on a transaction of up to US$500mn without breaking a sweat.

However, valuation still does not look cheap here. With the stock trading at 20.1x 2011CL PE and above 1x PE/G, Swati maintains U-PF based on valuation. TP stays at Rp2,700, downside of -11%.

Key points from report:
Well respected ex-marketing director of Mayora has been hired by KLBF, a positive sign
Also hired Ex-Unilever Indonesia’s M&A head; tasked to increase footprint in Indo’s fragmented pharma industry of over 200 players
Bankers appointed for its distribution arm (Enseval) to undertake a rights issue (expected Rp300bn [US$34m]) to raise funds to expand the distribution network
Still too early to assess potential impact, and important that new people given adequate flexibility and independence.
Deals of up to US$500m is possible considering its significant cash pool of US$200m and US$300m in operating cashflow
A 5% appreciation has 9% impact on earnings. Bull case of Rp8,000/US$ would see 35% YoY growth this year, implying a 2011CL PE of 16.5x

BNI (BBNI.JK, Rp 3,675, O, TP Rp 4,300) – Looking for acquisition? - Credit Suisse

Bisnis Indonesia reported that BBNI may be looking to acquire Bahana, a state-owned investment bank.
With Bahana’s 9M10A earnings coming in only 1.28% of BBNI’s, we see limited direct impact on BBNI’s earnings even if the acquisition goes ahead. In addition, investors may prefer BBNI to focus on the operational restructuring of its core business and the current timing may not be suitable for acquisition.
However, with Indonesia moving into investment grade, we are seeing risk of disintermediation in the future, particularly for corporate loans (the largest component of BBNI’s loan portfolio). We believe that BBNI is currently seeking to mitigate the issue by expanding into providing services for clients seeking to rise funding from capital and debt market. Thus, we can see the long-term benefit for BBNI to acquire an investment banking arm.
We maintain our OUTPERFORM rating on BBNI and target price of Rp4300, based on Gordon’s Growth model, implying 2.1x FY11E P/B and 14.5x FY11E P/E

After the quake: Our view on sector impact - Credit Suisse

Information Technology
Japanese semiconductor manufacturers account for approximately 20% of the world's production volume, and are the major suppliers in the global electronics supply chain with significant exposure to DRAM chips and NAND flash chips. We notice the average selling prices of NAND flash has increased 13% since 11 March on market fears about potential supply shortage in the short-term, which should weigh on investor sentiment for the wireless device providers, such as Qualcomm (QCOM US, BUY), Apple (AAPL US, BUY) and Nokia (NOK1V FH, HOLD).

We notice the majority of Japanese semiconductor manufacturing plants are located in the central and western Japan, which should not be affected by the disastrous earthquake on the northeastern coast. These plants could sustain its production level after resuming the normal power supply. In addition, Korean manufacturers, such as Samsung Electronics (005930 KS / SMSN LI, BUY), could expand their production volumes given any supply disruption in the industry. Therefore, we believe the earthquake should have limited long-term impact to the consumer electronics sector.

Natural Gas, Coal and Fuel Oil
Our commodity research team expects positive price impact for natural gas, coal and fuel oil in the near term, as these commodities are used to compensate for the loss of nuclear power production. In the longer term, Japan will increasingly rely on oil, gas and coal and there should be a positive long-term effect on prices. BG Group (BG/ LN, BUY) as well as the Australian-based energy companies Santos (STO AT, BUY) and Origin Energy (ORG AT, BUY) are major players in the LNG business. We also have BUY rating on China Coal (1898 HK, BUY).

Alternative Energy
We believe the public sector will increasingly favor alternative energy, such as hydropower, wind and solar energy, given the rising awareness about nuclear safety. We advise investors wishing to gain exposure to this theme and seeking a well diversified portfolio to consider products, such as an index tracker on the Credit Suisse Global Alternative Energy Index (CSAEPXUS Index). On a company level, we have BUY ratings on Siemens (SIE GY, BUY) and First Solar (FSLR US, BUY). Siemens has established a leading position in the wind and gas turbine segment, while First Solar is the market leader in the manufacture of solar modules.

We expect the impact on European primary insurers to be moderate, given their limited exposure to the Japanese market and plans are largely covered by reinsurance programs. Consequently, reinsurers are affected the most by this disaster, especially the motor and marine insurance lines and in terms of business interruptions. Reinsurers sustained substantial losses after the earthquake in New Zealand and the flooding in Australia, and their excess capital has significantly declined. The earthquake in Japan will further impact the reinsurance industry, and we reiterate a cautious view on the sector outlook. We maintain our SELL rating on Munich Re (MUV2 GY, SELL). Swiss Re is on the restricted list.

Telecommunications equipment
We believe the damage of mobile base stations and submarine communications cable from the earthquake should have a slight positive impact to the telecommunications equipment providers, such as Siemens (SIE GY, BUY), Ericsson (ERICB SS, BUY) and Alcatel Lucent (ALU FP, HOLD). We estimate the replacement sales for base stations and submarine cable could be approximately USD 70–100 m and USD 200m, respectively.

