Nov 27, 2010

Bakrie 9M net loss widens 737.01%

PT Bakrie & Brothers Tbk (BNBR), a company controlled by Bakrie family focusing on energy, telecommunication, and infrastructure, still suffered a widened net loss by 737.01% to Rp565.99 billion in the first 9 months ended September 30 2010 from a year earlier of Rp67.62 billion.
In the financial statement submitted to Indonesia Stock Exchange (IDX) yesterday, the net loss widening was mainly spurred by a steep jump in interest expenses of 440.89% to Rp1.46 trillion from Rp270.39 billion.
At the operational line, Bakrie's operating profit rose 44.59% to Rp744.47 billion from Rp514.85 billion, despite a higher cost of goods sold of 130.45% to Rp6.13 trillion from Rp2.66 trillion. Net revenue increased 74.11% to Rp9.28 trillion from Rp5.33 trillion.
Debts
Bakrie posted a lower short term debts to Rp2.77 trillion, a 16.82% decrease from Rp3.33 trillion a year earlier. Long term debts slightly increased 3.11% to Rp9.27 trillion from Rp8.99 trillion. 
Of short term debts, Bakrie posted repo of Rp416.92 billion from Rp355 billion. As of September 2010, Bakrie managed repo to PT Recapital Securities, PT HP Capital Resources, PT Sucorinvest Central Gani, PT BinaArtha Parama, PT Bapindo Bumi Sekuritas, PT Sarijaya Permata Sekuritas, PT Jasa Investindo, and Integrated Financial Advisory.
Technical
Watch BNBR after making several rallies. The stock currently makes pennant with resistance of 80. If BNBR could break 80, it had an opportunity to the new level of 105 with previous target prices at 88 and 97. The higher MACD and ADX reflect a robust power to further advance. BNBR is recommended buy, stoploss at Rp73. To read a full article, please go to Galerisaham.com
 
Disclosure: No position at the stock mentioned above. 

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