Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 08 April 2011

TPG executives & DOID rights issue - Insider Stories

Despite dissapointing result last year, two key executives of TPG Capital has eventually enrolled board of commissioner of PT Bukit Makmur Mandiri Utama (BUMA), Indonesia' second largest coal mining contractor, in February and March of this year.
However, BUMA' parent PT Delta Dunia Makmur Tbk (DOID) now has a 'clean' balance sheet. It seems upcoming rights issue is inevitable for DOID if it wants to expand business. Please login or register to read the remaining story.

Lembaga S&P Naikan Rating Indonesia Jadi BB+ - Inilah.com

Lembaga rating Standar & Poor menaikkan peringkat Indonesia dari BB menjadi BB+ dengan outlook tetap positif.

"Kenaikan peringkat ini mencerminkan perbaikan dalam neraca pemerintah dan likuiditas eksternal dengan kinerja ekonomi yang baik serta pengelolaan fiskal yang hati-hati," kata analis S&P, Agost Benard di Singapura, Jumat (8/4) yang dikutip dari finance.yahoo.com.

Peringkat Indonesia, lanjutnya, masih terhambat oleh pendapatan perkapita yang masih rendah. Demikian juga dengan hambatan kelembagaan dan struktur pertumbuhan ekonomi masih tinggi. Inflasi juga relatif tinggi. Indonesia juga dinilai masih rentan terhadap guncangan eksternal karena kapasitas pasar modal yang masih terbatas. Walaupun risiko tersebut sudah mulai berkurang.

Faktor yang mendasari kenaikan rating Indonesia adalah membaiknya neraca perdagangan. Surplus fiskal primer dengan beban utang yang sabil telah mengurangi rasio utang. Hal ini mencerminkan pertumbuhan ekonomi melebihi tingkat suku bunga riil. Selain itu juga didorong hasil privatisasi dan apresiasi mata uang rupiah.

Demikian juga dengan surplus neraca pembayaran yang berkelanjutan telah meningkatkan cadangan devisa yang setara dengan enam bulan impor. Risiko likuiditas eksternal Indonesia menurun dibandingkan dengan negara tetangga.

Kenaikan peringkat Indonesia juga dibatasi oleh ketergantungan pada eksposur pendanaan eksternal. Ini mencerminkan posisi kewajiban bersih pembayaran eksternal relatif tinggi atau sekitar 100% dari penerimaan negara.

Pendapatan per kapita masih US$3.037 selama 6 tahun hingga 2010. Ini di bawah rata-rata untuk kategori BB. Kekurangan infrastruktur, ketidakpastian hukum, korupsi dan pasar tenaga kerja yang stagnan telah menjadi kendala pertumbuhan ekonomi yang lebih tinggi lagi.

Vallar closes Berau Energy takeover - Insider Stories

PT Bukit Mutiara and Bakrie Group today just transferred 52.35 milliot lots or 26.17 billion shares in PT Berau Coal Energy Tbk (BRAU) to Vallar Plc at the level price of Rp540 per share, representing of Rp14.13 trillion deal.
The shares transfer today was done via crossing transaction at Indonesia Stock Exchange. JPMorgan Securities bought the shares from Reliance Securities.
Based to the agreement between Vallar, Bukit Mutiara, and Bakrie Group, Vallar swapped 40% stake in Berau with Bakrie Group and the remaining stake was purchased from Bukit Mutiara at Rp6.59 trillion.

Perusahaan Gas Negara (PGAS-BUY-IDR3,925-TP:IDR4,600) On an acquisition trail - Bahana

Price catalysts: LNG receiving terminals & gas field acquisition; BUY
We believe that price catalysts for Perusahaan Gas Negara (PGAS) would surface in line with the possibility of the company’s plan to secure a gas field. This coupled with the progress on the development of the LNG receiving terminals should ensure PGAS to lock in substantial volumes post 2012. We view PGAS’ recent underperformance (exhibit 5) as an opportunity to accumulate, particularly given 4.2% dividend yield. Thus, while we trim our DCF-based TP to IDR4,600 on lower earnings, PGAS remains a BUY.

Minor cut in distribution volumes on continued supply shortage
Without new gas supplies, PGAS will post flat 2011 operating performance, causing us to revise down our distribution volumes slightly by 1.2% to 834MMScfd (+1.2% y-y) from 844MMScfd (+2.4% y-y) previously. While the government continues its attempt to accelerate upstream production and allocate gas supplies to the domestic market, no major breakthrough has thus far occurred. Hence, we expect 1Q11 distribution volumes to fall some 3% y-y to around 815MMscfd compared to its peak of 840MMscfd (+16% y-y) in 1Q10. In the longer-term, however, implementation on new government regulation for requirement on domestic market obligation (DMO) could potentially benefit PGAS. Thus, although competition to secure new additional supplies would intensify, we believe that PGAS would be able to obtain a small fraction (25MMScfd-50MMScfd) of the excess supplies.

Lowered 2011-12 operating profit by 6-7%
As we have cut our 2011-12 distribution volumes, we have lowered our 2011-12 revenues by some 5% respectively to IDR19.8t (+0.2% y-y) and IDR22.8t (+15.1% y-y). On the operating front, we expect higher 2011 estimate in blended cost to USD2.7MMBtu due to extensions of several existing contracts with costs of more than USD5/MMbtu to negatively impact operating profit. Thus, we have reduced our 2011 operating profit by 6.7% to IDR9.1t (+0.8% y-y) and by 6.1% to IDR10.5t in 2012 (exhibit 6). It is worth pointing out that in 2012, rising gas costs could potentially allow PGAS to further raise tariffs, which we have conservatively assumed at 5% vs. 15% in 2010. Finally, lower 2010 tax rate and early IDR2.2t debt repayment debt has us retaining our 2011-12 earnings at IDR7.0t and IDR8.1t respectively.

2010 results: FX & derivative losses undermined bottom line growth
Despite 18% y-y growth in 2010 operating profit, FX/ derivative losses caused flat 2010 bottom line of IDR6.2t (+0.2% y-y), but still in line with our and consensus estimates. As JPY debt accounted for 49.2% of PGAS’ 2010 long-term debt of IDR10.7t, the weaker IDR to JPY (-8%) negated the positive impact of the stronger IDR to USD (+5%), resulting in IDR369b FX loss, not to mention derivative losses of IDR562b from the JPY hedging transaction, bringing total loss to IDR930b. On a more positive note, PGAS booked lower tax rate of 20% (Government ruling No. 81) versus our forecast of 25%, partially supporting 2010 earnings.

PT Bank Rakyat Indonesia (Persero) Tbk Beating The Street - AAA

BBRI’s performance has surprised everyone. However, to secure its CAR, it most likely will pay lower dividend which is around 19% in our estimate, translating into 1.7% dividend yield. Althogh this may make the stock less attractive, BBRI’s highest ROE, declining NPL, and strong market foothold in micro lending, imply strong bottom line growth going forward.

± Knocked Out The Street
BBRI is on fire, its net profit rose to the highest level of Indonesia banking history, to Rp11.4 trillion and technically knocked out (TKO) ours and consensus estimate by far. We use word of “technical” due to major reason behind the earning surprise, which was from the implementation of new accounting standard (PSAK 50&55) in which interest income was calculated based on its effective interest rate not on flat rate. And since micro and consumer loan contributes 51.4% of total BBRI’s loan portfolio and both are using flat rate, shifting to effective interest did make huge difference in interest income. The latter rose 25% yoy to Rp43.9 trillion while interest expense trimmed down 6% yoy to Rp11.4 trillion due to higher influx of low cost funding, lifting net interest income by 42% yoy to Rp32.5 trillion.

± NPL Also Comes Lower
Looking at detail, new NPL formation flowing in the bank’s balance sheet also descended to only 1.9% which is a signal that percentage of loan that will be written-off (W/O) will be about the same rate, that is 1.9% in the next year. Historically, percentage of W/O loan was on average close to its new NPL formation in the prior year. Meanwhile by 2010 and beyond, recovery will be posted directly to fee based income. In 2011, we expect more conservative recovery at 0.2% of the total loan or Rp677 billion. Any higher percentage could be the earning surprise factor that could lead to higher ROE in 2011.

± Micro Loan Booked 40% yoy Growth in 2010
In 2011, BBRI is eyeing 22% loan growth which will be driven by micro loan. This will lift up its micro portion to 32% in 2011 as opposed to 30% in 2010. Supported by its extension arm, Teras BRI which has better price competitiveness as it offers lower loan rate maximum at 24% p.a. vs DSP 30% p.a. What could be more enticing is also on BBRI rate scheme where bigger loan amount, lower the loan rate. How about the playing field? At present, there are 96.2 million people working in the MSME sector or 99% of total employment in Indonesia with 55% contribution to the Indonesian GDP. BBRI with its biggest market share on micro loan (19%) and its long respected history has the most potential to win the race in micro lending.

± Upgrade TP to Rp7,400 – Reiterate BUY
We upgrade our TP from Rp6,500 to Rp7,400, implying 3.8x PBV FY11F. Currently the stock is traded at 3.2x PBV, slightly higher than peers at 3.1x but peers only has ROE at 24% vs BBRI at 32%. BUY.

Indonesia Banks: Big Picture - Switch from BBCA to BBRI: Valuations plus Liquidity - Citigroup

Positive fundamentals but expensive valuations — Prices have rallied back into the +0.5 std territory following: 1) above-consensus 4Q10 results; and 2) receding inflation concerns (March CPI 6.55% vs Jan peak of 7.14%). We now 1) Downgrade BBCA to Sell on valuations; 2) Upgrade BBRI to Buy (+17% target price on EPS revision for new accounting policy). BMRI remains our Top Buy and BBCA is now our Top Sell. We maintain our Sell on BBNI (weak operating performance in 4Q) and BDMN (expensive valuations). An uncertain global environment plus the end of QE2 makes Indo banks more vulnerable to high valuations

Key 2011 themes — Rising GDP growth (6.5% in 2011F) should support another year of 20% loan growth. Regulator favors lending growth, forcing banks to either lend or shed excess liquidity (+ve BBRI and –ve BBCA). Citi’s lower BI rate forecast of 7.25% by Dec 2011 (prev. 7.5%) is positive for BBRI. Another recent change is the benchmarking of recap bonds with T-bills (prev. SBI), which is most -ve for BMRI, followed by BBCA and BBNI. Impact on BMRI will be mitigated by cash recoveries (including the Garuda write-back). While lending rates continue to inch down, BMRI loan yields have been the most resilient in 2010.

Risks — Bond investors have so far shown stronger faith in Indonesia , bringing down 10-year bond yields to 7.75% (recent peak of 9%), and leading to stock rerating. Citi forecast for Dec 2011 remains unchanged at 9% (BBCA is pricing in bond yield of <7.5% while BMRI, BBRI and BDMN are pricing in 9% on PER). Combination of -ve real rates and strong currency are feeding consumption that may lead to higher inflation, if infrastructure bottlenecks are not removed. This risk is highlighted by strong consumer loan disbursements since Sep 2010, despite higher inflation.

4Q10 results insight — Banks exceeded expectations due to: 1) higher loan growth (8% QoQ); and 2) lower credit cost of 0.8% in 4Q (2.2% in 3Q and 1.7% in CY10). BBCA was the best performer on both counts but its deposit growth has slowed. BMRI NIMs declined due to changing asset and deposit mix. BBNI operating performance remained weak, with a sharp decline in NIMs but offset by cash recoveries. BBRI surprised with the change in accounting policy, and higher operating expenses.

Perusahaan Gas : Change of Guards (PGAS, Rp3,925, Buy, TP: Rp5,260) - Mandiri

􀂄 PGAS held an EGM last Wednesday to amend its articles of association to better conform to Law of limited limiability. In separate agenda, PGAS also restructure its BOD from 4 members to 6 members. Below are the changes :
a. The discharge of Bambang Banyudoyo as the Director of Development of the Company.
b. To appoint the Directors as follows:
- Muhammad Wahid Sutopo as Director of Investment Planning and Risk Management
- Eko Soesamto Tjiptadi as Director of Human Resources and General Affairs
- Jobi Triananda Hasjim as Director of Technology and Development
􀂄 M. Wahid Sutopo was previously, PGAS corporate secretary, while Eko Soesamto Tjiptadi was previously Deputy Director General of Prevention Corruption Eradication Commission (KPK). Jobi T Hasjim was from internal PGAS with previous position include Project Manager of PGAS SSWJ project.

