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Selasa, 08 Februari 2011

Daily 8 Feb 2011 (Economy, BYAN, SMGR, TINS, LPKR, WIKA) - NISP Sekuritas

Indonesia grows 6.1% YoY in 2010
· Indonesian GDP booked a growth of 6.1% YoY in 2010 to Rp2,310.7tn in real prices or Rp6,422.9tn in nominal prices. This exceeded the government’s budget target of 5.8% YoY growth.
· The highest growth was exhibited by the transportation & communication sector with 13.5% YoY growth in 2010, making it the highest contributor to GDP growth. The second highest growth was the trade, hotel, & restaurant sector with 8.7% YoY growth. The trade, hotel, restaurant sector especially accelerated its growth significantly as it only grew by 1.3%YoY in 2009. This sector’s importance is high as it is the second largest contributor to total GDP.
· By real value, the manufacturing sector was the highest contributor with Rp595.3tn produced in 2010. This sector managed to grow by 4.5% YoY in 2010.
· 4Q10 GDO growth was high with 6.9% YoY growth. The highest growth was still from the transportation&communication sector with 15.5% YoY growth.
· From the expenditure side, exports were the biggest driver of growth. This sector grew by 14.9% YoY and contributed 6.4% YoY to total growth. However net effect with import only leaves 0.8% YoY to total growth. The biggest contributor therefore is household consumption with 2.7% total contribution.. This component grew by 4.6% YoY in 2010.

Bayan Resources delays due diligence (BYAN, Rp18,400)
· Bayan Resources along with Kangaroo Resources has agreed to delay due diligence for its share sale and coal assets sale in Kalimantan Timur. The process is targeted to be completed before the end of 1Q11.
· The reason behind the delay is the complexity of legal requirements and permit in Indonesia as the process was previously targeted to be completed by January 28, 2011.
· BYAN is trading at 2011F consensus PER of 27.8x and EV/EBITDA of 16.4x.

Semen Gresik sees 20.2mn sales volume this year (SMGR, Rp8,350)
· Semen Gresik sees that it can sell as much around 20.1mn-20.2mn tons this year from expected installed capacity of 20.5mn tons. Semen Gresik sold 17.9mn tons in 2010.
· The company continues to seek financing for the contruction of its new plants in Sumatra Barat and Jawa Tengah. US$700mn is needed for the two plants which will add 5mn tons to the company’s capacity. The Sumatra Barat plant will start construction at the end of 2011 while the Jawa Tengah plant will begin at early 2010.
· SMGR is trading at 2011F consensus PER of 12.0x and EV/EBITDA of 7.8x.

Timah books Rp802.4bn net income in 2010 (TINS, Rp2,925)
· In a hearing with the House of Representatives, Timah management stated that the company had booked Rp802.4bn net income in 2010, from Rp313.8bn in 2009. This was on the back of stronger tin prices. Revenue reached Rp8.2tn or up by Rp7.7tn in 2009.
Posted by Saham Pilihan at 09.28

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