Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Rabu, 09 Februari 2011

Daily Feb 09: Flows, Equities impact on stronger IDR, KLBF, ISAT, EXCL, MPPA, SMGR, MAPI/LPKR - UBS INDO

Kalbe Farma (KLBF Under Review): Management guidance. Inline
Management guides for 2011 and 2010 revenue at Rp11.7 tn and Rp10.2 tn, inline with UBSe. Earnings guidance for 2011 and 2010 at Rp1.4 tn and Rp1.2 tn, also inline with UBSe.
Sales comment: Overall inline results. We expect Kalbe to continue report good results as they are beneficiaries of strengthening IDR.

Indosat (ISAT Buy PT 7,400): EGM takeaways
Some important points from yesterday’s EGM:
· Change of management: Parikesit Suprapto and Hans C Mortis joins BoC and BoD.
· Indosat mulling spinning off CDMA unit, StarOne.
· Plans to refinance its 2011-12 maturing debt from US$420 mn existing global bonds proceed.
Sales comment: Positive news. StarOne currently contributes 2% of of EBIT and spin off would pave the way to merge with Telkom CDMA unit, Flexi. Management will be meeting investors in Europe next week.

XL Axiata (EXCL Buy PT 6,700): Repay Rp2 tn (US$220 mn) debt early
Sales comment: Positive, this shows strong cash flow confident.

Matahari Putra Prima (MPPA Not Rated): Wal-Mart enters discussion to become a partner
Market talk that Wal-Mart is the leading short-listed bidder for MPPA’s hypermart business resurfaced. Separately, controlling shareholder Lippo group aimed to raise over US$1 bn from this sale.
Sales comment: Recall that last month Lippo group scrapped plans to sell its Hypermart chain and seek a global partner instead.

Semen Gresik (SMGR Buy PT 10,900): Plans to acquire Semen Baturaja
Investor Daily reports that CEO stated that the company is ready to acquire Semen Baturaja in South Sumatra before it goes public, pending to EGM approval.
Sales comment: Semen Baturaja has roughly 1.5mtpa capacity. As yesterday’s news on SMGR’s plans for additional capacity, this could be the case that President Director was interviewed by Parliament on SMGR’s long term plan and should not have gone to media.
We view additional capacity is positive: with only 42mtpa total national capacity, Indonesia is indeed in need more cement capacity. On acquisition, however, we need more details (if the plant is old, demand in that area, acquisition price, etc). SMGR is currently building additional 5mtpa cement plants that will start production end 2011 and end 2012. As part of its long term plan, SMGR also discussed with the Parliament to build 2 additional plants with 5mtpa capacity.

Mitra Adiperkasa (MAPI Not Rated): Anchor tenant in Lippo Karawaci (LPKR Not Rated)
MAPI has partnered with LPKR for 44,500sqm of lease rental in LPKR’s sites in St.Moritz and Kemang Village.
Sales comment: Positive for both companies. MAPI may get low rental fee as anchor tenant, LPKR malls attract crowd.
Posted by Saham Pilihan at 13.46

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