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Senin, 31 Januari 2011

NISP Sekuritas Daily 31 Jan 2011 (BUMI, PGAS, BORN, LSIP, HEXA)

Bumi buysback US$300mn bonds (BUMI, Rp2,875, Buy)
·          Bumi Resources has bought back its US$300mn bonds issued by its Singaporean based subsidiary, Enercoal Resources. The bonds had a 5% yield and would have matured in 2016.
·          Company spokesman stated that this year Bumi plans to reduce U$1bn of its debt. In addition it plans to repay US$600mn of its debt to CIC.
·           Previously Bumi has said that it plans to refinance Rp2tn (US$220mn) of its debt through issuing a US$150mn bond this 1H11. Another alternative is asset sale to raise the funds.
·          Bumi is trading at 2011F PER of 13.6x and EV/EBITDA of  5.3x, Buy.

Perusahaan Gas allocates US$250mn capex this year (PGAS, Rp4,175)
·          Perusahaan Gas Negara is allocating US$250mn capex this year for routine operational purposes. The entire amount will be sourced from internal cash.
·          The company shared that it is not against any plans to acquire a gas field however no further details were shared.
·          No indication was given on 2010 results. However management stated that it is optimistic for this year as economic growth is still strong and demand high.
·          The company is waiting developments of the construction of its LNG terminals in Sumatra Utara and Jawa Barat as it is under its subsidiary’s operations.
·          PGAS is trading at 2011F consensus PER of 13.3 and EV/EBITDA of 8.9x.

Borneo Lumbung capex US$198mn (BORN, Rp1,590)
·          Borneo Lumbung is allocating US$198mn this year or Rp1.78tn for capex. This amount will be used to purchase heavy equipment to increase production and sales volume.
·          The company targets this year’s sales to almost double 2010 figure of 1.65mn tons to 3.2mn tons. Production volume consequently is targeted to increase to 3.5mn tons from 1.95mn tons.
·          BORN is trading at 2011F consensus PER of 17.3x and EV/EBITDA of 28.5x.

Lonsum obtains shareholder approval for stock split (LSIP, Rp11,700)
·          London Sumatra has obtained shareholder approval for 1:5 stock split. Management intends this split to increase liquidity of the stock.
·          The split will be done on February 24,2010 and book closing on February 27,2010.
·          LSIP is trading at 2011F consensus PER of 12.5x and EV/EBITDA of 8.5x.

Hexindo Adiperkasa books US$30.1mn until 3Q10 (HEXA, Rp6,750)
·          Hexindo Adi Perkasa booked US$30.1mn of net income in 3Q10, up by 42.2% YoY. This was inline with a 56.5% YoY increase in revenue to US$359.3mn.
·          68.8% of revenue comes from sale and rental of heavy equipment while 19.2% and 12% of revenue comes from sales of parts and after sales service revenue.
·          Management predicts that 2010 fiscal year full sales could see sales volume increase by 44% to 2,300 units from 1,600 units in 2009. Expected full year revenue could reach US$500mn and net income to US$40mn.
·          This year Hexindo plans to increase prices as the yen has strengthened against the US$.
Posted by Saham Pilihan at 12.03

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