Iodine is used in destroying cancerous cells of the thyroid. We note the sales from iodine tablet accounts for an immaterial proportion of major pharmaceutical companies in the US and Europe. ThyroSafe is the only FDA-approved potassium iodide tablet, which is produced by the private company, Recipharm.

Global, GEM & Indonesia Equity Strategy! (update1) - Credit Suisse

1) GLOBAL EQUITY STRATEGY Report: Stay Overweight Japan

iSay: The Japan’s Fukushima Nuclear power plant is still experiencing issues and the Nuclear situation is still not clear as no substantial facts have emerged from the authorities.

· Andrew Garthwaite (Report attached): Friday’s tragic events do not alter our view that investors should be overweight of Japan. We note that our Japanese strategist Shun Maruyama has cut his Nikkei target from 13,000 to 11,000 in response to the disaster (which, though, still leaves him with around 15% upside from current levels) and thinks the Nikkei may trough at 9,000. 1) The stage of the cycle benefits Japan as Japan historically has been a high beta play on the recovery in global growth. 2) Valuation on 2011 FCF yields, Japan is by far the cheapest of any region, with a FCF yield of 10.4%, compared to 6% for global markets. On price/earnings and price to book relative, the Japanese market is trading close to its record lows. 3) The USD/JPY two-year note yield differential is widening suggesting a weaker Yen. 4) Macro policy is less reactive, even before the earthquake and tsunami last Friday, fiscal and monetary policy were going in the right direction. 5) There are some signs of encouraging corporate change. 6) Positioning is bearish as Investors are still around 20% underweight Japan on EPFR data (0.2 standard deviations below average). 7) Drag from oil unlikely to be much worse. 8) Some of the long run issues are to some extent exaggerated.

2) GEM EQUITY STRATEGY Report: Japan impact – valuation is different this time!

iSay: Indonesia is still trading at a 20% premium to APAC ex- Japan—the most expensive market in the region, in terms of relative PBR-RoE. For now, we do not anticipate permanent impact from Japan Tsunami to Indonesian Economy and stock market, however we see short-term impact to supply chain or export demand to a few stocks, among others the largest stock ASII and it subsidiary UNTR (Komatsu heavy equipment distributor). However, positive sentiment to exporters of thermal coal as Japan is having nuclear power plant supply cut therefore need to import more LNG and thermal coal, we continue to like both ITMG (20% sales to Japan) and PTBA (10% sales to Japan), while ADRO has 10% sales to Japan, HRUM 15% sales to Japan, SAR SP 12% to Japan, and INDY’s coal mine (10% sales to Japan).

· Sakthi Siva (Report attached): Valuations are very different from Kobe in January 1995. With our Japan and global strategy teams using the Kobe earthquake in January 1995 as a rough guide, we do note that from a GEM perspective, valuations are very different. During the 1995 Kobe earthquake, the TOPIX fell by 21% while MXEF (MSCI Emerging) fell by 15%. But Figure 1 highlights that in January 1995, our 4 factor GEM valuation indicator was 87% overvalued compared with 8% undervalued currently. The four factors used are historic P/E, P/E adjusted by inflation, dividend yield and the earnings yield versus the bond yield. The historic P/E is currently 14.1x versus 22x in January 1995. The historic dividend yield (DY) is currently 2.4% versus 1.5% then.

· GEM 4 factor valuation indicator has fallen to 10% to 15% undervalued in non-recession corrections. While our 4 factor valuation indicator has dropped to around 25% undervalued in recessions (1998 and 2001), we note that it has fallen towards 10% to 15% undervalued in non-recession corrections including in last year’s correction.

3) INDONESIA STRATEGY: Indonesia Macro Panel discussion next week AIC in HK

iSay: Teddy Oetomo, PhD is our new Indonesia Strategist, Bank & Plantation Analyst. Teddy lowers Indonesia Index Target to JCI 4,150pts at end-2011F (vs 4,400pts previously). Teddy’s stock screening, Top-Buy stocks are BMRI, INDF, SMGR and BBNI, while Top-Sell stocks are KLBF and UNVR due to valuation mainly!

· Teddy Oetomo (Daily attached): Dr M Chatib Basri and Wishnu Wardhana will be the keynote speakers on the Indonesia panel at the Credit Suisse Asian Investment Conference in Hong Kong at 3 p.m. on 22 March 2011 on the topic of ‘Indonesian economic growth and its challenges’. For more information on this Indonesia macro panel discussion, please contact Teddy Oetomo at or your CS sales representatives. We have an interesting line-up of Indonesian companies attending AIC in Hong Kong, including: Adaro, Astra International, Danamon, Borneo Lumbung Energi, Bumi Resources, Ciputra Group, Delta Dunia Makmur, XL Axiata, Gajah Tunggal, Indika Energy, Indofood, Sampoerna Agro, Sarana Menara Nusantara, and Semen Gresik.