Citra Marga Nusaphala Persada: Is planning to issue bonds totaling Rp1.0tn (CMNP, Rp1,160, Neutral, TP: Rp1,450) - Mandiri

􀂄 Quoted in Investor Daily, CMNP is planning to acquire a new toll road project located in Greater Jakarta, worth Rp450bn. Consequently, capex allocated in FY11F increase to Rp1.0tn from initial estimates of Rp550bn.
􀂄 Initially CMNP allocated FY11F capex of Rp550bbn, which Rp500bn is allocated for continuing Depok-Antasari (21.7Km) toll road project in 2H11,and Rp50bn for maintenance expenses.
􀂄 Hence, to fill the funds needed CMNP is planning to issue bonds totaling Rp1.0tn. We have no further information related with the plans of bonds issuance and acquisition of new toll road.
􀂄 Currently, we have neutral recommendation on CMNP due to lack of new project. CMNP traded at PER11F of 7.1x.

Economy Inflows remained strong and foreign reserves climbed above USD 100bn in March. While trade surplus is expected to remain steady, portfolio flows would be sensitive to inflation and rates expectations - DBS Vickers

Foreign reserves increased a sizeable USD 6.1bn in March, climbing above the USD 100bn mark to reach a new record high of USD 105.7bn. The accumulation in foreign reserves was largely aided by the widening surplus in the balance of payments, aside from the FX gains in non-dollar reserve assets last month. The merchandise trade balance should have maintained a steady surplus of USD 2-3bn in March, compared to USD 2.4bn in February. Exports to Japan contracted by 25% m-o-m in March according to the preliminary information from the statistics agency. In absolute terms however, the overall export value was cut by a limited USD 0.4bn.Meanwhile, despite the ongoing deterioration in oil trade deficit, trade surplus in natural gas has been well sustained, therefore the overall energy exports and imports are still balanced.

With regard to the financial flows, foreign holdings of Indonesian government bonds increased a strong USD 1.7bn in March. Headline inflation recently slowed to 6.7% y-o-y in March from 6.8% in Feb and the peak of 7.0% in Jan, taming investors’ expectations for rate hikes. Going forward, portfolio flows (mainly foreign investment in debt securities including bonds and SBIs) should remain sensitive to the expectations on interest rates and inflation, as well as the liquidity conditions and risk appetite in global financial market. The near-term inflationary pressures (for 2Q) seem to be easing, as food prices are retreating thanks to domestic harvest, and the government’s fuel price deregulation plan has been postponed from April. It is rational to expect Bank Indonesia to keep rates unchanged for the second consecutive month at 6.75% when they meet next Tuesday. Further afield, the uncertainties surrounding inflation forecast in 2H will be high however, depending on the movement in global oil prices and the timing of the implementation of fuel price deregulation.

Mkt outlook - Results recap: a good year though growth disappointed (O/W, JCI Tgt 4,330) - CIMB

~ Maintain Overweight on the Indonesian market though our index target has been lowered to 4,330 (from 4,450), following our earnings adjustments.
~ Still bottom-up, our new target implies unchanged 17x and 14x CY11-12 P/Es. 2010 results generally met consensus and our expectations.
~ Disappointments came from the coal and cement sectors, largely because of higher-than-expected costs.
~ Overall core profit was up 28%, though 3% pts below our forecast, on 16% sales growth.
~ Margins expanded, led by banks and consumer stocks, though banks' performances were boosted by accounting changes.
~ Net gearing shed 5% pts yoy to 30%, while cash hoards grew 14% yoy to over Rp104tr.
~ Ex-banks ROE was virtually unchanged at 21.7%, while banks' increased to 20.8% from 18.9%.

NEWS HIGHLIGHTS - JP Morgan

* Coal price -- weekly Barlow Jonker Index price up US$2.5/ton to US$123.25 following news on Xstrata settlement with Japanese buyers.

* Krakatau Steel (KRAS) – plans to IPO two subsidiaries end-2011 or early-2012. (Bisnis Indo). My take – I visited KRAS recently and noticed the numerous subsidiaries within the company, that might offer hidden values. Among the subsidiaries that can go on an IPO are: (1) Mid-stream producer of steel profile and bar, (2) Downstream pipe producer, (3) Power plant company with 400MW capacity, (4) Port service for receiving raw materials and exporting, (5) Industrial water service company, (6) Industrial estate company with around 550ha landbank, and (7) EPC company that also serves third party needs. The long term feel on the stock is fairly positive.

* First Media (KBLV) – setting an EGM date on 25 April 2011 to approve the CVC transaction.

* Agung Podomoro Land (APLN) – 1Q11 marketing sales reached Rp1.12trn, exceeding internal forecast of Rp925bn. The monthly sales value is as follows for Jan-Mar: Rp447bn, Rp333bn, and Rp341bn.

* Citra Marga (CMNP) – preparing the fund to do Rp0.5trn acquisition in 2011. The fund could be obtained from a bond issue. (Investor Daily).

* Jasa Marga (JSMR) – entering the final stage to acquire a toll-road in Surabaya (Waru-Wonokromo) by May 2011. Also planning a toll-tariff hike in September 2011. (Kontan).

ewmont US to double copper output by 2017 - JP Morgan

* Why bond investors have been bullish on Indonesia – (Sin Beng Ong) Indonesia’s current account reflects rising external ties. Indonesia’s current account facing crosswinds from commodity-related trade surplus and invisibles deficit. Rise in investment income outflows may reflect the flip side of rising foreign direct investment. Narrowing 2011 current account mainly reflects impact of invisibles but trade balance bears watching. My take: on strong portfolion inflow situation from global funds, buy ASII, BBRI, and BMRI.

* Bumi Resources Minerals (BRMS) – Newmont Mining (NEM US) held its investor day overnight and surprised the market with plans a “potential” 35% growth in attributable gold production by 2017. Copper production can also double. Notably, Newmont feels that its own organic projects will normally be more attractive than assets acquired through M&A unless there is a special situation. My take – In his report, JPMorgan analyst John Bridges highlighted several growth opportunities in Latam, Africa, and North America. Missing from the picture is growth that could come from Indonesia, as we know from PTNNT Indonesian partner BRMS that the company has identified significant reserves in Elang field, next to its existing reserves in Batu Hijau. BRMS would offer a more focused exposure into Elang and Batu Hijau developments, with a number of potential catalysts on the pipeline. Buy BRMS.

TBIG: High margin business - Mandiri

Tower Bersama Infrastruktur (TBIG) as one of leading tower companies in Indonesia posted a strong but inline revenue and operating profit growth in FY10. TBIG improved its tenancy profile by 149% yoy despite slightly lower ratio. Moreover, TBIG’s scattered customer profiles provide less bad debt exposure and better cash conversion. Facing FY11, TBIG expects robust orders book to come, which would add its current FY11 locked-in revenue of Rp830bn. Revenue growth going forward is supported by higher colocation outlook due to the fact that most of TBIG’s current tower profile is enable for colocation. Valuation wise, TBIG is quite attractive at consensus PER11F 18.4x

Earnings below consensus, operationally inline. TBIG reported a strong but inline revenue and operating income growth to Rp671bn (+96.7% yoy) and Rp486bn (+92.1% yoy), respectively. This was mainly due to robust tennancy growth in FY10 (+149% yoy) despite slghtly lower tenancy ratio. Yet, net income of Rp327bn fell below consensus as a result of higher-than-expected interest expense. Worth noting that TBIG was able to maintain its towering EBITDA and operating margin at 76.4% and 72.4%, respectively.

Scattered customers, large order book to come..TBIG revenue profile is not centered in specific customers. As a result, it has low bad debt exposure as seen in higher receivable turnover’ (6.1x vs 4.8x) and shorter cash conversion cycle (32 days vs 132 days) compared with peers’. Moving forward, TBIG expects a large order book to come since most telecom operators need more tower to improve their network quality regardless its subscribers growth. For information, as of now TBIG has locked-in revenue from existing contract worth Rp830bn in FY11.

Most of towers are co-locatable. Higer colocation (tenancies), that is, enabling more than one tenants in one tower, is obviously good for tower companies as it requires lower capex while at the same time generates additional revenue. TBIG currently possesses only small portion (6.5%) of <32m towers (rooftop pole and ground-based), which cannot be colocated. While the rest of TBIG’s towers profile (>32m) are visible for colocation.

Valuation is quite attractive.. We currently don’t have any recommendation on TBIG, but looking at consensus PER11F of 18.4x (vs peers: 32.4x) and its nearest competitor’s (TOWR) of 34.7x, TBIG is currently traded at enticing valuation.

China Coal Sees Slowdown of Demand - The Indonesia Today

China Coal Energy Company Ltd, one of the largest coal producers in China, sees the growth of coal demand in the country will slow down due to macro-control policies, especially the renewable energy development goal, energy saving, and emission reduction requirement.

China Coal said in its 2010 Annual Report that as the Chinese government will strengthen its control on macro-economy to maintain the steady growth of economy, the total coal consumption by thermal power, steel, building materials and chemical industries in China will grow continuously in 2011, which will provide a favorable environment for sound development of coal industry.

"The coal consumption for 2011 is expected to maintain a moderate expansion. However, influenced by the macro-control policies especially the renewable energy development goal and the energy saving and emission reduction requirement for the “Twelfth Five-year Period”, the growth of demand will slow down to some extent," the company said.

Regarding coal supply, China Coal said that as a result of the gradual completion of large-scale coal bases and production resumption of local consolidated coal mines, major coal producers such as Shanxi and Inner Mongolia will release their production capacities in 2011.

Meanwhile, the operation renovation of a number of railways including Baotou-Xi’an Railway and Taiyuan-Zhongwei-Yinchuan Railway will accelerate the release of coal production capacity in north Shaanxi and west Inner Mongolia. It is expected that coal production volume in the PRC will post a year-on-year increase of approximately 300 million tons in 2011.

On coal import and export, In 2010, China imported 165 million tons of coal, representing a year-on-year increase of 30.99%; and the net import amounted to 146 million tons, representing an increase of 40.96%.

"The year 2011 is expected to witness considerable net coal import as driven by growing demand from south-eastern coastal areas of China and the appreciation of Renminbi, despite of a gradual increase in global coal prices," China Coal said.

On coal prices, China Coal said based on the scenario of basically balanced supply and demand, coal prices are expected to maintain steady as a whole in 2011. The contractual prices of major thermal coal in the year will maintain as the level of last year due to the regulatory control imposed by national macro-control policies.

"There will still be significant difference between spot prices and major thermal coal contractual prices. When coal consumption increases in peak season and transportation capacity gets tight in some areas, spot prices in certain areas and periods are expected to be stable or on the upside."

Oil Spikes to Above US$110, Energy Stocks End Mixed - The Indonesia Today

Crude oil spikes to above US$110 per barrel on New York Mercantile Exchange (Nymex) trading last night. Energy stocks, meanwhile, end mixed worldwide.

In London, Brent crude also advanced to US$122.26 per barrel.

Oil and gas stocks, meanwhile, closed in narrow range with ExxonMobil gained 0.68%, while Shell and Total SA down 0.38% and 0.19%. Chevron gained 0.26%, but ConocoPhillips down 0.04%.

Coal-related stocks end mostly lower with Peabody Energy down 2.17% for two consecutive days, while Xstrata, the world's largest thermal coal exporter, conceded 1.73% in London. Anglo American also declined 2.16% in London.

Metals also mixed with Freeport and Newmont gained 2.12% and 3.26% respectively in New York, while Rio Tinto closed lower by 1.02% in London. Teck Resources also down 1.64%.

Intraco dan Pan Brothers Siapkan Stock Split

Dua emiten, yakni PT Intraco Penta Tbk (INTA) dan PT Pan Brothers Tbk (PBRX) berencana melakukan pemecahan nilai saham (stock split). Untuk memuluskan aksi korporasi ini, manajemen INTA akan menggelar rapat umum pemegang saham luar biasa pada 15 April 2011 di Intercontinental Hotel Jakarta.

Sedangkan manajemen PBRX akan melakukan RUPSLB pada 13 Mei 2011 di financial hall, lantai 2, Graha Niaga. Biasanya, menjelang pelaksanaan stock split, harga saham emiten tersebut akan naik, kemudian turun pada hari kedua setelah stock split, dan akhirnya stabil pada level harga tertentu.

Hingga Maret 2011, PTPP Raih Kontrak Rp3,87 Triliun - Topsaham

PT Pembangunan Perumahan Tbk (PTPP) meraih kontrak baru senilai Rp 3,087 triliun hingga akhir Maret 2011. Tahun ini, perseroan menargetkan total order book Rp 22,360 triliun.



