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Jumat, 04 Februari 2011

Daily 4 Feb 2011 (BMRI,PGAS,BBTN, META) - NISP Sekuritas

Bank Mandiri seeks lowed dividend payout ratio (BMRI, Rp6,100)
·                      Bank Mandiri is seeking for a lowed dividend payout ratio, below 30%, in order to supports its credit expansion. The last dividend payout ratio was 35% from 2009 net income.
·                      The company targets credit this year to grow by 20%-22%  YoY.
·                      It stated that it has not yet heard of the Ministry of SOE’s plan to erase interim dividends but welcomes such a plan as it is inline with its plan for expansion.
·                      BMRI is trading at 2011F consensus PER of 12.3x and EV/EBITDA of 5.9x.

Perusahaan Gas Negara prepares US$500mn for 2011 (PGAS, Rp4,150)
·                      Perusahaan Gas Negara’s capex this year is US$250mn and another US$250mn is also prepared for gas block acquisition in Sumatra .
·                      Distribution volume is targeted to equal as last year’s distribution volume.
·                      For 2010, distribution revenue is projected to reach US$2.04bn or Rp18.3tn from 2009’s distribution revenue of Rp16.3tn. The increase was due to higher volume and higher ASP.
·                      This year the company expects volume to increase by 9% YoY. However this target is dependent on gas supply from Conoco Phillips. If realized, additional net income for 2011 could be as much as Rp2tn. The company did not share 2010 indicated net income or revenue.
·                      PGAS is trading at 2011F consensus PER of 13.2x and EV/EBITDA of 8.9x.

Bank Tabungan Negara indicates net income up by 60%-70% (BBTN, Rp1,390)
·                      Bank Tabungan Negara has indicated that net income was up by 60%-70%YoY  to  Rp784bn. This was on the back of stronger credit growth of 30% YoY to Rp53tn from Rp40.7tn in 2009.
·                      For this year credit growth is targeted to grow at 27%-30% YoY.
·                      To support this target, in addition to a planned Rp2tn bond issuance in 1H11, it will open 208 new branches this year. With the new branches, the bank intends for cheap TPF to contribute 45% to total financing.
·                      BBTN is trading at 2011F consensus PER of 11.3x and EV/EBITDA of 10.6x.

Nusantara Infrastructure books 23% YoY growth  ( META , Rp295)
·                      In 2010, Nusantara Infrastructure booked Rp255.9bn operational revenue, or up by 23% YoY from Rp190.5bn in 2009.  While operating income grew by 23% YoY to Rp78.3bn. However management did not share bottom line indication.
·                      Nusantara Infrastructure targets operational revenue to increase by 17% this year to more than Rp300bn. Traffic volume is targeted to increase to 80 mn vehicles this year from 66 mn in 2010.
·                      The company has 4 toll roads in operation, the Jakarta-Bumi Serpong Damai, Bosowa-Makassar, Airport section IV, and Lingkar Barat I.
Posted by Saham Pilihan at 11.03

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