· Teddy Oetomo (Report attached): After achieving 27% CAGR in 2003-2010, a 16% premium over the risk-free rate, we expect the Indonesian market’s 12M return to normalise to 15%, 6–7% ahead of its current risk-free rate. Thus, the strategy of “buying the market” which has worked well in the past may be less effective in the future, with stock selection being key to generate future outperformance. Our new index target of 4150 is based on 16x 2011E P/E, in line with the average P/E during the pre-1998 Asian financial crisis period.

· Why do we expect a normalised return? (1) While it has corrected from a peak 41% premium, Indonesia is still trading at a 20% premium to APAC ex- Japan—the most expensive market in the region. (2) Consensus earnings momentum is subsiding with March 2011 seeing the largest MoM downgrade in the region. Why not just sell the market? (1) Indonesia is not over-owned, with net foreign inflow as percent of market cap being 0.3%, the second lowest in the region and below its historical average of 1.5%. (2) We believe that the central bank is not as “behind the curve” as the market perceives, running the second-highest real interest rate and highest YTD currency appreciation in the region and (3) we believe that Indonesia will be able to sustain its current ROE in the next 18 months.

· Stocks selection is key. Our Top Longs (BMRI, INDF, SMGR, BBNI) are geared towards stocks that are: (1) trading at a discount to both Indonesia and APAC ex-Japan; (2) are laggards in the Indonesian market and (3) have robust consensus earnings momentum. Our Top Shorts (KLBF and UNVR) are stocks that are: (1) trading at premium to Indonesia and APAC ex-Japan (2) with subsiding consensus earnings momentum and (3) exposed to risk of profit taking due to their recent outperformance.

Bank Negara Indonesia - Alert: NP Slightly Above Consensus; Sharp QoQ Drop in Pre-Provision Profit - Citigroup

BBNI has partially released 2010 results. Net profit was 4.4% above consensus and 5.5% above our estimates. 4Q profit was up 13% qoq. Detailed financials have not been released, but based on Analyst Presentation data, QoQ profit was driven by 1) negligible provision in 4Q and 2) a lower effective tax rate. On a QoQ basis, net interest income declined 10% and operating expenses increased 77%.

Pre-provision profit was down 40%.
In 2010, cash recoveries contributed Rp1.8trn to profit (Rp0.65trn in 4Q). Noninterest income growth was boosted by Rp961bn from gain on sale of securities (Rp424bn in 2009).

For 2011, priority will likely remain on sanitizing the balance sheet. The 2011 guidance included loan growth of 17-20% (Corporate 17-20% & Consumer 24-27%), deposit 12-15% (CASA 16-20%), NIM of 5.6-6% and cash recoveries similar to 2010. Passing on higher cost will be difficult as there is pressure from BI not to raise lending rates.

Bank Bukopin Posts 36% Profit Growth - The Indonesia Today

PT Bank Bukopin Tbk (BBKP) posted profit after tax of Rp492.59 billion in 2010, grew 36% compared to Rp362.19 billion in 2009.
It recorded net earning per share (EPS) of Rp80.60, compared to Rp63.09 previous year.

The bank booked net interest income of Rp1.72 trillion, increased 29.6% from Rp1.32 trillion a year earlier.

As it recorded non interest operating charges of Rp1.08 trillion, higher than Rp801.05 billion in 2009, the bank booked operating profit of Rp632.62 billion, up from Rp523.93 billion a previous year.

The bank disbursed loan of Rp28.56 trillion, grew 22% compared to Rp23.35 trillion a year earlir. While third party funds totaled Rp39.75 trillion, increased 30% from 30.65 trillion in 2009.

Indonesia Stocks: Energi Mega, Gas Negara, International Nickel - Bloomberg

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index (JCI) rose 6.99 points, or 0.2 percent, to 3,531.48 after dropping 1.3 percent yesterday.

Energy companies: PT Perusahaan Gas Negara (PGAS IJ), the nation’s biggest gas distributor, dropped 1.4 percent to 3,650 rupiah. PT Energi Mega Persada (ENRG IJ), Indonesia’s second- largest listed oil company, retreated 1.6 percent to 124 rupiah.

Crude oil futures tumbled yesterday in New York by the most in almost five months, falling 4 percent to $97.18 a barrel. Oil rose 1.3 percent to $98.40 a barrel in after-hours trading. A lower oil price cuts the appeal of alternative fuels such as gas.

PT Garuda Indonesia (GIAA IJ), the nation’s biggest carrier, rose 1.8 percent to 560 rupiah, the highest close since Feb. 18, as crude oil dropped in New York. A lower oil price may help reduce the airline’s fuel costs.

PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, declined 1.1 percent to 4,650 rupiah. Nickel futures fell 4.3 percent to $24,705 a metric ton in London yesterday.

To contact the reporter on this story: Berni Moestafa in Jakarta

Telkom Incar Perusahaan Telco Kamboja - VivaNews

PT Telekomunikasi Indonesia Tbk tengah mengincar sebuah perusahaan telekomunikasi di Kamboja. Mereka sedang bersaing dengan dengan tiga penyedia layanan telepon selular asing untuk mengakuisisi perusahaan itu. "Mereka dari Eropa dan Asia," kata Direktur Utama Telkom Rinaldi Firmansyah di Jakarta, Rabu, 16 Maret 2011.