Direktur Keuangan PTPP, Tumiyana mengatakan, kontrak baru tersebut berasal dari 7 proyek baru, yakni Combine Cycle Power Plant 3x40 MW Rp 890 miliar, Hydroelectric Power Plant 88 MW Rp 1,150 triliun, Gas Turbine Power Plant 65 MW Rp 600 miliar, Tol Rp 117 miliar, Donggi-Senoro Rp 220 miliar, Terrace Hotel Bali Rp 42 miliar, Siloam Hospital Rp 41 miliar dan proyek Drainase di Aceh Rp 27 miliar.

Total order book yang diincar PTPP tahun ini mencapai Rp 22,360 triliun, naik 105,87% dari tahun 2010 sebesar Rp 10,861 triliun. Kontrak baru 2011 ditargetkan sebesar Rp 16,600 triliun, naik 100,87% dari Rp 8,264 triliun di 2010. Sedangkan sisanya adalah kontrak carry over sebesar Rp 5,760 triliun.

Tahun ini PTPP memperbesar porsi penggarapan proyek-proyek infrastruktur ketimbang proyek bangunan. Tahun 2010, porsi proyek bangunan mencapai 59%, sedangkan infrastruktur 41%.

"Tahun ini, porsi proyek infrastruktur ditingkatkan menjadi 60%, proyek bangunan 40%. Kami juga akan masuk ke proyek-proyek EPC untuk penggarapan proyek-proyek pembangkit listrik," ujarnya.

Proyek-proyek pemerintah, lanjutnya, juga mulai dikurangi dari sebelumnya sebesar 52% menjadi 30% di 2011. Selain itu, PTPP juga kini ikutan merambah investasi berbentuk saham di sejumlah proyek, sehingga perseroan tidak hanya menjadi pelaksana proyek.

"Ada 4 proyek power plant yang kita ikut investasi di dalamnya, yaitu pembangkit gas turbin 60 MW di Palembang, PLTU 74 MW di Lampung, PLTU 150 MW di Cilegon dan pembangkit geothermal 40 MW di Jawa Barat," ujarnya.

Melalui berbagai strategi di atas, PTPP menargetkan pendapatan sebesar Rp 8,468 triliun di 2011, naik 92,41% dari tahun lalu Rp 4,401 triliun. Laba bersih 2011 dibidik Rp 335 miliar, naik 66,13% dari 2010 sebesar Rp 201,648 miliar

Mengapa Petinggi SingTel Temui Menteri BUMN? - Vivanews

Chief Executive Officer (CEO) SingTel, Singapura, Chua Sock Koong, telah menemui Menteri Badan Usaha Milik Negara (BUMN) Mustafa Abubakar, Kamis malam, 7 April 2011. Koong di antaranya membicarakan rencana investasi, strategi bisnis, termasuk kemungkinan melakukan kerja sama.

Kedatangan petinggi SingTel itu berdekatan dengan wacana yang berkembang saat ini terkait penambahan kepemilikan PT Telekomunikasi Indonesia Tbk di perusahaan operator seluler miliknya, PT Telkomsel.

Seperti diketahui, SingTel adalah pemegang 35 persen saham Telkomsel, sedangkan Telkom menguasai mayoritas kepemilikan dengan 65 persen.

Meski demikian, Head of Corporate Communication and Affair Telkom, Eddy Kurnia, kepada VIVAnews.com, Rabu 6 April 2011, pernah mengatakan,"Hingga sekarang belum ada pembahasan soal itu."

Dalam pertemuan itu, Mustafa menjelaskan, SingTel dan Kementerian BUMN sepakat untuk memperkuat struktur organisasi Telkomsel. "Mereka setuju terkait reorganisasi, meski belum diputuskan. Tetapi, ada titik temu yang bagus. Mereka melihat ada urgensi penguatan organisasi. Ada tiga direktorat baru, jadi berkembang dari lima menjadi delapan," kata Mustafa di kantor Kementerian BUMN.

Terkait wacana pembelian kembali saham Telkom di Telkomsel, menurut Mustafa, mereka juga memahami. Meski demikian, SingTel belum menyampaikan apakah mereka akan ikut serta. "Tetapi mereka memahami apa mau kami," tuturnya.

Apakah SingTel akan menjual kepemilikan sahamnya di Telkomsel? Mustafa mengatakan, belum ada pembahasan. Nantinya akan dibahas jika ada peluang. "Dua task force --SingTel dan Kementerian BUMN-- akan bicara kembali," ujarnya.

Ketika ditanya apakah Telkom akan mengambil 35 persen saham milik SingTel, menurut Mustafa, tidak semuanya. "Hanya ingin memperkuat saja, jadi belum tahu berapa," katanya.

Menurut dia, upaya Telkom tersebut untuk memperkuat posisi perseroan. Telkom akan tetap menjadi pemegang saham mayoritas. "Belum tahu berapa yang mau diambil, yang jelas Telkom punya kemampuan," ujarnya.

Mustafa melanjutkan, bila SingTel berniat untuk melepas sahamnya, Kementerian BUMN akan menyambutnya. "Tetapi, kami belum kembangkan pendalaman. Nantinya akan dibahas di tim task force. Segala kemungkinan masih terbuka," tuturnya.

Sebelumnya, Direktur Utama Telkom Rinaldi Firmansyah mengatakan, rencana pembelian kembali saham Telkomsel dari SingTel hingga saat ini masih dalam pembicaraan. "Ini kan saham SingTel, kalau dia tidak mau menjual bagaimana," kata dia.

Tahun ini, Telkom mengalokasikan belanja modal sebesar Rp17 triliun. Sebesar 70 persen dari belanja modal akan digunakan untuk memperkuat bisnis seluler. Sisanya untuk broadband dan pengembangan bisnis lain.

KS Berencana Tambah 15% Saham di KS-Posco - Bisnis Indonesia

PT Krakatau Steel (Persero) Tbk berencana menambah kepemilikan saham sebesar 15% di perusahaan patungan (joint venture) PT Krakatau Steel-Pohang Steel company (KS-Posco) pada awal 2015. Direktur Utama Krakatau Steel Fazwar Bujang mengatakan pada saat ini perseroan memiliki 30% saham di perusahaan patungan dengan perusahaan baja asal Korea itu dan akan menambah 15% sahamnya lagi untuk mencapai komposisi 45%:55% antara Krakatau Steel:Posco.

Dia mengatakan penambahan saham itu dilakukan setelah pembangunan pabrik tahap I itu selesai. Berdasarkan rencana, pembangunan tahap I itu selesai pada 2013.

Sementara itu, peletakan batu pertama (ground breaking) pabrik patungan tersebut akan dilakukan pada akhir Juli 2011.

“Sekarang kan kami baru 30%, dan kami juga akan tambah lagi 15% untuk menggenapi kesepakatan 45% [KS] dan 55% [Posco]. Rencananya setelah tahap I selesai. Kami akan ground breaking pada 31 Juli 2011,” ujarnya hari ini.

Untuk tambahan investasi 15% saham di perusahaan patungan itu, perseroan masih menghitung angka pastinya. Namun dia mengatakan perseroan akan menggunakan dana dari kumpulan keuntungan yang didapat dari perusahaan selama 4-5 tahun mendatang.

Fazwar juga tidak menutup kemungkinan untuk memakai dana dari pelepasan sisa saham 10% yang masih dimiliki jika memang tidak terpenuhi. Namun, fokus utama penggunaan dana dari sisa pelepasan 10% saham itu rencananya untuk pembangunan pabrik tahap II.

“Total pastinya masih dihitung. Bisa saja [pakai dana sisa 10% saham], tapi kami inginnya dana [10%] itu dipakai untuk yang second stage. Kalau untuk investasi tambahan ini kami rencananya pakai dari hasil pemupukan keuntungan selama 4-5 tahun,” jelasnya.

Seperti diketahui, untuk pembangunan pabrik patungan KS-Posco tahap I digunakan dari dana IPO perseroan yang dilakukan 10 November 2010. Berdasarkan data perseroan, produsen baja terbesar itu meraup dana sekitar Rp2,68 triliun. Adapun sekitar Rp89,88 miliar dipakai untuk biaya IPO, sehingga hasil bersih IPO yang didapat adalah Rp2,59 triliun.

Rencananya, sekitar 35,8% dana IPO atau Rp927,88 juta digunakan untuk modernisasi dan ekspansi kapasitas produksi Pabrik Hot Strip Mill (HSM) menjadi 3,5 juta ton. Sebanyak 24,4% atau Rp627,23 miliar digunakan untuk peningkatan modal kerja, sebanyak 25% atau Rp647,97 miliar digunakan untuk biaya pematangan lahan joint venture KS-Posco.

Sisa 15% dana IPO atau sekitar Rp388,78 miliar digunakan sebagai penyertaan modal pada anak usaha PT Krakatau Bandar Samudera untuk peningkatan kapasitas bongkar muat dan PT Krakatau Daya Listrik untuk meningkatkan kapasitas produksinya.

Menguatnya Sektor Baja - Inilah.com

Peran strategis sektor baja domestik akan memperkuat Visi Ekonomi Indonesia 2025 yang dirumuskan oleh Kementerian Koordinator Perekonomian.

Sebagai negara berkembang yang berusaha maju, potensi peningkatan permintaan baja nasional sanagt tinggi. Di sisi lain, perusahaan baja, baik pemerintah maupun swasta, sangat bergantung pada partner asingnya.

Dari potensi pasar, industri ini memiliki kesempatan yang besar. Mengingat konsumsi baja per kapita masih lebih rendah ketimbang negara lain. Pada 2004, permintaan baja Tanah Air mengalami peningkatan yang baik karena dibutuhkan di berbagai bidang.

Konsumsi baja per kapita pada 2005 tercatat 29 kg, padahal rata-rata dunia 170kg. Kapasitas produksi baja Indonesia mencapai 6,5 juta per tahun atau naik rata-rata 50%. Ada potensi signifikan untuk peningkatan, jika ada pembangunan ekonomi sektor ini.

Yakni tambahan produksi besi spons hingga 315 ribu per tahun oleh PT Meratus Jaya Iron and Steel. Guna meningkatkannya, perlu ada jaminan ketersediaan bahan mentah, konstruksi kawasan industri, penyediaan pendidikan dan pelatihan, serta memperkuat regulasi dan perencanaan.

Kamis, 07 April 2011

ADHI Escalating performance - Mandiri

Adhi Karya (ADHI) posted FY10 net profit of Rp189bn (+14.5%yoy, +116.4%qoq), which was above our and consensus estimates, thanks to higher gross margin. Since 86% (vs. 56% in FY09) of ADHI’s projects are government related, ADHI FY10 revenue declined by 26.4% due to lack of project won from tenders conducted by the government in 1H10. We expect FY11F new contract to reach Rp11.8tn (+45.6%yoy) more conservative than its expectation of Rp12.6tn (+55.6%yoy). We have a neutral recommendation on ADHI, which is traded at PER11F of 7.7x.

FY10 net profit was above our (108.7%) and consensus estimates (109.5%). While ADHI booked revenue of Rp5.7tn (-26.4%yoy, +115.3%qoq) due to delay on contract winning announcement on 1H10, net profit was Rp189bn (+14.5%yoy, +116.4%qoq) due to improvement on gross margin. Revenue in 4Q10 reached Rp2.6tn, translating into 45.9% of FY10 revenue. Gross margin increased from 8.5% in FY09 to 12.5% in FY10 due to escalation from government’s multiyear projects.

New contract in FY10 rose by 22.7%yoy to Rp8.1tn. Order book by end FY10 reached Rp13.5tn (-8.8%yoy) due to lower carried over contracts. While carried over contracts reached Rp5.4tn (-23.9%yoy), new contracts obtained in FY10 reached Rp8.1tn (+22.7%yoy) below the goal set in the beginning of 2010 of Rp9.8tn (+48.5%yoy).

ADHI reclassified its balance sheet for YE10 and YE09 books. Based on balance sheet by YE10, ADHI booked ARTO (accounts receivable turnover) of 1.8x, translating into 208 days of receivable days, higher than industry average of 160 days. We think it’s related to the government projects which need more time due to complicated procedures. Note that we excluded ADHI’s receivables from Al Habtoor’s stalled project on Doha, Qatar. By YE10, ADHI’s receivable from Al Habtoor has declined to Rp246bn from Rp312bn in FY09. We expect provision for bad debt expense in FY11F to reach Rp82bn vs. Rp96bn in FY10.

