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Rabu, 02 Februari 2011

NISP Sekuritas Daily 2 Feb 2011 (Economy, ADRO, BSDE, MYOR, BWPT)

Adaro produced 41.2mn tons coal in 2010 (ADRO, Rp2,400)
·                      Adaro Energy has produced 41.2mn tons of coal in 2010, up by 4% from 40.6mn tons in 2009. This was below the company’s target for 45mn tons. However management is pleased with the results considering the heavy rainfall that disrupted production in 3Q10 and 4Q10.
·                      Sales increased by 6% to 43.8mn tons compared to 41.4mn tons in 2009.
·                      Adaro is targeting production this year to reach 46mn-48mn tons, including  Envorcoal-Wara coal of 4mn-5mn tons.
·                      ADRO is trading at 2011F consensus PER of 13.9x and EV/EBITDA of 6.6x.

Bumi Serpong eyes Rp700bn net income in 2011 (BSDE, Rp740)
·                      Bumi Serpong Damai targets net income this year to reach Rp700bn and revenue to reach Rp2.7tn. Marketing sales this year from its subsidiaries, Duta Pertiwi, Sinar Mas Teladan, and Sinar Mas Wisesa, is targeted to reach Rp2.7tn.
·                      80% of revenue this year is expected to come from non recurring income while the remaining 20% will come from recurring income.
·                      BSDE is trading at 2011F consensus PER of 16.0x and EV/EBITDA of 16.3x.

Mayora to build 2 new plants (MYOR, Rp10,250)
·                      Mayora Indah will build two new plants to increase capacity by 30%. The plants will be located in Tangerang with total cost of Rp700bn. Estimated time of construction is 1.6 years beginning from March this year
·                      The expansion will be funded by bank loans and internal cash.
·                      The company indicated that revenue last year will exceed Rp7tn. This is higher than consensus expected figure of Rp6.57tn. It is optimistic about the outlook for this year, and sees that revenue can grow 25%-30%. Although commodities prices have increased, Mayora still has no plans to increase prices as current margin is still considered satisfactory.
·                      MYOR is trading at 2011 consensus PER of 13.7x and EV/EBITDA of 8.1x.

BW Plantations net income increases 46.1% YoY (BWPT, Rp1,210)
·                      BW Plantation booked Rp244.7bn, up by 46.1% YoY from Rp167.5bn in 2009. Revenue increased by 21.9% YoY to Rp712.6bn from Rp584.1bn. This exceeded consensus forecast for net income and revenue which had called for Rp220.2bn and Rp670.0bn.
·                      Increase in sales was due to improvement in CPO ASP from Rp6,117 per kg to Rp7,326 per kg. Sales volume was stabile at 91.4 th tons compqared to 90.0 th tons in 2009. Price increase improved EBITDA margins where it rose from 48.2% to 57.3%.
·                      This year the company plans to add planted area from 52,060 ha to 62,450 ha, while increasing land bank to 92 th ha. US$45mn is set for capex this year.
·                      BWPT is trading at 2011F consensus PER of 16.6x and EV/EBITDA of 10.6x.
Posted by Saham Pilihan at 09.27

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