Penawaran telah dilakukan melalui mekanisme lelang terbuka. Saat ini perseroan tengah menanti putusan dari pihak penjual. "Kami tinggal menunggu saja," kata dia. Rencananya, akuisisi ini akan rampung pada kuartal pertama tahun ini.

Rencana tersebut, menurut Rinaldi, merupakan bagian dari rencana perseroan sebagai perusahaan telekomunikasi 2.0 (generasi baru) dalam lima tahun ke depan. Caranya, dengan memperkuat pangsa pasar di kawasan regional. "Kami sudah kuat di domestik, layanan connectivity, suara, dan data, kami sudah baik," tutur Rinaldi.

CPO futures bearish amid lack of demand - Business Times


CRUDE palm oil futures prices on Bursa Malaysia Derivatives ended lower yesterday on bearish note amid a lack of demand, dealers said.

April 2011 dropped RM28 to RM3,400 a tonne, May 2011 went down RM17 to RM3,368 while June 2011 and July 2011 declined RM32 each to RM3,347 and RM3,332 respectively.

Turnover decreased to 37,952 lots from 41,357 lots on Tuesday while open interest slipped to 95,965 contracts from 98,416 contracts previously.

On the physical market, March South slipped RM10 to RM3,420 from RM3,430 on Tuesday.


LONDON: Brent crude rose by over US$2 (US1.00 = RM3.03)to top US$110.50 a barrel yesterday, rebounding from a three-week low near the start of the session as clashes in the Mideast spread and the Japanese nuclear crisis worsened.

A crackdown on protesters in Bahrain resulting in the deaths of four people, according to hospital sources, and violent clashes in Yemen renewed fears unrest in the Mideast could spread across oil-producing countries.

Brent for April was up US$1.53 at US$110.05 a barrel by 1121 GMT. US crude futures were up US$1.37 at US$98.55 a barrel around the same time.

“Saudi is not happy about what is going on in Bahrain, where a similar set-up involves conflict between ruling Sunnis and majority Shi’ites ... The situation in Bahrain is potentially destabilizing for Saudi Arabia,” said David Morrison, a strategist at GFT.


THE Malaysian rubber market closed higher yesterday on the back of short covering after the recent decline, dealers said.

They also said the market was responding to the positive news of a possible intervention by Asian producers to prevent a further drop in price.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 chalked up 8 sen to 1,195.5 sen a kg while latex-in-bulk was flat at 860.5 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 moved up 19 sen to 1,208.0 sen while latex-in-bulk climbed 2.5 sen to 863.0 sen.


A significant absence of buyers coupled with worries over the political tensions in North Africa and the Middle East eroded tin price on the Kuala Lumpur Tin Market.

The metal erased US$980 per tonne to settle at RM29,000 per tonne taking the cue from the London Metal Exchange which saw tin decline US$1,300 per tonne to US$28,600 per tonne.

Japan's nuclear problems and recent earthquake and tsunami also dampened sentiment. In the absence of bids and offers of 50 tonnes, turnover settled at 36 tonnes with Japanese, European and local players accounting for yesterday turnover.

The premium between the KLTM and the LME widened to US$865 per tonne from US$545 per tonne on Tuesday. - Agencies

S&P 500 Erases 2011 Gain on Japan Concern; Treasuries Rise - Bloomberg

U.S. stocks sank, erasing the 2011 gain for the Standard & Poor’s 500 Index, and Treasuries rallied as Japan’s nuclear crisis worsened. The yen rose to a post-World War II high versus the dollar on speculation investors will buy the currency to fund rebuilding projects.

The S&P 500 lost 2 percent to 1,256.88 at 4 p.m. in New York, leaving it down 0.1 percent on the year. Futures on the index slumped 0.9 percent at 6:02 p.m., and contracts on the Nikkei 225 Stock Average traded for 8,205, or 8.3 percent less than the closing level of 8,950 in Singapore. Ten-year Treasury yields fell 10 basis points to 3.20 percent, the lowest since December. The yen appreciated against all 16 major peers, rising to as strong as 79.24 per dollar.

Equities extended their retreat as U.S. Nuclear Regulatory Commission Chairman Gregory Jaczko told lawmakers that all the water has drained from the spent-fuel pool at a crippled atomic reactor north of Tokyo and high levels of radiation have been released. The United Nations’ nuclear agency planned to call an emergency meeting to discuss the crisis and said the three reactor cores containing fuel are damaged.

“The selling today is exacerbated by the nuclear situation, which makes it much more difficult to assess Japan,” said Christopher Sheldon, the Boston-based director of investment strategy at BNY Mellon Wealth Management, which oversees $166 billion globally. “Investors are selling on the appearance of a negative situation with the nuclear reactors and you can’t say it’s unfounded because we don’t know how bad this may get.” more ...

Elnusa eyeing Rp5.5 trio revenue in 2011 - Insider Stories

An integrated oil and gas service company PT Elnusa Tbk (ELSA) is eyeing Rp5.5 trillion revenue in 2011. The target figure is 31% higher than realized revenue last year of Rp4.21 trillion.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, the higher revenue will be underpinned by an increase of its core business namely upstream service.