FY11F new contract is targeted up by 45.6%yoy. We are forecasting new contracts FY11F lower than the company’s expectations as we haven’t seen significant progress in government’s actions to solve the problems infrastructure development problems in Indonesia. ADHI is targeting new contracts in FY11F to reach Rp12.6tn (+55.6%yoy), at which 67% are government’s related projects. Meanwhile, we are forecasting new contracts of Rp11.8tn (+45.6%yoy) generating revenue of Rp8.3tn (+45.6%yoy). Furthermore, we expect net profit FY11F to reach Rp200bn (+5.8%yoy) given net margin at 2.4%.

Valuation. Historically, announcement of the results of the projects tendered by the government was executed on the second half of the year, and has possibility to be delayed into next year. We also are concerned on land acquisition issue, which becomes the main constraints in the infrastructure development. Based on our P/E multiplier valuation we arrived at TP of Rp950/shares, given PER11F of 8.3x, and maintain neutral recommendation on ADHI.

Ex-BP chief in talks to set up fund

By Sylvia Pfeifer

Tony Hayward, the former chief executive of BP, is in the early stages of setting up an investment fund focused on the energy sector, in a move that would mark his return to the UK corporate scene after leaving the oil group after last year's Gulf of Mexico accident.

The talks remain at an early stage and an investment fund is only one of a number of options Mr Hayward is considering, people close to him stressed on Monday. He has also been in talks to become the senior independent director of Glencore, the commodities trader, when it lists.

Mr Hayward has previously held talks with Nat Rothschild, the billionaire financier, about launching an investment fund. The two men know each other well and any venture could be modelled on Vallar, the natural resources fund Mr Rothschild listed in London last year, according to people familiar with the situation.

Mr Hayward also held preliminary talks with Julian Metherell who recently announced his intention to retire as the head of UK investment banking at Goldman Sachs to a small group of senior executives there, according to people familiar with the matter.

Mr Metherell, 47, came to Goldman Sachs from Dresdner Kleinwort in 1999, and was named a partner in 2006. He has spent his career advising some of the world's biggest energy groups, including BP, and intends to stay with the bank until this summer. He declined to comment when contacted by the Financial Times.

Mr Metherell's departure could see Mark Sorrell, the son of UK advertising magnate Sir Martin Sorrell, elevated to fill his position, according to people familiar with the business.

Mr Sorrell, who joined Goldman's elite partner ranks last November, is currently co-chief operating officer of the UK investment banking business with Anthony Gutman, one of the top consumer and leisure bankers in the City. A Goldman spokesperson said that succession planning was "ongoing".

News of Mr Hayward's plans come as a Stockholm arbitration court in London is set to enter a second day of hearings on Tuesday on whether BP can proceed with a $16bn share swap with Russia's Rosneft. The tribunal heard evidence on Monday from the UK group on why it should be allowed to proceed just with the share swap, excluding an alliance to drill in the Arctic. Both have been opposed by a group of Russian investors in TNK-BP, a joint venture involving BP and Russian oligarchs led by Mikhail Fridman.

The battle comes as BP hopes to return to drilling in the Gulf of Mexico. The company had been told privately that it should be able to drill existing wells in the gulf as early as July although Ken Salazar, the US interior secretary, on Monday said no agreement had been reached.

BP on Monday also agreed to sell its aluminium business for $680m in cash, the latest in a series of disposals as the company seeks to raise $30bn from divestments to help it meet the financial obligations arising from last year's Gulf of Mexico disaster.

The sale of Arco Aluminium, which specialises in supplying rolled aluminium for the production of drinks cans, to a Japanese consortium means that BP has now entered agreements to dispose of more than $24bn of assets since last year's disaster.

Bob Dudley, BP chief executive, said: "Although a strong business, Arco Aluminium is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders."

BP acquired Arco Aluminium through its takeover of Arco, the US oil company, in 2000.

Telekomunikasi Indonesia (HOLD) - Challenging times ahead - Kim Eng

Telkom’s President Director expects the company to book a bottom line growth rate of 5-7% in FY11. One of the key revenue growth drivers is IPTV that will be launched in May 2011. As seen in other parts of the world, Indonesia’s IPTV industry has vast potential and Telkom will have first-mover advantage in Indonesia. The additional revenue, however, would still be small in the immediate future. Telkom’s President Director mentioned that the company will spend only ca. Rp50b in 2011 for the launch of IPTV. Telkom is planning to spend Rp151 trillion during the 2011-2015 period. The capex figures for this period are significantly higher than those of previous years, thus making Telkom the largest capex spender in the industry by far. The figures are likely to have covered expenditure for M&A as Telkom is aiming to grow from un-organic sources given the tight competition. Thus, we see that Telkom’s future will depend to a large extent on the expansion it undergoes.

Bumi Resources Mineral - Incorporating better-than-expected FY10 results; raise price target to Rp830 - JP Morgan

• Better-than-expected FY10 results: BRMS reported an FY10 net income of Rp765bn, as against a loss of Rp209 million in FY09. The FY10 net income was significantly higher that our forecast of Rp361bn. The sizable difference is due to the smaller goodwill amortization charges (Rp600bn assumed compared to an estimated Rp400bn) and non-operating gains – such as forex, gains from the sale of PP&E, and
others, totaling Rp263bn.

• Raise FY11E net income by 33%: We adjust our model for BRMS by incorporating the FY10 results. With the actual FY10 net income more than 112% higher than our original forecast, we raise our FY11 net income forecast by 33% from Rp367bn to Rp487bn. Apart from the better-than-expected FY10 result, the difference in the forecast is also due to the lower debt outstanding (Rp 3 trillion) assumed compared with our original expectation of Rp5.3 trillion. The new forecast should be more in line with the reported FY10 debt outstanding of Rp2.2 trillion.

• Potential catalysts: We believe that the planned Newmont Batu Hijau IPO in 1H11 could be a catalyst for BRMS’ share price. The progress towards the start of production at Mauritania and Dairi could also re-rate the share price upwards.

• Maintain OW, raise price target to Rp830: We utilize three methods in our valuation: (1) recent M&A transactions at US$255/t.oz of reserve for gold, US$0.245/lb for copper, and US$0.424/lb for zinc; (2) global peer valuations based on reserve multiples; and (3) our SOTP valuation, using DCF (with WACC of 16.5%) for the JORC-certified assets and soon-to-be-producing assets (and non-JORC certified assets/long-lead assets at cost). These methods yielded a fair value of Rp977, to which we apply a 15% discount (to account for execution risk) in deriving our Dec-11 price target of Rp830. Risks: (1) potential project delays – regulatory
permits or technical site issues; and (2) earnings and dividends visibility from Batu Hijau during FY11E-FY12E. Maintain OW.

BBCA:Toward the real value - Mandiri

BBCA’s FY10 results remained strong despite lower interest rate environment, thanks to correction on impairment expenses. We expect lower impairment expenses going forward in accordance with the PSAK 50-55 implementation, hence the bank’s net profit will fully reflect its operational activities. We slightly upgraded our forecast on BBCA, hence our TP to Rp7,700/share. We reiterate our buy call on the stock for it still offers 10.8% upside from the current share price.

Anomaly year ... The year 2010 looks like an extraordinary year for BBCA. The bank’s net profit usually moved in tandem with the changes in BI rates, whereas higher BI rates would lead to higher net profit and vise versa. Last year, BBCA’s net profit grew by 24.6% yoy despite a decline in BI rate from an average 7.3% to 6.5%. This was possible due to lower impairment expenses (in fact, the bank recorded correction/reversal on its earning assets’ impairment expenses during the year of Rp333bn). The PSAK 50/55 implementation is believed to reduce the bank’s ability to allocate higher than required provisioning expenses. Exhibit 2 shows that the year 2010 was the first year for BBCA to record a reversal on its impairment/provision expenses.

To apply much higher RR… For the past five years, BBCA’s loan growth actually tended to outgrow the sector. However, strong growth in total deposits caused its LDR to remain low at 55.5% at end Dec10 (far below the required LDR of 78% set by BI). Consequently, BBCA needs to allocate higher RR of 10-11% this year based on our estimate.

… yet net profit will still grow by 19.5% yoy. Despite that, net profit is still projected to grow by 19.5% yoy supported by (1) higher BI rates, which will benefit BBCA due to its high excess liquidity (2) the bank’s plan to cut its saving rate by 25 bps (total saving at end 2010 reached Rp145.6 tn, thus a saving of around Rp300-400bn in a year is expected) and (3) low impairment expenses. However, on the other hand, please also note that there is a risk of lower interest income generated from VR bonds due to changes in the reference rate of the VR bonds to the 3-month SPN yield from 3-month SBI. BBCA’s interest income could fall by Rp225bn if the 3-month SPN yield is 5%, compared with the 6.4% yielded by the 3-month SBI currently.

Upgraded TP of Rp7,700/share. We slightly upgraded our earning forecast for the bank by 3% this year, causing us to upgrade our TP to Rp7,700/share from Rp7,300/share previously. This provides 10.8% upside potential from the current share price. Maintain buy.

Perusahaan Gas Negara: Buy; Rp3,850; TP Rp4,815; PGAS IJ Additional capex for next two years - DBS Vickers

Perusahaan Gas Negara (PGAS) plans to diversify its business by acquiring a gas block in Indonesia to aggressively increase gas supply. In addition, PGAS needs around US$400-500m to build two LNG terminals in North Sumatera and West Java with total capacity of 1.5m-3.0m tons per annum. As such, the company might increase its capex budget of US$250m this year to finance its expansion.

The increased capex is in line with PGAS’ plans to expand gas supply. We estimate capex of US$400m p.a for FY11-12F to cater for the new LNG terminals. We estimate that the completion of West Java terminal would increase PGN’s gas distribution volume to 1,050 mmscfd in FY14 from 824 mmscfd in FY10. There is also a plan to build another LNG terminal in North Sumatra by 2013. We reiterate our Buy call for PGAS for its promising outlook and attractive valuation. PGAS is trading at a discount to regional gas peers, at 12x FY11F PE against peers’ average of 16x, but offers higher yield of 4% against peers’ average of 2%.

Astra International - Record 4-wheeler sales in March - Deutsche Bank

Four-wheeler March sales: 81,706 units (+25% YoY; +18% MoM)
Four-wheeler sales hit a record high in March mainly following 1) negative headwinds from fuel subsidy removal for private cars, which in the end failed to materialize, 2) sales normalization post implementation of higher automotive taxes in several provinces, and 3) still abundant affordable financing especially with abating inflationary pressure and a stable interest rate environment. Meanwhile, Astra also grew in line with the industry, posting record-high car sales of 44,924 units (+23% YoY; +18% MoM) maintaining its market share at 55% in March. (Please refer to table for more details.)

Running better than our 2011 forecast
Both the industry and Astra showed robust sales in 1Q11, reaching 225k units (+29% YoY; +8% QoQ) and 125k units (+27% YoY; +9% QoQ), some 26% of our full-year forecast for both the industry and Astra, respectively. Nevertheless, we need to see more clarity regarding supply availability due to Japan's catastrophe, which is expected to start having an impact on sales in May.

Maintain Buy rating on Astra Int'l with TP of Rp79,000
We believe that Astra Int'l would be the main beneficiary from credit expansion, doubling middle income consumers and strong GDP per capita growth given its dominant position in the market. Nevertheless, we remain cautious over high oil prices and supply disruptions due to Japan 's catastrophe. The stock is attractive trading at 13.5x 2011F earnings, a discount of some 12% to the market.

Harum Energy (HRUM-BUY-IDR9,350-TP:IDR11,900) Sector’s highest growth - Bahana

2011: Net profit to jump 111% y-y on high0065r production and ASP
We expect Harum Energy (HRUM) to book 2011 production of 10.5m tons (+42% y-y), the highest growth amongst the coal stocks under our coverage, partially driven by lower base. Total cash cost per ton will grow by 13% y-y, inline with other companies in our coal basket to USD57/ton primarily on the back of 12% y-y higher fuel cost assumption to USD95/barrel. Separately, we have raised our coal benchmark price assumption from USD115 to USD120, also inline with other companies we cover. This translates into ASP of USD94, which is not only higher than HRUM’s guidance of about USD88-92, but is also the highest in the sector. Spill over effect as well as higher benchmark price results in 2011 revenues of IDR7.5t (+67% y-y) and 2.1% net increase (exhibit 6) to IDR1.7t (+111% y-y).

