Gajah Tunggal beats MASA & GDYR

If you are interested to put your money into tire maker stocks, which company do you want to pick? Indonesia's largest tire player PT Gajah Tunggal Tbk (GJTL), fast growing tire manufacturer PT Multistrada Arah Sarana Tbk (MASA), or PT Goodyear Indonesia Tbk (GDYR)?

Considering the first half financial result, you will find that 1H 2010's financial performance of Gajah Tunggal has beaten Multistrada Sarana and Goodyear. The key factor for a steep jump in Gajah Tunggal's performance in 1H 2010 was a lower operating cost, resulting a higher operating margin from 6.43% in 1H 2009 to 13.88%.

Gajah Tunggal posted a 186.75% jump in net profit in 1H 2010 from Rp144.73 billion or Rp42 per share in 1H 2009 to Rp415.01 billion or Rp118 per share.

Operating profit made a sharp surge of 174.99% from Rp242.97 billion in 1H 2009 to Rp668.14 billion in 1H 2010, resulting a steep jump in operating margin from 6.43% in 1H 2009 to 13.88%, beating Multistrada.

Gajah Tunggal's net sales rose 27.25% from Rp3.78 trillion in 1H 2009 to Rp4.81 trillion in 1H 2010. The key factor was a lower operating cost of 9.11% from Rp358.78 billion in 1H 2009 to Rp326.11 billion.

How about Multistrada Arah Sarana?

First half performance of fast growing tire maker was not too impressive. In 1H 2010, the company posted a 37.08% increase in net profit from Rp65.21 billion to Rp89.39 billion.

Operating profit rose 59.66% from Rp76.93 billion in 1H 2009 to Rp122.83 billion in 1H 2010. In return, Multistrada's operating margin increased from 9.46% to 12.19%. Net sales increased 23.78% from Rp813.59 billion in 1H 2009 to Rp1.01 trillion in 1H 2010.

Boost production

MASA is preparing to boost production capacity of car tire from 16,000 units daily to 28,500 units and double motorcycle tire output from 8,000 units per day to 16,000 units.

In the first stage, Multistrada requires US$71.15 million of investment (excluding land acquisition) and US$108.07 million in the second term (excluding land acquisition).   

Following the capacity enlargement, the company also needs working capital of US$15 million in 2010 and US$15 million in 2011.

Goodyear Indonesia is the last stock you can watch. Net sales jumped 69.05% from US$55.18 million in 1H 2009 to US$93.28 million.

But, operating income dropped 16.06% from US$6.54 million in 1H 2009 to US$5.49 million in 1H 2010 on the back of soaring operating cost of 38.75% from US$2.89 million to US$4.01 million, sending down its operating margin from 11.85% in 1H 2009 to 5.89% in 1H 2010.

Goodyear's earning slightly increased 4.55% from US$3.08 billion in 1H 2009 to US$3.22 million in 1H 2010. So, what is your top pick? Gajah Tunggal or Multistrada?

Disclosure: No position at the stocks mentioned above.

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Astra 1H net profit rises 52%

Indonesian multinational company PT Astra International Tbk (ASII) reported the net profit grew 52% in first half of 2010 to Rp6.7 trillion from Rp4.2 trillion.

The higher net profit support by subsidiaries contribution especially in automotives sectors and mining. Total car sales in H1 rose 76% compare to last year to 208,000 units. Meanwhiles, motorcycle sales grew 41% to 3.6 million units. 

Distributir of Komatsu heavy equipment PT United Tractors Tbk (UNTR) in 1H 2010 booked net profit Rp1.9 trillion or rose 59.5% than last year. 

Heavy equipment sales of UNTR’s subsidiaries PT Komatsu Indonesia in 1H 2010 grew 95% from 1H 2009 to 2,700 units. 

Net sales of Astra Groups reported Rp61.9 trillion or grew 38% from Rp44.7 trillion and operating profit rose 13% to Rp6.7 trillion. CPO’s producer PT Astra Agro Lestari Tbk (AALI) net profit down 17.40% from Rp770 billion to Rp636 billion and net revenue down 1% to Rp3.54 trillion to Rp3.52 trillion. 

PT Astra Otopart Tbk (AUTO) net profits rose 81% to Rp569 billion. Net profit of solutions provider, PT Astra Graphia (ASGR) reported grew 71% to Rp44 billion. 

Other business like infrastructure and logistic sectors also booked net profit Rp179 billion or grew 39%. Credits of financial institution subsidiaries like PT Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services reported rose 54% to Rp20.8 trillion.

Disclosure: No position at stocks mentioned above.

Telkom 1H net profit down 0.7%

Net profit of Indonesian state own enterprises PT Telekomunikasi Indonesia (Telkom) in the first half 2010 dropped 0.7% from Rp6.04 trillion to Rp6.00 trillion due to higher operating expenses and gain from foreign exchange. 

Operating expenses increase 8.80% to Rp22.88 trillion from Rp21.03 trillion meanwhile decrease in gain on foreign exchange of Rp439 billion from Rp550.45 billion to Rp111.25 billion. 

EBITDA only rose 2.9% or Rp529 billion from Rp18.25 trillion to Rp18.78 trillion. Total revenues of Telkom reported Rp34.24 trillion or grew 5% compared with the same period in 2009 Rp32.61 trillion. 