The company reported a steep plunge in net income of 86.29% last year as a result of plummeting operating profit.
Elnusa posted Rp63.91 billion net income or Rp9 per share last year from Rp466.23 billion in 2009 or Rp65 per share.
Elnusa also booked net other charges of Rp43.59 billion on foreign exchange loss from net other income of Rp352.70 billion when it booked Rp43.06 billion foreign exchange gain.

However, at the operational line, Elnusa's operating profit tumbled 51.46% to Rp134.10 billion from Rp276.29 billion as a result of higher operating expenses and cost of goods sold (COGS).
The company's COGS rose 21.79% to Rp3.80 trillion from Rp3.12 trillion, while operating revenue increased 15.03% to Rp4.21 trillion from Rp3.66 trillion.

Jepang Membaik, Pabrik Toyota Kembali Beroperasi Besok - Detikfinance

Jakarta - Perusahaan otomotif terkemuka di dunia Toyota menyatakan akan kembali memulai produksi suku cadang mobil pada 7 pabriknya besok, Kamis (17/3/2011). Setelah sempat dihentikan sementara akibat gempa dan tsunami.

Pabrik-pabrik tersebut mulai besok akan membuat suku cadang untuk memenuhi permintaan di dalam negeri. Namun Senin pekan depan, Toyota akan mulai memproduksi suku cadang mobil untuk kebutuhan ekspor.

Seperti diketahui, saat ini Toyota memiliki 22 pabrik di Jepang.

Juru bicara Toyota mengatakan perseroan belum tahu kapan akan mulai memproduksi mobil kembali. Seperti dikutip dari AFP, Rabu (16/3/2011), juru bicara itu mengatakan pabrik baru Toyota di Miyagi rusak parah akibat gempa dan tsunami.

Hari ini, saham Toyota ditutup naik 9,13%, mengikuti kenaikan indeks Nikkei yang selama dua hari berturut-turut turun hingga 16% akibat gempa, tsunami, dan krisis nuklir di Jepang.

Setelah gempa dan tsunami Jumat pekan lalu, Toyota memang menyatakan akan menutup semua kegiatan pabriknya paling lama hingga Rabu ini.

BW Plantation 2M FFB output soars 65% - Insider Stories

Palm oil producer PT BW Plantation Tbk (BWPT) reported a 65.92% jump in fresh fruit bunch (FFB) production the first 2 months of this year from the same period last year.
The company harvested 73,384 tons FFB from 44,228 tons FFB. CPO production rose 65.71% to 16,798 tons from 10,137 tons, while kernel output surged 61.44% to 2,809 tons from 1,740 tons.

In Februari 2011, FFB reached 34,676 tons FFB, a 62.71% increase from 21,311 tons FFB in the same period last year.
CPO production was 7,930 tons, a 62.17% rise from 4,890 tons, while kernel output reached 1,338 tons, a 58.16% jump from 846 tons.

EXCL Siapkan Capex US$500 Juta di 2011 - TopSaham

PT XL Axiata Tbk (EXCL) menyiapkan anggran belanja modal (capital expenditure/capex) sebesar US$500 juta di 2011.

CEO EXCL Hasnul Suhaimi saat ditemui dalam acara seminar outlook telekomunikasi 2011 di Jakarta, Selasa (16/3/2011) mengatakan Capex tersebut akan digunakan untuk pengembangan jaringan HSDPA dan 3G, pembangunan fiber optik di Dumai Malaka dan pengembangan Base Tranceiver Stasiun (BTS).

Dijelaskan, jika pihaknya tidak akan gencar mencari pelanggan baru pada tahun ini. Dia menuturkan akan mempertahankan jumlah pelanggannya yang sudah ada sekarang ini.

"Kalau untuk tahun ini,kita tidak punya (target) market share, karena game-nya sudah berubah. Kalau tahun lalu kita cari pelanggan sebesar-besarnya dengan menurunkan harga. Kalau sekarang kalau kita tiru lagi cara itu, turun harga 10 persen belum tentu kita dapat feedback 10 persen lagi," paparnya.

Oleh karena itu, kali ini perseroan lebih mempertahankan customer yang ada, dan menciptakan inovasi baru melalui fitur-fitur yang ada.

Multistrada eyeing Rp3.15 trio sales - Insider Stories

Indonesia's fourth largest radial tire maker PT Multistrada Arah Sarana Tbk (MASA) booked Rp2.01 trillion sales in 2010, rose 18.64% than Rp1.68 trillion in 2009. The company is targeting Rp3.15 trillion sales this year.

PT Multistrada Arah Sarana Tbk (MASA) President Director Pieter Tanuri said the sales are in accordance with their 2010’ initial target.
“Macro economic growth is still good although our rubber supply was disrupted due to weather factors. This resulted in the increase of raw materials price. However, in general, it is still positive as we experienced higher demand from automotive sector either for OEM tire or replacement,” as he said on a press release, today.