4Q10: Higher volumes; ASP up marginally

HRUM booked strong growth in 4Q10 revenues, supported primarily by higher sales volumes of 2.3m tons (+27.8% q-q) as ASP was up marginally by 0.2% q-q to USD82.2/ton. In 4Q10, stripping ratio fell 6.8% q-q to 11.0x causing cash cost to drop 0.2% q-q to USD40.9/ton. Despite cash cost per ton going down in 4Q10, the 44% q-q increase in production to 2.3m tons resulted in higher COGS. Nevertheless, 4Q10 revenues were up 20% y-y while COGS increased at lower rate of 14% y-y translating to 34% q-q growth in gross profit. For the full-year 2010, revenue growth in USD terms of USD444m (+11.2% y-y) was backed by 5% y-y higher sales at MSJ mine (SB mine is not consolidated) to 6.3m tons as well as 5% y-y increase in ASP to USD75.7/ton. Separately, production cash cost reached USD38.1/ton (+7% y-y), attributable primarily to 30% y-y higher fuel cost per liter. In addition, the adjustment made to the contractors’ tariff structure in mid 2010 also contributed to higher per unit overburden removal cost. This resulted in operating profit having contracted 6.5% y-y, in line with consensus estimate, but some 8% lower than our full-year estimate. On the bottom line, HRUM reported 4Q10 net profit of IDR255b (+28% y-y) bringing full-year net profit to IDR824b (+7.4% y-y), coming inline with our (106%) but some 10% below consensus. 4Q10 net profit was supported by income from associates which jumped 11 folds y-y to IDR32b, reaching IDR132b for the full-year, up 19 folds. This primarily resulted from Santan Batubara mine’s higher contribution.

27% upside potential on robust earnings; BUY with IDR11,900TP
HRUM’s share price has increased 80% since its IPO, outperforming the market by 3.2% ytd (exhibit 5). However, based on our DCF-based (WACC:12.0%) valuation, we believe there is still 27% upside from current share price level to our target price (TP) of IDR11,900. We continue to like the stock based on the company’s robust earnings growth, 2011 aggressive production capacity as well as strong financial performance. BUY.

Vallar poised to raise Bumi Resources stake - April 6 - Financial Times

By Anthony Deutsch in Jakarta, Christopher Thompson and William MacNamara in London

Published: April 6 2011 23:18 | Last updated: April 6 2011 23:18

Vallar is moving ahead with plans to expand its stake in Indonesia’s biggest coal company, as its metamorphosis into a sizeable miner gathers momentum.

The London-listed cash shell founded by financier Nat Rothschild stands to gain an indirect controlling stake in Kaltim Prima Coal mine – the world’s largest thermal coal mine – by increasing its shareholding in Bumi Resources, which operates the mine, to 51 per cent later next month.

Bumi Resources, the coal miner owned by Indonesia’s Bakrie family, has a majority stake in KPC, according to the company’s website, while India’s Tata holds 30 per cent.

Andrew Beckham, chief financial officer of both Bumi Resources and Vallar, said he expected the Bakries to approve a plan to increase Vallar’s 25 per cent stake in Bumi Resources via a share swap expected in May. However, in an e-mail, he hinted at uncertainty as to how the transaction would occur.

“Whether this is through the Bakries swapping more shares [if they have any] or through other shareholders or a combination of both has not been decided as yet,” Mr Beckham wrote.

Vallar was created in July by Mr Rothschild, who raised an initial £707m ($1.2bn) from investors. In November, he agreed to pay a combined $3bn for 75 per cent of Berau Coal Energy, the fifth-biggest producer in Indonesia owned by local tycoon Rosan Roeslani, and 25 per cent of Bumi Resources, the country’s largest coal producer.

This year Vallar said it would rename itself Bumi plc and said Bumi shares would start trading in London on May 10.

The KPC mine located on the coal-rich island of Kalimantan, is the jewel of the Bakrie business empire. It also forms the centrepiece of Vallar’s intention to produce 140m tonnes of mostly Asia-bound coal from its assets by 2014 – making it one of the biggest thermal coal companies in the world. Earlier this year, Indonesia’s Environment Ministry placed the KPC mine on an environmental watch list after a review of the operation in 2010 showed problems with treatment of waste water.

The Bakrie Group, a family holding company, is in the process of increasing its stake in Vallar from 43 per cent to 54.6 per cent according to a recent company statement. However, the Bakries’ voting shares in Vallar will remain fixed at 29.9 per cent.

In a recently published financial statement for 2010, the Bakrie family holding company said it will use its entire Vallar stake as collateral on a $602m loan from Credit Suisse, due on March 2, 2012.

sia Equity Strategy - Net foreign buying: Will China's rate hike stop the buying spree? - Credit Suisse

● We have now seen ten consecutive days of net foreign buying starting from 23 March and totalling US$7.8 bn. While in the past a surge in net foreign buying to above US$10 bn a month has been associated with tactical corrections in the one to three months after, we note that this foreign buying spree has occurred after a large degree of foreign investor capitulation. So after net foreign selling of US$8.1 bn in Emerging Asia (ex China) in February, net foreign buying for all of March was US$1.5 bn and so far in April US$2.9 bn. Significantly, on a year-to-date basis, foreigners are still net sellers to the tune of US$1.1 bn.
● If we break up the US$7.8 bn of net foreign buying over the past 10 days, Korea has seen largest net foreign buying of US$3.1 bn followed by India on US$2.2 bn, then Thailand on US$1 bn.
● We continue to prefer under-owned markets. If we look at the percentage of flows into a market over the past 12 months versus its MSCI weight, Korea still looks under-owned with 22% of net foreign buying versus a MSCI weight of 36%.

Salim Ivomas to sell 20% stake via IPO - Insider Stories

Palm oil-based liquid cooking oil producer PT Salim Ivomas Pratama (SIMP), a 64.4%-controlled by Singapore-listed parent company Indofood Agri Resources Ltd (IndoAgri), is aiming to sell 20% stake during initial public offering scheduled in June or Juli 2011.
Vice President Director of PT Indofood Sukses Makmur Tbk (INDF) Franciscus Welirang said the IPO proceed will be used by Salim Ivomas to expand business.
A source close to the matter said Salim Ivomas IPO is expected to raise US$240 million-US$280 million proceed. Director Eddy Sugito at Indonesia Stock Exchange said Salim Ivomas had a limited presentation explaining the IPO. "We had set a mini expose for Salim Ivomas. They said the proceed will be used to expand business," he said.
Indofood Sukses, Indonesia's largest noodle instant maker and palm plantation company, is holding 8.38% stake in Salim Ivomas and 68.95% stake in IndoAgri. IndoAgri and its subsidiaries control 64.4% shareholding in Salim Ivomas.
Salim Ivomas has mandated Mandiri Sekuritas and Kim Eng Securities as joint lead IPO underwriters, while Deutsche Bank are acting as global coordinators.

Indofood Sukses to sell Salim Ivomas?
A market speculation said Indofood Sukses is expected to sell 8.38% shareholding in Salim Ivomas during IPO, while the remaining are new shares. However, Werianty Setiawan, Indofood Sukses Director, didn't respond the confirmation about the speculation.
Eddy Sugito confirmed that Salim Ivomas will issue new shares during the IPO. "As far as we know, there is no plan of Indofood Sukses to sell Salim Ivomas," he told Insider Stories.
Salim Ivomas is group manufacturer owned by IndoAgri. The group is consisting of three categories of palm oil-based liquid cooking oil dubbed branded consumer pack, branded semi-consumer pack, and unbranded industrial type. Branded consumer pack cooking oil is targeted at consumers in retail outlets and are sold in packages of up to five litres.
Branded semi-consumer pack cooking oil is sold in containers of 15 kilograms to 18 kilograms and is generally targeted at merchants which resell the cooking oil to end-users.
Unbranded type cooking oil is sold mainly to PT ISM Group and other industrial users for their manufacturing purposes. With the exception of industrial cooking oil, all products are sold under brand names. The group’s consumer brands for cooking oil include Bimoli, Bimoli Spesial, Delima, Happy Salad Oil, and Mahakam.
Approximately 95% of the group’s domestic cooking oil sales value of consumer and semi-consumer packs for FY2008 was under the Bimoli and Bimoli Spesial brand names.

Dissapointing result
As a company eyeing an initial public offering (IPO) in June this year, Salim Ivomas does not to come with a glossy financial performance last year. With a slight increase in net sales and slight decline in earning, Salim Ivomas performance was so so. Nothing special! SIMP recently reported a slight decrease in net income last year as other charges ballooned 174.32%.
The company posted Rp970.98 billion net income or Rp383.69 per share last year from Rp1.01 trillion or Rp398.58 per share in the previous year.
The company booked Rp525.11 billion other charges from Rp191.42 billion. Operating profit increased 19.25% to Rp2.54 trillion from Rp2.13 trillion, enabling SIMP to augment its operating margin to 26.79% from 23.56%.
In line with operating profit, gross profit rose 16.01% to Rp3.55 trillion from Rp3.06 trillion, while COGS was flat to Rp5.94 trillion from Rp5.98 trillion. Net sales slightly increased 4.86% to Rp9.48 trillion from Rp9.04 trillion.

Pay debt
Salim Ivomas in January had made early payment on its debt of US$21.25 million or Rp184.88 billion to ING Bank Singapore. Salim Ivomas in September 2009 obtained the loan facility of US$25 million from ING Bank Singapore and used it as working capital.

Indika Energy Dirikan Indika Indonesia Resources

Manajemen PT Indika Energy Tbk mendirikan anak usaha baru bernama PT Indika Indonesia Resources dengan modal dasar Rp 1 triliun dan modal ditempatkan Rp 250 miliar. Pendirian perusahaan baru ini dilakukan bersama dengan Indika Capital Pte Ltd.

Indika Energy menguasai 90% saham perusahaan baru tersebut, sedangkan Indika Capital 10%. Anak usaha ini bergerak dalam bidang jasa pertambangan dan perdagangan batubara. Pendirian didasarkan pada akta pendirian tertangal 23 Maret 2011 dan efektif sebagai badan hukum terhitung 31 Maret 2011.

Indika buys Mitrabahtera at Rp1,630 - Insider Stories

PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug boat and barge operator PT Mitrabahtera Segara Sejati Tbk (MBSS) at Rp1,630 per share.
Retina Rosabai, Indika's Head of Investor Relations, confirmed that Indika has exercised the option at Rp1,630 per share, entitling the company with 51% stake ownership or 892.51 million shares in Mitrabahtera which initiated its trading debut at Indonesia Stock Exchange today.

Referring to the exercise price, Indika has spent Rp1.45 trillion to acquire Mitrabahtera, a company which was controlled by Prasatya family.
Ingrid Ade Sundari Prasatya and Patricia Pratiwi Suwati Prasatya were both controlling share holders in MBSS with 15.4% shareholding each. PT Patin Resources previously also controlled 56.2% stake in MBSS.
MBSS enrolled Indonesian logistics markets as a family company led by Francesca Hadinata and Bing Prasatya in 1993.

As of September 30 2010, MBSS owned 51 tug boats, 47 barges, and 4 floating cranes. The company is underway to construct a new floating crane scheduled to be commercially operated in February this year. Patricia Prasatya, with support of Jon Vassella, is in charge of the day-to-day running of the company and business development.

Patin Resources, Ingrid Prasatya, and Patricia Prasatya, acting as sellers, entered into an option agreement with PT Indika Energy Tbk (INDY), controlled by Indonesian billionaire Agus Lasmono Sudwikatmono, son of Indonesian tycoon Sudwikatmono who just passed away, and Wiwoho Basuki Tjokronegoro, on November 26 2010.
Accion Capital

On June 14 2010, MBSS also entered into an investment agreement with Accion Capital Management Pte Ltd (ACM) for convertible loan with principal amount of US$5 million in which ACM acts as investor agent and Accion Asia Growth Fund as newly investor.
Under the agreement, when MBSS has listed shares at IDX, each investor must convert the loan into new shares of MBSS with condition the market capitalization is above US$300 million or Rp2.66 trillion (assuming US$1 equals Rp8,865).

If MBSS's market capitalization is below US$300 million, investors will not obliged to convert the loan into new shares until July 8 2013. With US$300 million capitalization, MBSS's per share equals Rp1,485. By selling 12.5% new shares via IPO, MBSS is targeting about Rp327 billion cash.

In the first day trading, MBSS jumped 11.25% to Rp1,780 per share from the IPO level at Rp1,600. Today's closing price equaled to US$358 million market capitalization.
Under the investment agreement, each holder of convertible loan must convert the loan into new shares of MBSS.

Proyek Krakatau Posco Dapat Keringanan Pajak 30% - Detikfinance

Proyek patungan antara PT Krakatau Steel Tbk (KRAS) dan Pohang Iron and Steel Corporation (POSCO) akan mendapat potongan pajak 30% dalam 6 tahun ke depan. Keringan ini sedang dikaji oleh Badan Koordinasi Penanaman Modal berupa tax holiday.

