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Senin, 17 Januari 2011

NISP Sekuritas Daily 17 Jan 2011 (ITMG, AALI, MPPA, MYOR, ACES)

Indo Tambangraya Megah targets 25 mn tons production (ITMG, Rp53.350, Sell)
·          Indo Tambangraya Megah is targeting production this year to reach 25mn tons , or 13.6% YoY higher from 22 mn tons produced in 2010. In turn revenue is expected to reach US$2.12bn or more than Rp19tn. To support this target, as much as US$110mn will be allocated from capex, all sourced from internal cash. The funds will be used for among others for haul road development, land acquisition and heavy equipment acquisition.
·          The company did not share if there are definite plans for mine acquisition. The capex is excluding any possible acquisition for the company.
·          ITMG is trading at 2011F PER of 18.9x and EV/EBITDA of 10.7x.
 
Astra Agro Lestari eyes 5% growth (AALI, Rp25, 500)
·          Astra Agro Lestari is eyeing a modest 5% growth in production from 2010’s production as better weather is expected for this year. The company’s 2010 CPO production had reach 1.11mn tons or flat from 1.08mn tons in 2009, due to increase of FFB purchase from third parties.
·          Management has a good outlook regarding CPO price for this year, and stated that average CPO price this year could reach US$1,100 per ton , up from US$800 per ton last year.
·          AALI is trading at 2011F consensus PER of 15.5x and EV/EBITDA of 10.1x.

Bapepam hands Hypermart decision to shareholders (MPPA, Rp1,700)
·          The Bapepam authorities stated that it leaves the decision on the future of Hypermart to its shareholders.
·          In a statement issued Friday, Multipolar (MLPL, Rp315) as the majority stakeholder in Matahari Putra Prima welcomes MPPA’s proposal to seek a global partner in the management of the mart. This was after Matahari received a recommendation from its financial advisor, Merryl Lynch that it should cooperate with global wide retailers in the operation of Hypermart. One of the names mentioned interested to purchase Hypermart includes Lottemart, which has been mentioned to prepare up to US$1bn for the acquisition.
·          MPPA is trading at 2011F consensus PER of 16.8x.
 
Mayora prepares Rp630bn capex (MYOR, Rp10,200)
·          Mayora Indah is preparing US$70mn or US$630bn for capex in 2011. The fund will be used for increasing new machine and construction of a new building. 50% of the fund will be sourced from bank loans while the remaining could be fulfilled from internal cash. Until September 2010, the company has Rp127.9bn internal cash.
·          Three new products will be launched this year. The company hopes this addition, can increase revenue up to 20% this year from Rp5.66tn while net income last year is projected to reach Rp439.5bn. However the company did not share net income target as it is depends on the fluctuations of its raw materials.
·          MYOR is trading at 2011F consensus PER of  13.7x and EV/EBITDA of 8.1x.
 
Ace Hardware targets Rp2tn sales this year (ACES, Rp2,650)
·          Ace Hardware is targeting to book Rp2tn of sales this year. Until September 2010, revenue has already reached Rp1.12tn.
·          This plan is backed by the planned opening of 6 new outlets this year. The new outlets will mostly be in the Jakarta area, while the other two will be in Manado and Jawa Tengah. It targets minimal 1 new outlet to be opened in 1Q11. As much as Rp4mn is prepared for each square meter for its outlet.
·          Until 2010, Ace Hardware has 45 new outlets as it has also opened 6 new outlets that year.
·          ACES is trading at 2011F consensus PER of 20.8x and EV/EBITDA of 12.5x.
Posted by Saham Pilihan at 09.27

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