Nov 15, 2010

Trikomsel surges on shares placement

Mobile phone distributor PT Trikomsel Oke Tbk (TRIO) surges 9.84% to Rp670/share, following the information that Northstar Pacific, which currently owns 25% stake in Trikomsel, aims to dispose TRIO with the target price of Rp600 per share.
A source familiar with the matter said Northstar has mandated Credit Suisse to place TRIO. Northstar's key executive namely Glenn T. Sugita now sits in the TRIO's board of commissioner and the company's founder Sugiyono Wiyono Sugialam is President Commissioner.
Northstar Pacific owns 25% stake in Trikomsel via Canopus Finance Ltd, while Sugiyono controls via PT Delta Sarana Perdana with 62.31% shareholding.
Trikomsel posted a 72.83% jump in net income as of September 2010 to Rp156.95 billion from Rp90.81 billion a year earlier.
Income from operations advanced  39.78% from Rp206.04 billion in 9M 2009 to Rp288.01 billion, reflecting a slight rise in operating margin from 5.04% to 7.54%.
Gross margin inched up 28.08% from Rp416.61 billion to Rp533,58 billion in 9M 2010, resulting a higher margin from 10.19% to 13.97%.
Trikomsel booked a slight decrease from Rp4.09 trillion in 9M 2009 to Rp3.82 trillion in 9M 2010.

Disclosure: No position at the stock mentioned above.  

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