Hal itu diungkapkan Direktur Utama KRAS Fazwar Bujang di kantor Kementerian Badan Usaha Milik Negara (BUMN), Jalan Medan Merdeka Selatan, Jakarta, Rabu (6/4/2011).

"Itu kan sesuai dengan peraturan yang ada sudah jadi untuk direalisasikan bahwa investasi itu diberi keringanan untuk dapat peroleh tax keringanan senilai 30 persen. Artinya bisa dikurangi dari (pajak) pendapatan perusahaan selama 5-6 tahun," katanya.

Fazwar mengatakan, saat ini pembangunan pabrik patungan tersebut sedang dikerjakan oleh perseroan dibantu salah satu BUMN karya, yaitu PT Waskita Karya.

"Waskita juga sudah mulai bekerja dan progresnya cukup baik mendekati 15%. Jadi direncanakan pada akhir juli nanti akan ada penancapan tiang dan diharapkan presiden akan hadiri proyek itu," katanya.

Pembangunan pabrik patungan itu akan dilakukan dua tahap dan menelan dana hingga US$ 6 miliar dengan kapasitas 6 juta ton baja per tahun. Untuk tahap pertama akan dibangun pabrik berkapasitas 3 juta ton yang akan selesai di 2013 dengan investasi US$ 2,5-3 miliar yang akan menghasilkan produk-produk seperti HRC (hot rolled coil), slab, dan plate.

Sedangkan untuk tahap kedua akan dilakukan konstruksi di 2011 dengan kapasitas 3 juta ton, sehingga total pembangunan dari tahap pertama dan kedua dilakukan selama 5 tahun. Dari jumlah produksi ditahap kedua sebanyak 30% akan diekspor ke Vietnam untuk memenuhi pabrik baja Posco yang memproduksi baja hilir.

2010, PGN Rugi Translasi Rp368 Miliar - Okezone

PT Perusahaan Gas Negara Tbk (PGAS) mengalami rugi translasi sebesar Rp368 miliar pada tahun 2010 lalu.

"Pada 2010 kita mengalami rugi translasi sebesar Rp368 miliar dikarenakan adanya selisih kurs, dimana pada 2010 yen menguat secara signifikan yaitu dari 101 yen ke 110 yen," ungkap Direktur Keuangan Riza Pahlevi Tabrani saat ditemui usai Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) di Hotel Four Season, Jakarta, Rabu (6/4/2011).

Lebih lanjut Riza menjelaskan bahwa untuk mengatasi hal ini perseroan pun mencoba melakukan reporting functional curency. "Kami upayakan untuk melakukan pelaporan reporting functional curency untuk mengeliminasi laba rugi kurs ini," paparnya.

Kendati demikian, laba usaha perseroan tetap tumbuh dimana pada 2010 laba usaha perseroan mencapai Rp9 triliun dari laba usaha perseroan sebesar Rp7,6 triliun. Sementara itu Ebitda perseroan pun mengalami peningkatan dimana ebitda pada 2009 mencapai Rp9,3 triliun dan ebitda 2010 Rp10,7 triliun.

Kedepannya, perseroan akan lebih banyak melakukan ekspansi yaitu lebih agresif untuk memperkuat suplai dan pasokan untuk kebutuhan gas dalam negeri seperti kebutuhan rumah tangga,UMKM, sehingga harus dijaga pasokannya. Selain itu,perseroan juga akan mengeksplor area-area baru guna untuk menjaga pasokan suplai untuk kebutuhan dalam negeri.

Perkuat Pasokan, PGAS Lebih Ekspansif - Inilah.com

PT Perusahaan Gas Negara Tbk (PGAS) akan melakukan ekspansi untuk memperkuat suplai pasokan gas dalam negeri dan mencari area baru untuk pengolahan gas.

Hal itu disampaikan Direktur Utama PT Perusahaan Gas Negara Tbk Hendi Prio Santoso sesuai Rapat Umum Pemegang Saham Luar Biasa (RUPSLB), Rabu (6/4). "Kita lebih ekspansif berupaya perkuat suplai pasokan agar seluruh kebutuhan dalam negeri pengguna gas khusus UKM dan industri lebih bagus," ujar Hendi.

Lebih lanjut ia menuturkan, pihaknya juga akan mengeksplore area baru dalam pengolahan gas. Selain itu, perseroan mencari pasar baru yang belum ada jaringan gas.

Dengan ekpansi tersebut PT Perusahaan Gas Negara Tbk kemungkinan akan menambah biaya belanja modal pada 2011. Tapi Direktur Keuangan PT Perusahaan Gas Negara Tbk Riza Pahlevi belum dapat memberitahukan lebih detail mengenai penambahan belanja modal. Sebelumnya perseroan menganggarkan belanja modal sebesar US$250 juta pada 2011. "Belanja modal akan tambah," ujar Riza.

Wintermar Sets Up JV with 2 Partners - The Indonesia Today

Shipping company PT Wintermar Offshore Marine Tbk (WINS) said it had in April 4, 2011 set up joint venture company with two undisclosed partners.

Nely Layanto, WINS' corporate secretrary said in a disclosure to the Indonesia Stock Exchange (IDX) today that the joint venture, named PT WM Offshore, focuses on offshore shipping services for oil and gas industry.

WINS holds 51% ownership in the joint venture.

The company doubled its net profit to Rp106 billion in 2010 in line with soaring revenues and other income. Its revenues surged 69.6% to Rp669 billion for the year.

Sierad Produce profit rises 64.29% - Insider Stories

PT Sierad Produce Tbk, a company with core businesses of poultry feed, breeding, and hatchery, today reported a 64.29% increase in net income last year as a result of higher sales.

In a financial statement published today, Sierad posted Rp61.15 billion net income last year from Rp37.22 billion in the previous year.
Operating profit surged 92.87% to Rp140.18 billion from Rp72.68 billion. Gross profit increased 52.28% to Rp351.45 billion from Rp230.79 billion. Sierad's net sales grew 12.35% to Rp3.64 trillion from Rp3.24 trillion.

Rabu, 06 April 2011

Vallar & Bakrie - The Indonesia Today

Vallar Plc or Bumi Plc gains 1.17% Tuesday to 1,300 pence in London . The stock has gained 44% since November 2010 but on very low average trading volume. But for Credit Suisse AG, this is important, because Bakrie & Brothers together with Long Haul Holdings Ltd have just entered into a credit agreement.

As explained by BNBR in its 2010 financial statement, on March 2nd, 2011, BNBR and Long Haul Holding Ltd., entered into a credit agreement with Credit Suisse AG, Singapore Branch, as the Structuring Agent.

This loan has been used by the Company to refinance the Company’s loans from Credit Suisse International, Credit Suisse AG, Singapore Branch, Bank Sarasin – Rabo (Asia) Limited, PT Sinarmas Sekuritas and early redemption of derivative transaction with Glencore. Total facility received by the Company amounted to USD601.7 million. Interest rate of this facility is LIBOR + 6% per annum and it will become due on March 2, 2012. This facility is collateralized by all of the Vallar shares owned by the Company.

Based on a sale and purchase agreement between Bakrie entities and Vallar Plc, Bakrie swapped around 5.2 billion shares in BUMI for around 90.1 million newly issued Vallar shares, of which BNBR receives around 50.5 million Vallar shares.

On February 23, 2011, the agreement has been amended whereby BNBR will receive around 49.4 million Vallar shares by surrendering 2.847 billion BUMI shares not later than April 30, 2011. BNBR has on March 4 executed the swap agreement.

Let's trace back to 2008 financial statement. BNBR purchased from Bakrie-related entities 6.79 billion shares of BUMI in March 2008. The same year, BNBR offloaded 3.6 billion BUMI shares and booked loss of Rp14.77 trillion. The balance was 3.19 billion BUMI shares as at Dec 31, 2008.

BNBR's financial statement for 2010 recorded loss on sale of investment in shares of stock of Rp10.26 trillion. As a result, BNBR received tax benefit of Rp1.5 trillion, which will help BNBR in the future's tax payment (loss carry forward).

So, BNBR closed at Rp65 Tuesday (Apr 5). At that price, BNBR currently has market capitalization of Rp6.091 trillion. The current price is only 9.2% of its peak of around Rp700 when Bakrie Group consolidated its shareholdings in BUMI, ENRG, UNSP, BTEL into BNBR.

The idea was to make BNBR Indonesia's Berkshire . Looks like that's not the case, well, at least until now. BNBR has re-offloaded these assets through various loans-related agreements. Vallar Plc is now the new BNBR. The difference, Vallar is focused on minerals. That's why Bakrie injected Berau Coal (BRAU). The group expected a prime listing in London Stock Exchange.

Renaming Vallar into Bumi Plc is part of the makeover. Read again statements from Vallar when the share swap agreement was first announced. But as to whether this makeover will be a success, it depends on whether bankers like Credit Suisse would still be around the clock arranging deals. The bigger the deals, including a possible refinancing of CIC's US$1.9 billion facilities, the bigger will be the bonuses for bankers (including, but not limited to fees and special services!).

TLKM:All eyes on data and internet - Mandiri

Telkom Indonesia (TLKM) remains as the leader in the cellular market leader with subscribers growing to 93mn (+15% yoy in FY10). However, FY10 results, as expected, was relatively constant as a result of tighter competition in 4Q10. While subscribers still grew, we noted that minutes of usage (MoU) turns out to decline. We also think this year may still be a challenging time, thus we presume a conservative revenue growth of 5.7% in FY11F for now. Being aware of this unfriendly business climate, TLKM would be more focus on data and internet, but we think an upgrade in network infrastructure is required to support it. Maintain Neutral at lower TP of Rp7,600.

Steady result as expected. TLKM sealed 2010 with steady outcome as revenue reached Rp68.6tn (+1.4% yoy, -7.7% qoq), inline with our and consensus estimates. Relatively flat cellular revenue of Rp29.1tn (+2.1% yoy) and dwindling fixed line to Rp12.9 (-9.4% yoy) were offset by data and internet services, which grew quite strongly to Rp19.8tn (+7.0% yoy). Healthy data and internet segments can also be seen from robust subscriber growth in its fixed (+44% yoy) and mobile (+128% yoy) broadband services. Meanwhile, fixed wireless (Flexi) faced strong pressure as both MoU and RPM declined respectively, while subscribers were flat.

Lower MoU despite higher subscribers.. While TLKM was still able to gain cellular subscribers (+15.1% yoy), it did not translate into higher usage as MoU slightly declined to 129bn minutes, although it has steadily increased since 2Q10. As a result of lower MoU, RPM improved slightly to Rp220 (+5.3% yoy). We think competition in FY11F is still stringent however price war is less intensive. Given this, we preview TLKM may chalk up around 6% revenue growth, yet potential upside is still there should data and internet continue to outperform.

Network improvement required. In order to cope with rising trend in data and internet business, TLKM will be more focused on its data and internet service (FY10: 28.9% of revenue). We expect this segment will have robust growth in the near future. However, TLKM must essentially improve its network quality by replacing copper wire with fiber optic (i.e. longer distance, higher bandwith, faster) and implementing new 10/40 GBps tera router (i.e. better transport layer), as scheduled by TLKM this year.

Maintain Neutral at lower TP. We maintain our Neutral stance on TLKM at lower TP of Rp7,600 based on sign that cellular climate is still challenging for TLKM in FY11F. TLKM is currently at PER 11F 11.6x and PBV 11F 2.6x.

ACES:Expanding margin - Mandiri

ACES has the highest operating margin among 3 retailers that we cover (the others are Ramayana and Mitra Adiperkasa). FY10 operating margin of 13.3%, in our view, was an achievement that will be difficult to sustain. The operation of the Living World outlet of 18,000sqm, their largest site, and 12.1% of ACES total gross space as of February 2011 of 147,802sqm will be the test of their marketing prowess. We adjusted upward our earnings forecast for FY11 and FY12, but maintaining our Neutral recommendation. DCF target price was upgraded from Rp2,570/share to Rp2,640/share.

Net income matches consensus and above our forecasts. ACES’s FY10 net income was 106.8% of our estimates and 99.8% of consensus. Operating margin expanded from 13.1% in FY09 to 13.3%, with gross margin rising from 40.7% (FY09) to 43.2% (FY10). Including games in the lifestyle category, lifestyle product contribution increased from 33.8% in FY09 to 35.6% in FY10. Lifestyle has higher gross margin (45.0%) compared with home improvement (40.3%). The expansion of lifestyle products, we think, contributed to the higher gross margin. Another improvement was in their cash cycle which got shorter in FY10 (106 days) from FY09 of 109 days.