MASA-coded share sales growth in 2010 was supported by bigger export and domestic sales. Export contributed 73% or Rp1.47 trillion from company’s total sales.
Export increased 12% compared to 2009. The remaining 27% or Rp535 billion came from domestic sales which up 43% than 2009.
“As for this year, MASA is targeting a 50% higher sales or Rp3.15 trillion. To meet the target, we improve our production capacity that is expected to complete in the second semester.”

Net income slightly increased 0.69% to Rp176.08 billion from Rp174.86 billion. Operating profit augmented 11.32% to Rp256.96 billion from Rp230,82 billion. However, operating margin fell to 12.80% from 13.65%. Gross profit improved 17.57% to Rp435.71 billion from Rp370.60 billion.

MNC Digugat Rp 3,7 Triliun Terkait IPO - Detikfinance

PT Media Nusantara Citra Tbk (MNCN) digugat secara perdata oleh salah seorang pemegang sahamnya sebesar Rp 3,7 triliun terkait proses penawaran saham perdana alias Initial Public Offering (IPO). Gugatan tersebut dilayangkan ke Pengadilan Negeri Jakarta Pusat.

Selain digugat secara materi, penggugat juga meminta proses IPO tersebut dibatalkan. Dalam gugatannya, Abdul Malik Jan selaku penggugat yang merupakan pemegang saham mengungkapkan proses IPO yang telah dilakukan MNC merupakan perbuatan melawan hukum karena tidak memenuhi prinsip keterbukaan alias disclosure sebagaimana yang diatur dalam UU Nomor 8/1995 tentang Pasar Modal.

Kuasa hukum penggugat, Robertus Ori Setiantono menjelaskan gugatan tersebut diajukan karena didalam prospektus yang dibuat tergugat saat IPO, tidak disebutkan adanya sengketa kepemilikan saham PT Cipta Televisi Pendidikan Indonesia (TPI) yang merupakan salah satu anak usaha MNC.

"Dalam prospektus tidak disebutkan adanya sengketa kepemilikan saham CTPI yang saat itu perkaranya juga tengah disidangkan. Harusnya tergugat menyebutkan secara detail kondisi perusahaan saat IPO karena itu menimbulkan kerugian bagi investor," demikian dikutip dari gugatan yang dilayangkan Kuasa Hukum di Jakarta, Rabu (16/3/2011).

Dikatakan Robertus berdasarkan UU Pasar Modal, masyarakat berhak mengetahui secara terang kondisi perusahaan. Maka, sambung Robertus, dengan tidak disebutkannya sengketa kepemilikan saham TPI dalam prospektus, maka IPO tersebut tidak sah karena tidak memenuhi ketentuan yang berlaku.

"Sengketa kepemilikan saham TPI baru diketahui setelah tiga tahun IPO bahkan perkaranya masih terus bergulir hingga saat ini. Prospektus itu menyesatkan karena tidak memenuhi asas keterbukaan dan mengandung ketidakjujuran karena tidak memuat informasi atau fakta material,” kata dia.

Seperti diketahui, MNC melantai di bursa pada Juni 2007 silam. Perusahaan milik Hary Tanoe itu melepas 30% kepemilikan sahamnya atau setara 13,821 miliar lembar saham di harga Rp 900 per lembar. Atas aksi korporasi tersebut, MNC telah meraup dana sebanyak Rp 2,475 triliun.

Konflik Tutut dan Hary Tanoe dalam memperebutkan TPI ini sudah bermula sejak tahun 2002. Ketika itu, Hary Tanoe atas permohonan Mbak Tutut sepakat membantu menyelesaikan utang-utang Mbak Tutut. Hary Tanoe melalui anak usahanya PT Berkah Karya Bersama (BKB) sepakat mengambil alih utang Tutut senilai US$ 55 juta dengan kompensasi BKB akan memperoleh 75% saham TPI.

Namun belakangan, Tutut mengklaim tidak pernah mengalihkan 75% saham tersebut kepada BKB. Kini sengketa itu pun kembali mencuat setelah kubu Tutut menggelar RUPS bayangan yang kemudian menunjuk jajaran direksi TPI tandingan yang dipimpin oleh Ketua Umum Partai Patriot Pancasila Japto Soerjosoemarno.

Sampai saat ini kasus sengketa TPI ini belum diputuskan oleh Pengadilan Negeri Jakarta Pusat.

Rabu, 16 Maret 2011

Bank Central Asia - Loses Cobranding relationship with Carrefour - ALERT - JP Morgan

Card co-branding relationship with Carrefour Indonesia to be wound down? Bisnis Indonesia reported that BCA's co-branding relationship with Carrefour could be terminated. Subsequent to the Para group's acquisition of a strategic stake in Carrefour Indonesia, the cobranding relationship is likely to shift to Bank Mega (not covered), which is affiliated to the Para group – with the shift beginning in mid-April.

Could affect 15% of BCA’s card base, significant at first sight: BCA has 2.2m cards in circulation (16.6% of the 13.2m credit cards in issues as of Oct 2010) and growing at 9% p.a. The Carrefour co-branded cards would account for about 15% of their outstanding base (estimated at 300,000 cards in the news report cited) – which at first sight would appear a potentially significant loss.

