Feb 12, 2010

Bumi Serpong 'cold' placement

A property arm of Sinarmas Group, PT Bumi Serpong Damai Tbk (BSDE), is seems to be satisfied with its market liqidity.
After rolling out road shows overseas, arranged by Macquarie Securities, the developer should find another way to attract potential investors.
"I heard after frenzy road shows, Macquarie has given up with tiny demand, which in result surely to scrap  the private placement," a source close to the matter said to Insider Stories.      
Bumi Serpong keens to offload up to 18,20% stakes or 2 billion shares into the market, following a successful  story of PT AKR Corporindo Tbk (AKRA)'s market placement.
"Book building should be scheduled late evening yesteday. But, considering a gloomy market, Macquarie and Bumi Serpong determine to delay the sale until next week," the source said.
Assuming BSDE's placement will be done at Rp850 per share, the company's founder will grab Rp1.7 trillion of fresh capital from the market.
BSDE was reported to post 38.2% jump in 2009 net profit to Rp308.7 billion compared to a year before of Rp223.5 billion. 
Net margin skyrocketed from 16.1% in 2008 to 24.3% last year. The company enabled to slash cost of goods sold and operation cost during January to December last year. In return, operating profit rose 10.8% from Rp412 billion in 2008 to Rp456.5 billion.
The company had squeezed others income of about 25% to Rp80.3 billion, which in result soared its bottom line significantly.
Despite positive jump in net profit, Bumi Serpong's 2009 revenue slightly lowered of 8.3% from Rp1.39 trillion to Rp1.27 trillion. Gross profit decreased 1.4% from Rp641.7 billion to Rp632.6 billion last year. But, the developer's gross margin remained intact.
In a daily research published by BNI Securities today, the brokerage says that Bumi Serpong still has promising fundamental performance. It may keep to grow in line with property sector recovery as well as global economic bounce back. Bumi serpong (BSDE) has decided to scrap an extraordinary general meeting (EGM) that was scheduled on February 8 2010.

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