Living World, a drag or a boost? ACES added 24,105sqm in 2010 to end FY10 gross space of 129,802sqm. In February 2011, in the Living World, a mall owned by ACES’s affiliates, ACES opened its largest outlet of 15,000sqm Ace Hardware, and 3,000sqm Toys World. ACES planned to open another 5 stores (Surabaya, Jakarta, Manado, Makassar and Solo) in 2011, with total gross space of around 15,000sqm. The large spaces offer argument of efficiency, but counter argument is it is in a mall which tends to have lower productivity than ACES’s outlets in shop houses. We are lowering gross margin assumption for ACES in FY11 to 42.0% to accommodate the Living World introduction phase.

Maintain Neutral, fine tuning target price. Market has priced in ACES’s outperforming operating performances against its peers. ACES is traded at FY11F consensus PE of 20.8x, higher than Mitra Adiperkasa FY11F consensus PE of 16.7x, and Ramayana FY11F of 11.9x. We are looking forward to see impact of the Living World venture in ACES 1H11 performance (1Q11 will be too early).

Asian Banks Strategist - Where Is the Money, Honey? - Citigroup

 Robust credit growth pushes up LDRs – Growth in credit continues to remain solid; leading the pack in 2010 are: HK (+29% YoY), IN (+25% YoY), ID (+23% YoY) and CN (+20% YoY). Loan growth has pushed up LDRs for most markets. In fact, incremental LDRs in last three months have been very high for HK (340%), IN (193%), TW (180%), SG (155%), TH (150%) and CN (96%) – and have been well above current LDR levels, signifying strong credit growth and/or slowing deposit growth in recent months.

 Rising inflation driving liquidity tightness – The macro driver behind the tightening liquidity is rising inflation and central bank policy responses. Increasingly negative real interest rates are encouraging the flow of savings into higher-return investments (wealth mgmt, real estate, offshore) and stimulating loan demand. Central banks’ policy responses (rate hikes, reserve requirements, open market operations) further add to banking system liquidity tightness.

 Loans-to-lendable deposits shows where liquidity is tight – Looking at loans-tolendable deposits (LLDR) by adjusting LDRs for central bank reserve requirements, the balance sheet liquidity of banks look more strained. Highest LLDRs are in KR (117%), IN (109%), TH (95%), CN, TW and ID (87%). LLDRs for HK and CN are at new highs while for IN, TH and ID are close to the previous 2008 peaks. Higher LLDR signify that banks will need to rely on wholesale funding and/or increase competition for deposits. On this measure, we believe CN, IN, ID, TH and increasingly HK look most vulnerable.

 Winners and losers – Looking at the markets highlighted, on this tightening liquidity theme, we would highlight larger banks with strong deposit franchises in China (ICBC, CCB, ABC, CMB), HK (HSB, BoCHK), India (Axis, SBI, ICICI Bank, HDFC Bank), Indonesia (BMRI, BBCA), Thailand (BBL, KBANK, KTB, SCB). Banks that are vulnerable to tightening liquidity include MSB, CNCB, BoCom, BDMN, BBRI, BAY and TISCO.

Indonesia Equity Daily, 6 Apr 2011 - Kim Eng

§ Top Idea

Banking
Banking – Positive Outlook for 2011
- With an estimated average earnings growth rate of 23% for 2011F, we are still bullish on the banking sector. Our top picks are Bank Mandiri (BMRI IJ) and Bank Rakyat Indonesia (BBRI IJ).
- We expect strong loan growth and cost control to enable the banks in maintaining attractive NIM. There is also a possibility of a positive earnings surprise should the government pass the bill on a loan haircut for state-owned banks.

§ Market Talk

Banking: Bank Mandiri (BMRI IJ) and AXA SA will jointly take over Asuransi Dharma Bangsa (ADB), a local general insurance company. After the acquisition, Mandiri will control 60% stakes in ADB, while AXA will hold the remaining 40%. This joint venture will build on the existing life insurance joint venture AXA Mandiri Financial Services, which was formed in 2003. The transaction is expected to be completed by 3Q11, pending the finalization of agreements, shareholder approvals, and regulatory approvals. Pg. 3

Investment: Global Mediacom (BMTR IJ) and Media Nusantara Citra (MNCN IJ) are reported to sell 395.76 million treasury stocks each in the period of 18 months starting 7 March 2011. Pg. 3

Mining: President Director of Berau Coal (BREAU IJ) stated that shareholders have given consent on the company’s US$450m bond buyback. Pg. 3

Automotive: Investor Daily quoted Chairman of the association of car producers (Gaikindo), Jhonny Darmawan, indicating domestic car sales for March 2011 at 81,706 units (up 16.5% m/m and 23.5% y/y).

Resource Alam Indonesia (BUY, TP IDR4,625); FY10 Results Review - Closing 2010 on a Convincing Note

KKGI reported FY2010 earnings of IDR166bn, surging by a whopping 418% y-o-y, which was in line with our estimate.

Strong topline growth. KKGI’s revenue climbed 138% y-o-y to IDR969bn, driven by higher sales volume as well as average sales prices (ASP). 2010 coal sales volume totaled 2.2m tonnes, up 133% from 0.9m tonnes in 2009. In addition, ASP also edged up to USD48/tonne, 19% higher compared to the 2009 ASP of USD40/tonne. On the contrary, its production cash cost declined by 16% y-o-y to USD24/tonne as the larger economies of scale in production gave rise to better efficiency. However, we estimate that the cash cost in 2011 will be higher due to a higher fuel price and larger production volume.

Outlook for 2011 remains promising. With contribution from the newly producing blocks at its mine concession, we estimate that KKGI’s sales volume will jump 63% y-o-y to 3.5m tonnes in 2011. We also envisage the company’s ASP increasing by 17% y-o-y to USD56/tonne given that the stubbornly high global coal price benchmark will give it more leverage to garner higher contract prices.

Balance sheet position stays strong. At the end of 2010, the company had a total cash balance of IDR131bn. Assuming a dividend payout ratio of 40%, this will translate into a dividend per share of IDR66, which in turn provides a dividend yield of 2%.

Reiterate our BUY call. Given the strong 2010 results, we are maintaining our bullish stance on the counter. We retain our BUY call with a TP of IDR4,625, which offers a 26% upside potential. At present, the counter is still trading at an undemanding multiple of 9x 2011f earnings compared to the industry’s consensus average of 15.4x

Rupiah bull, recosting capital - CLSA

Nick Cashmore argues that the Rupiah has long been considered a poor store of value. But in today’s global macro climate, Indonesia looks like a paradigm of fiscal virtue.

Indonesia is a dollarized economy. Consumers may not be aware as such, but many products consumed domestically are heavily influenced by the currency. The table below shows the dollar sensitivity for various consumer-related companies.

Key points from Report:
A strengthening Rupiah = improve domestic purchasing power = reduce cost structures of domestic firms = set off investment boom.
A decade of fiscal conservatism has left Indo as one of the least indebted countries in Asia.
Public debt to GDP could reach 15% by 2012

Unless Indo adopts a loose monetary policy (a-la USA), monetary policy must tighten, and currency must rise, leaving Indo with 2 choices:
1. Spend on infrastructure and capital investment (stabilize public debt & push GDP growth >7%)
2. Govt is unable to break cycle of mal-investment (public debt to GDP goes down further, GDP growth remains trend bound) OWT domestic firms with strong local franchises (KLBF, INTP, SMCB, MAPI, ACES) and rate sensitive stocks (BMRI, BBCA, BBNI, BSDE, SMRA , LPKR).

Aneka Tambang - Takeaways from analyst meeting - JP Morgan

We attended an analyst luncheon hosted by the senior management of ANTM. The following are the takeaways:

• Positive takeaways: (1) Ramp up of ore shipment in FY11 by 15% Y/Y from 7MM tons in FY10. (2) Despite budgeting US$750/t.oz, ANTM views that the cost to produce gold could be US$650/t.oz. (3) Ground breaking from Tayan Chemical Grade Alumina should start within weeks. (4) Securement of US$1 bn line of credit line.

• Negative takeways: (1) Conversion from oil to coal based operation using the 2x75MW power plant is cancelled. (2) Major maintainance capex amounting to US$450-500MM and the cost of Feni Halmahera increased from US$1.4 bn to US$1.6 bn. (3) High grade ore is no longer available at Pamola limiting the output ability of ANTM's Pamola's facility.

• Model adjusted: With these we incorporate the following adjustments to our model: (1) Adjust the ore sales volume upwards in FY11E by 39%. (2) Adjust the gold production cost from US$750/t.oz to US$663/t.oz. (3) Increase the capex spending in FY11E to FY16E from Rp15 trillion to Rp24.5 trillion including US$450MM capex spending for the soon to be constructed Tayan Chemical Grade Alumina.

• Maintain UW and Dec-11 PT of Rp2,000: Based on FY10 income being 32% ahead of our forecast and higher ore shipment expected in FY11E, we raise our FY11E income forecast by 34%. Despite the higher earnings and OCF levels, major capex spending works against our FCF and valuations. The adjustments did not result in a significant change to our combination SOTP and DCF method Dec-11 PT. With 13% downside from the current share price, we maintain UW and our Dec-11 PT of Rp2,000. The risks are: (1) Rising precious metal prices generating higher profit. (2) Strong Y/Y profit growth in FY11E.

Bukit Asam : CBM venture drilling the first hole (PTBA, Rp22,300, Buy, TP: Rp23,950) - Mandiri

Bukit Asam Metana Enim, a subsidiary of PTBA in a JV together with Pertamina PHE (each has 27.5% share in the JV) and Dart Energy (45% of JV) is commencing its first drilling for CBM Pilot to Power Project. It is expected to start fully operated in 2013 with a capacity of 50 MMSCFD. Initial indication of Gas in Place was 0.8 TCF with firm indication expected to be known after firm commitment exploration in 2012. We have not put any earnings estimates for the project. PTBA is currently trading at FY11F and FY12F PER of 15.0x, and 11.4x, respectively, with EV/EBITDA FY11F and FY12F of 10.9x, and 7,7x, respectively.

Quoted Tire: Sales for car tire in 1Q11 reached 12.8mn units increase by 6.7%yoy - Mandiri

􀂄 Quoted in Kontan, according to Indonesian Tire Manufacturers Association (APBI), car tire sales volume in 1Q11 reached 12.8mn units (+6.7%yoy). According to the chairman of APBI a car need tire replacement roughly by every 2 years. Based on APBI data, car tire sales in Jan11 reached 4.5mn unit (+11.4%yoy), while sales in Feb and Mar reached 4.2mn units (+8.8%yoy) and 4.1mn units (+0.1%yoy), respectively.

􀂄 We expect car tire sales is continuing to grow due to production capacity expansion is in progress. GJTL has production capacity for radial tire at 37,000tire/day and its targeting to reach 45,000tire/day by end 2011, while capacity for bias tire reached 13,600tire/day by end 2010. In FY10, around 84.8% of its radial tire is contributed from export and 14.9% is from replacement.

􀂄 Production capacity for radial tire in MASA reached 19,000tire/day by end 2010 and it’s expected to reach 28,500tire/day by end 2011. Note that MASA is not a member of APBI.

􀂄 We have buy recommendation on GJTL and MASA, currently both are traded at PER11F of 8.4x and 8.7x, respectively.

Automotive Sector: 3M11 car wholesale unit grow by 29.3%yoy - Mandiri

Domestic car wholesale booked strong growth. Mar11 car wholesale unit
grew by 24.6% yoy from 65,555 unit in Mar10 to 81,706 unit in Mar11. This
led to total 3M11 car wholesale of 225,061 units, or increase by 29.3%yoy ,
representing 30% of our FY11F of 750,000 unit.

We have a Neutral recommendation on Astra International (ASII, Rp56,650,
Neutral, TP= Rp58,100). At Rp56,650, ASII is trading at PER FY11F of 15.2x.

4-wheelers wholesale unit
2011 2010 YoY chg MoM chg
Jan 73,866 52,831 39.8% 5.3%
Feb 69,489 55,688 24.8% -5.9%
Mar 81,706 65,555 24.6% 17.6%
Total 225,061 174,074 29.3%

Profit taking mode on Indo banks? - JP Morgan

* Sales call – Profit taking mode on Indonesian banks? Sin Beng Ong (economist) flags that foreign holdings in Indonesia's government bonds (SUNs – Surat Utang Negara) rose to another all-time high of IDR 211.6 trillion in March. There are good reasons why the monetary authorities would prefer to reduce foreign participation in the SBI instrument. The central bank may again consider further measures to slow foreign participation in the SBIs. Some of this discomfort maybe hinted at in the statement following the policy meeting on April 12. Further RR hike in Indo banks coming up?