But BCA should be able to retain the relationship: Our discussions with management lead us to surmise that a majority of the Carrefour cobranded cards are additional which have been issued to avail of discounts - rather than primary credit card relationships, which could limit the magnitude of relationship loss. We also note that BCA, uniquely among Indonesian Banks, requires credit hard holders to be depositors – which means the banking relationship will be retained

Risk is if relationship loss broadens to transaction banking: Carrefour is one of the largest retailers in Indonesia, with a reported Indonesia Revenue of 823m Euro in 9MFY10. Our understanding is that BCA would be the transaction bank for Carrefour in Indonesia. While we think the loss of retail relationships could be contained due to BCA’s deposit relationships, we worry if this precedes a broader risk to the commercial banking relationship.

BCA’s infrastructure should help protect competitive position, but a risk worth watching: Given BCA's transaction capacity (on its own network ) and its branch distribution (900 branches, 100k EDC’s) which are concentrated in urban areas’ we believe that infrastructure would give it an edge in maintaining its commercial banking relationship with a major retailer. In contrast Bank mega has a network of 325 branches, but could arguably cover urban agglomerations where Carrefour focuses quite easily. Hence, while cognizant of BCA’s strengths, we are cautious in watching the situation develop, which could potentially develop into a negative for BCA over the medium term.

Banking:BNII and BNGA: post acquisition - Mandiri Sekuritas

It’s more than two years after Bank Niaga (BNGA) and Bank International Indonesia (BNII) were taken over by Malaysian banks as majority shareholders. Post acquisition, both banks reported better performance, with BNGA leading the race. Even though the current valuation looks excessive, positive catalyst remains once the floating shares are increased. We have no rating on both banks, but certainly BNGA is one of the banks worth looking at.

Better funding proportion for BNGA... Overall, their performances improved post acquisition, with loans, deposits and CASA growing higher than the sector. In terms of funding, BNGA recorded better performance as reflected in higher growth in deposits and CASA. BNGA’s CASA proportion was recorded at 43.6% at end 2010 compared with BNII’s 40.2%. It seems that BNGA had better strategy to deal with the funding than BNII’s. Our latest meeting with BNII’s management highlighted that the bank has been lagging behind in terms of improving its e-channel capabilities, which might become the culprit behind the lower deposit and CASA growth. As a result of better CASA proportion, BNGA’s cost of funding came lower at 4.7% in FY10 compared with 5.1% for BNII.

... led to higher profitability. Consequently, BNGA posted higher NIM of 6.5% in 2010 compared with 5.9% for BNII. This had supported stronger profit growth of 98% CAGR for BNGA for the past two years compared with -0.8% CAGR for BNII. Therefore, BNGA’s ROAE was higher at 20.4% in FY10 vs 7.4% for BNII.

Valuation is excessive, but worth looking at. Overall, BNGA performed better than BNII post acquisition. At current price the stock is trading at 2011 consensus PBV of 2.5x and PER of 16.2x for BNGA and 3.9x and 25.6x for BNII compared with the sector’s 2.8x and 13.3x, respectively. Even though valuation looks excessive, we still see positive catalyst for both banks: (1) the possible listing of CIMB Group Holdings in Indonesia, which will boost sentiment toward the bank’s share price, in our view, and (2) the divestment of Maybank’s shares in BNII to public at the latest Jun11 (Maybank has to divest minimum 20% ownership to public post acquisition. So far less than 1% stake has been sold to the public at an average share price of Rp799/share). Consequently, we still believe any weaknesses in the share price will become a good buying opportunity.

Moody's Turunkan Peringkat Utang Portugal -

London - Lembaga rating Moody's memangkas rating utang Portugal dari AA ke AAA. Hal ini sebagai kenaikan biaya utang yang tinggi dan rulis memenuhi target fiskal.

Dengan langkah ini menekan nilai tukar euro turun 0,06% atau tidak terlalu tajam karena pasar lebih dibayangi krisis nuklir di Jepang yang mengancam keselamatan pasar global.

Mooody's mengatakan masih menilai negatif terhadap peringkat obligasi Portugal karena menurunnya peringkat lebih lanjut akan terjadi upgrade setelah satu hingga dua tahun mendatang. Lembaga ini prihati dengan suku bunga tinggi sehingga beban pembayaran utang di pasar modal cukup tinggi.

Upaya pemerintah dipertanyakan dalam mencapai target fiskal yang tangguh dan harus menggerakkan ekonomi. Namun mengakui kemajuan yang dicapai pemerintah Portugal dalam mereforamsi ekonomi khususnya pasar tenaga kerja.

BUMA seeks US$750 mio for refinancing - Insider Stories

Indonesia's second largest coal contractor PT Bukit Makmur Mandiri Utama (BUMA) intends to raise 7-year loan facility worth US$750 million to refinance a US$600 million loan it secured 4 months ago.

As reported by Euroweek yesterday, BUMA wants more money, a longer maturity, and looser covenants, but has shocked bankers by demanding tighter pricing too.
Andre Soelistyo, Corporate Secretary of Delta Dunia, was unreachable when Insider Stories contacted his cellular today.

