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Senin, 07 Februari 2011

Daily 7 Feb 2011 (Economy, INDF, PTPP, AMFG) - NISP Sekuritas

Bank Indonesia raises rate by 25 basis points (Economy)
·          Bank Indonesia has raised the benchmark interest rate by 25 basis points or to 6.75%. The Bank states that expected inflation has increased due to the price of volatile goods, commodities such as oil and the government’s plan to limit subsidized fuel.
·          By raising this rate, the Bank expects the Rupiah to strengthen therefore reduce the effects of imported inflation.
·          The Bank maintains confidence that the inflation target can be maintained at 5% ±1% for 2011 and 4,5% ± 1% for 2012. It expects 1Q11 GDP to reach 6.4% supported by strong domestic demand and improvement in external conditions.

Indofood sees 6% YoY growth (INDF, Rp4,750, Buy)
·          Indofood Sukses Makmur expects that it can still grow by 6% YoY this year despite rising raw material prices. Although commodities prices have increased, management believes that the company can grow in line with GDP growth.
·          This view is slightly higher for our estimate of a 4.5% growth.
·          No bottom line expectation for this year is shared. The company also did not indicate last year’s top and bottom line figure.
·          INDF is trading at 2011F PER of 12.1x.

Pembangunan Perumahan secures Rp1.29tn contracts (PTPP, Rp620)
·          Pembangunan Perumahan won Rp1.29tn new contracts in January where Rp889bn comes from EPC projects. The EPC project is a combined cycle power plant for subsidiary of Krakatau Steel, Krakatau Daya Listrik and the project will start on March 2011 for 18 months.
·          Other projects won include bypass construction in Sulawesi Tengah (Rp242bn), road construction for Jasa Marga (Rp118bn), and the Hotel The Terrace Bali construction (Rp43bn).
·          Pembangunan Perumahan targets Rp16tn new contracts to be won this year to add to Rp6tn carried over projects.
·          PTPP is trading at 2011F consensus PER of 10.8x and EV/EBITDA of 8.5x.

Asahimas 2010 indicates net income exceeds Rp250bn (AMFG, Rp5,050)
·          Asahimas Flat Glass to have booked more than Rp250bn net income in 2010, a significant jump from Rp67.3bn in 2009. Revenue has grown more than 15% YoY to more than Rp2tn from Rp1.73tn in 2009.
·          Sales is mostly contributed by flat glass sales (73%) and complemented by automotive glass sales (23%).
·          The company remains upbeat on this year’s outlook despite several constraining factors such as electricity tariff and fuel price increase. The company is allocating US$5mn for this year entirely financed from internal cash.
Posted by Saham Pilihan at 10.15

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