Separately, Sunil Garg (head of bank sector research) thumped the table with his buy call on HSBC today “Buy in May and go away”, showing attractive valuation of 9x 2012E P/E, 1.1x P/B, for 14% ROE. Now I can see why Sunil is lukewarm (at best) on Indo banks, as most of Indo bank stocks will arguably look less attractive than HSBC on P/E, P/E-to-growth, and P/B. BBRI came closest post the recent EPS upgrade by analysts, even then there remains considerable doubt over the direction of FY11 EPS growth.

Indonesia: Foreign SBI holdings up in March- watching BI (Sin Beng)
Foreign holdings in Indonesia's government bonds (SUNs – Surat Utang Negara) rose to another all-time high of IDR 211.6 trillion in March (31.4% of total tradable government securities outstanding) from IDR195 trillion in January. This marks an increase of IDR16.6 tn since January, slightly below the run-rate over the same period in 2010 of IDR17.4 tn.

Perhaps more importantly, foreign holdings of central bank paper (SBIs – Sertifikat Bank Indonesia) also rose in March to reach IDR77.4 trillion from IDR45 trillion in January, accounting for 33.6% of the total. This increase is up a relatively large IDR32.4 tn from January and almost double the increase in foreign holdings of the SUNs over the same period (first chart).

While there has been a very clear shift to reduce the volume of sterilization done through the SBIs since mid-2010 - accounting for 55.7% of all OMO in February from around 100% in 8 2010 – and also extending the duration of the SBI’s that it issues, these changes have not ostensibly had the desired outcome of reducing foreign participation in the SBIs (second chart).

There are good reasons why the monetary authorities would prefer to reduce foreign participation in the SBI instrument. First, foreign participation in the SBIs tends to be volatile and this has translated into periods of FX volatility which complicates monetary policy for the central bank and often much more volatile than foreign bond holdings. Second, foreigners currently hold around 30% of total SBIs, this also has implications for sterilization costs.

Given the recent rise in the foreign holdings of SBIs, which are now back up close to the highs seen in April 2010, the central bank may again consider further measures to slow foreign participation in the SBIs (as occurred in mid-2010) in an effort to reduce the potential disruption to the FX markets from large shifts in foreign holdings of the SBIs. Some of this discomfort maybe hinted at in the statement following the policy meeting on April 12.

Indo Coal: FY2010 Review- BORN/ADRO Above, PTBA In-line, ITMG Below - Credit Suisse

1) BORNEO LUMBUNG (BORN): FY2010 – Strong Above results – reiterate Buy BORN
iSay: Sensitivity Analysis for 100k tonnes lower Sales volume will decrease EPS by 2.5% from base 2011F Volume 3.5m tonnes, however for US$10/t higher ASP will increase 2011F EPS by 8.5% from base ASP USD230/t 2011F. CS is forecasting average Hard Coking Coal benchmark price of USD235/t 2011F (vs spot price USD300/t), USD193/t 2012F, USD170/t 2013F-2014F and USD155/t Long-Term. At Rp1,650/share, BORN IJ is trading on 14.0x 2011F PER and implying 33% upside to end-2011F Target Price Rp2,200 (based on 18x 2011F PER), we reiterate BUY BORN!

· Fonny Surya (Daily attached): BORN reported 2010 full-year earnings of Rp349 bn, about 41% above our forecasts and 22% above consensus’ forecasts. Revenue booked at Rp2,752 was in line with our forecasts and implies ASP of US$178/t (Rp9,360 FX rate). BORN’s gross profit margin improved from 46% in 2009 to 55% in 2010, driven by improving ASP and cost structure. BORN’s cost ex royalties improved slightly from US$83.5/t in 2009 to US$81/t in 2010, primarily with the company realising economies of scale in higher volume. We remain positive on BORN’s outlook. We retain our target price of Rp2,200 based on 18x 2011E P/E.

2) ADARO ENERGY (ADRO): FY2010- Slightly better results, but trim EPS estimates
iSay: CS is bullish with Thermal coal, assuming average benchmark price of US$120/t in 2011F and US$130/t in 2012F, compared to NEWC weekly spot FOB US$122/tonne as of April 1st. At Rp2,300/share, ADRO is trading on 16.2x 2011F PER and implying 13% upside to Target Price Rp2,600/share. We recommend Accumulate on Weakness given medium term growth outlook and Good Management.
· Fonny Surya (Daily attached): ADRO reported FY10 earnings at Rp2.2 trillion, approximately 18% below consensus and 4% above our forecasts, a 6% decrease QoQ and a 40% decrease YoY. Revenue was in line with consensus, approximately 2.5% above our forecasts, an 8.6% QoQ increase and a 4.5% YoY decrease. We expect costs to remain high in 2011 given rising fuel prices. We trim our target price to Rp2,600/share, based on 18x 2011E (12.7x 2012E), and our 2011/2012 EPS estimates by 1-4%. We believe ADRO is still attractive in the medium term given its plan to double production by 2014-15, supported by growing demand in low-rank coal. We maintain our NEUTRAL rating on the stock, but we believe further pressure pushing the share price below Rp2,100/share might be considered a buying opportunity.

3) BUKIT ASAM (PTBA): FY2010 In-line, Lower revenue but good Cost management!
iSay: At Rp22,250- PTBA is trading on 14.3x 2011F PER on the back of 78% EPS Growth and 27% upside to Target Price Rp28,200 (based on 18x 2011F PER), we reit BUY PTBA!
· Fonny Surya (previous Daily attached): PTBA reported FY10 earnings of Rp2,009 tn, in line with our and consensus estimates. Revenue was about 7% below our and consensus estimates due to lower export ASP compared to our forecast. Despite rising fuel costs, PTBA has been able to manage its cost relatively well. PTBA recently settled its domestic pricing with Indo Power (Suralaya) at Rp815,000/t for 2011 (~US$90.6 CIF), about +19% YoY and 5% above our expectation, however the overall domestic ASP rose 26% YoY, in line with our expectation. We maintain our OUTPERFORM rating and target price of Rp28,200, based on 18x 2011E P/E (14.5x 2012E P/E).

4) INDO TAMBANGRAYA (ITMG): FY2010 – Below expectation + Derivative loss
iSay: We don’t expect any ITMG share Placement from Banpu. At Rp48,850- ITMG is trading on 14.2x 2011F PER on the back of 116% EPS Growth, and 10% upside to Target Price Rp54,000, we recommend Accumulate ITMG!
· Paworamon (Poom) Suvarnatemee, CFA (previous Dailies attached): The ITMG net profit is US$204 mn, 20% below our forecast before revision and 28% below consensus. The difference was due to US$38 mn of mark-to-market derivatives loss on coal hedging booked in 4Q10 and a big jump in cost of good sold. Overall, its net profit pre-derivative impacts was 9% below with sharp rise in cost of goods sold as ITMG moved to work in different pits due to the heavy rain in 2H11. Management guided down volume target from 26 mn t to 25 mn t but raised its ASP guidance. We expect ITMG’s earnings momentum to be strong given the low base in 4Q10, when there was a big cost adjustment due to rain. Our FY11E earnings are 15% below consensus. We do not see the risk of Banpu selling down its stake in ITMG. We maintain OUTPERFORM.

Coal Shipments from Newcastle Surges 21% - The Indonesia Today

Coal shipments from Newcastle Port, Australia---benchmark for Asian coal market---increased 21% to 2.3 million tons for the week ended April 4th, 2011.

Around 13 vessels are off the port waiting to load and 5 vessels are in the port loading. Meanwhile, 32 vessels are with Notified Arrival Time (NAT) allocated and in transit.

Total 26 coal vessels entered in the week with average waiting time of 9.1 days.

According to globalCOAL, coal price in Newcastle port was US$121.13 per ton for the week ended April 1st, 2011, inched up 1.4% year-to-date.

Established in 1995, the Newcastle Port Corporation said in its website that it is wholly owned by the people of New South Wales and is obliged to be a successful business, promote and facilitate trade through its port facilities and ensure safety in the port.

Berau obtains consent to buyback bonds - Insider Stories

PT Berau Coal Energy Tbk gets consent to buy back its US$450-million bonds, reinforcing the plan to make share swap with Vallar Plc amid higher coal price.
PT Bukit Mutiara as the shareholder of Berau Energy will transfer rights and ownership of Berau to Vallar Group on April 8, 2011 following the end of lock-up period of Berau Coal Energy.

“We have obtained consent from creditors. Not buyback,” President Director Berau Coal Rosan P. Roeslani said as quoted by Bisnis Indonesia.
The company has offered the option of bonds buyback which was issued by Berau Capital Resources as of March 4, 2011 until April 4, 2011.

The US$450 million senior guaranteed bonds issued on July 8, 2010 will mature in 2015. Berau Management has appointed Hong Kong-based HSBC as the buyback arranger. “We provide 30 days to bondholders to respond the buyback plan,” Director of Finance Berau John Ramos said in its information disclosure.

Tamil Nadu Seeks Indonesian Coal - The Indonesia Today

India-based Tamil Nadu Newsprint and Papers Ltd ((TNPL) is looking for 160,000 tons of non-coking coal, preferably from Indonesia, Australia, South Africa or China.

TNPL expects coal with calorific value of 5,600-6,000 Kcal/Kg, delivered at TNPL's factory in Pugalur, India.

The shipment shall be delivered in 4 shipments of 40,000Mt each. The due date for submission for the bid is at 16thApril 2011 at 3.00PM.

Total moisture ranges between 15% - 23%, Ash maximum of 8%, sulphur of maximum 0.8%, and volatile matter in between 25% - 45%. The company stated would prefer coal from Indonesia, Australia, South Africa, or China.

“The Indonesian suppliers should provide necessary documents to avail Concessional Import Duty of 3%. Otherwise TNPL shall be constrained to recover the additional duty amount from the Supplier’s due payment”, the company said in the tender document.

Laba Bersih CNKO Naik 2.472% di 2010 - Inilah.com

PT Exploitasi Energi Indonesia Tbk (CNKO) berhasil membukukan kenaikan laba bersih sebesar 2.472% menjadi Rp70,73 miliar pada 2010 dari Rp2,75 miliar di 2009.

Dalam laporan keuangan publikasi Perseroan dijelaskan kenaikan luar biasa dari laba bersih 2010 Perseroan ini disebabkan kenaikan tajam dari laba usaha menjadi Rp107,08 miliar dari Rp10,55 miliar di 2009. Hal ini membuat laba bersih per saham Perseroan juga melonjak menjadi Rp16,65 pada 2010 dari hanya Rp0,65 di 2009.

Pendapatan Perseroan juga mengingkat tajam dari Rp351,51 miliar pada 2009 menjadi Rp762,19 miliar di 2010. Namun, kewajiban Perseroan juga naik menjadi Rp486,16 miliar pada 2010 dari Rp222,62 miliar di 2009. Sementara ekuitas naik dari Rp655,47 miliar di 2009 menjadi Rp726,57 miliar pada 2010.

Indonesia Stock Movers: Bank Mandiri, Gajah Tunggal, Samudera - 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) declined 14.11 points, or 0.4 percent to 3,685.94, falling for a second day.

Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, retreated 2.9 percent to 6,650 rupiah. PT Bank Negara Indonesia (BBNI IJ), the third-largest state-owned bank, fell 1.3 percent to 3,900 rupiah.

Financial shares fell after oil yesterday rose to the highest level since September 2008, raising concern inflation will quicken and add pressure on Bank Indonesia to raise borrowing costs, according to Syaiful Adrian, an analyst at PT Ciptadana Securities in Jakarta.

PT Gajah Tunggal (GJTL IJ), Indonesia’s biggest tire producer, fell 1.1 percent to 2,275 rupiah after rubber rose to a one-month high, threatening to increase production costs. The September-delivery contract gained as much as 5.1 percent to 466.8 yen a kilogram ($5,532 a metric ton), the highest level since March 7, before closing at 458.1 yen in Tokyo.

PT Samudera Indonesia (SMDR IJ), the nation’s second- largest shipping company by assets, gained 2.6 percent to 3,975 rupiah. Samudera has received 1 trillion rupiah ($115 million) of bank loans to fund its capital expenditure this year, Investor Daily said, citing Director Iryanto Hutagaol. The company wants to boost revenue by 20 percent this year from 4.33 trillion rupiah last year, according to the report. Hutagaol couldn’t be reached when called at his office in Jakarta.

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