BUMA is a wholly owned subsidiary of PT Delta Dunia Makmur Tbk (DOID), which is indirectly controlled by three famed shareholders Texas Pacific Group, China Investment Corporation, and Government of Singapore's Investment Corporation.

BUMA is currently in talks with 12-15 lenders, mostly existing lenders, to secure a new financing of US$750 million with saggy covenants.

"About US$600 million will be used to refinancing existing facility with tight covenants and US$50 million is planned as working capital," a source close to the deal said.
Delta Dunia's controlling shareholders seem unhappy with current covenants related to the existing facility. "This is why BUMA is coming to its lenders for the new loan." If the negotiation is accomplished, BUMA schedules another refinancing in March or April this year.

Bank Mandiri Optimistis Laba Dua Dijit Akhir Tahun Ini - Bisnis Indonesia

JAKARTA: PT Bank Mandiri Tbk menyiratkan optimistis laba perseroan mencapai dua dijit pada tahun ini ditopang adanya pendapatan luar biasa dari pelepasan saham perdana (initial public offering/IPO) PT Garuda Indonesia Tbk.

Direktur Utama Bank Mandiri Zulkifli Zaini mengatakan perseroan memperoleh pendapatan luar biasa sebesar Rp1,4 triliun dari hasil konversi saham perseroan ke Garuda, dan dana tersebut akan masuk pada laba perseroan pada kuartal I/2011.

“Dari Garuda kan kami dapat Rp1,4 triliun, tentu itu berkontribusi kepada laba. Itu juga akan masuk ke neraca keuangan kami kuartal I tahun ini. Nanti perkembangan kinerja kami pada 2010 ditambah dengan pendapatan dari Garuda akan menentukan laba kami pada akhir tahun ini. [Bisa sampai double digit?] Kami selalu optimistis,” ujarnya hari ini.

Sebelumnya, Menteri BUMN telah memperkirakan laba bank pelat merah itu mencapai kisaran Rp8,8 triliun selama tahun lalu, dan hal itu juga tidak dipungkiri oleh Zulkifli. “Itu kan unaudit, ya mungkin kisaran itu. untuk pastinya nanti akan kami umumkan, sekarang masih proses audit,” ungkapnya.

Adapun untuk pertumbuhan kredit pada tahun ini Zulkifli mengatakan perseroan menargetkan naik 20%-22% sementara jumlah dana pihak ketiga (DPK) diharapkan naik sekitar 16%.

Zulkifli mengakui saat ini rasio pinjaman terhadap simpanan (loan to deposit ratio/LDR) perseroan masih di bawah ketentuan Bank Indonesia yakni 78%, tetapi perseroan akan berusaha keras mencapai ketentuan tersebut.

“Ketika September 2010 LDR ada dikisaran 71%, biasanya akhir tahun akan lebih rendah. Tapi kami terus coba tingkatkan penyaluran kreditnya. Dengan pertumbuhan kredit yang stabil di 20%-22% kami yakin bisa mencapai LDR 78%. Mungkin belum tahun ini, tetapi tahun depan,” tuturnya.

Sementara posisi rasio kecukupan modal (capital adequacy ratio/CAR) perseroan saat ini berada pada kisaran 17% setelah mendapat tambahan dana dari pelepasan saham terbatas (rights issue), sehingga dia memperkirakan tidak perlu mencari tambahan dana hingga 4-5 tahun ke depan.

“CAR sudah 17%, dengan pertumbuhan kredit dan pengumpulan dana masyarakat yang kami targetkan, untuk sisi pendanaan sepertinya akan cukup hingga 4-5 tahun ke depan, baik untuk pertumbuhan organik maupun anorganik. Jadi rights issue tidak aka nada hingga 2014,” tutupnya.

XL Axiata eyeing 10% growth in earning - Insider Stories

Indonesia's third largest cellular operator PT XL Axiata Tbk (EXCL) is eyeing a 10% growth in net income this year from Rp2.89 trillion last year.
Adding to that, revenue is expected to increase at least 10% this year from Rp17.6 trillion last year.

XL Axiata's total subscribers are targeted to enlarge to 44.4 million after it recorded 40.4 million subscribers last year.
The operator, which is controlled by Malaysian Axiata Berhad, is keen to reduce its debt to Rp8 trillion at end of this year from Rp10 trillion.
The company will refinance existing debt using internally generated cash flow which recorded Rp4 trillion last year.

On January 27 2011, XL Axiata paid Rp400 billion debt to PT Bank Mandiri Tbk.
The operator posted Rp7.70 trillion long term debt with Rp976.87 billion will mature within 1 year. The company also managed Rp1.5 trillion bond maturing on April 26 2012.
In total, the operator recorded Rp9.2 trillion long term debt. In December 2010, XL Axiata owed Rp4.30 trillion to Bank Mandiri, Rp2.17 trillion to EKN, Rp1 trillion to Bank Sumitomo Mitsui Indonesia, Rp1 trillion to The Bank of Tokyo-Mitsubishi UFJ Ltd, and Rp250 billion to PT ANZ Panin Bank.