The increase is mainly attributable to a rise in Data, Internet and IT Services revenue of Rp1.56 trillion or 18% than previous year. 

Cellular revenue increased 3%, while Fixed Line revenue declined 10% compared to first half 2009. Telkom added 6.7 million new cellular customers during first half 2010, an increase of 16.2% to 88.3 million total subcribers. 

Meanwhile, our fixed broadband services reached 1.4 million subscribers, representing growth of 73.6% compared to the same period last year.

Disclosure: No position at the stock mentioned above.

Energi Mega suffers Rp79 bio in loss

Indonesian oil and gas producer, PT Energi Mega Persada (ENRG) reported it’s first half still loss Rp79 billion or down 67.76% compared to previous year Rp245 billion results. 

Energi Mega achieved an 82% growth in Earnings Before Interest Depreciation and Amortization (EBITDA) in 1H 2010 due to higher realized oil price and lower production cost. In the first half of 2010, the realized oil price increased by 53% to US$79.4 per barrel from US$52 per barrel. 

At the same time, the company continues to drill lower cost development and work over wells which resulted in a 26% drop in its costs of goods sold from Rp592 billion to Rp440 billion. 

Consequently, ENRG’s EBITDA almost doubled in the first semester of 2010 to Rp144 billion than last year. ENRG’s daily oil and gas production rate volumes went down by 18% and 30% respectively, mainly driven by the lack of drilling activities in the previous year.

Imam Agustino, ENRG’s CEO, said, the net sales also grew 29.09% from IDR440 billion to IDR568 billion. He added, ENRG look forward to have healthier balance sheet and normalized drilling activities toward the end of this year. Earlier this year, ENRG used parts of the rights issue proceed to repay its loan. Consequently, the company’s debt to equity ratio improved to 0.56x and its financing charge was cut by half. Completion of the 10% stake acquisition of Masela PSC, is expected to increase ENRG’s 2P reserves by 150% soon. 

Energi Mega expects that late this year, Kangean PSC block’s Pagerungan Utara field (East Java) and Bentu block’s Segat fied (Riau, Sumatra) to deliver oil and gas productions of 5,000 barrel per day and 20 million cubic feet gas per day respectively. 

On top of that, our Kangean PCS’s TSB field (East Java) is on track to flow 300 million cubic feet of gas per day late in 2011. In May 2010, ENRG secured a Floating Production Storage Offloading to facilitate oil production from its Kangean block’s Pagerungan Utara field. Earlier this month, ENRG also leased a Floating Production Unit to develop and commence first gas from its Kangean PSC block’s TSB field. 

Earlier this year, ENRG used parts of the rights issue proceed to repay its loan. 

Consequently, the company’s debt to equity ratio improved to 0.56x and its financing charge was cut by half. Completion of the 10% stake acquisition of Masela PSC, is expected to increase ENRG’s 2P reserves by 150% soon.

Disclosure: No position at the stock mentioned above.

Indocement profit jumps 39.9%

Indonesian Cement Producer PT Indocement Tunggal Prakarsa Tbk (INTP) jumped 39.9% to Rp1.64 trillion compared to Rp1.17 trillion. Net revenue grew by 11.8% to Rp5.36 trillion compared to previous year Rp4,80 trillion. 

Daniel Lavalle as the President Director of INTP said, the continuing strong domestic demand in particular from residential market since the last quarter of 2009 has brought Indocement’s domestic sales volume in the first semester 2010 increased by 17.1% to 6.3 million tons from 5.3 million tones whereas the national domestic cement demand only increased by 11.5%. 

This resulted in higher market share of the company in 1H2010 at 31.2% compared to 29.7% in 1H09. Indocement market share increase is supported by the current excess capacity given that the company is the only cement producer in Indonesia with significant capability to meet current high growth of domestic market. The export sales volume shrank by 39.1% to 0.47 million tones from previous year 0.77 million tones as the Company focus more to fulfill the high domestic demand. 

Total sales volume in 1H2010 was 6.7 million tones, higher by 10.0% than previous year at 6.1 million tones. The strong domestic demand and clear focus of the company to optimize the procurement and supply chain operations to cope with the escalating cost in almost every aspect of operation and the ongoing appreciation of IDR against USD, as over 60% of the company’s purchases are in USD equivalent, have significantly bring positive impact to the company’s1H10 performance compared to the same period last year. 

The gross profit margin improved to 51.7% from 46.7% or in the amount of Rp2.77 tillion than previous year IDR2.24 trillion. 

Operating expenses increased by 17.8% to Rp722 billion from Rp613 billion mainly due to higher logistic costs as the impact of higher sales volume and more sales to outside Java area. Therefore, income from operations climbed by 26.0% to Rp2.05 trillion from previous year Rp1.63 trillion and operating margin strengthened from 34.0% to 38.3%. 

EBITDA also increased by 24.0% to Rp2.35 trillion from Rp1.90 trillion. Meanwhile, EBITDA margin improved from 39.6% to 43.9%. 

Indocement believes that strong domestic demand is keep continuing in the current and near future. Therefore, the company is planning to have different projects in optimizing the production and logistic facilities to be able to supply to the strong domestic market. 

In addition, Indocement also strengthens its ready-mix concrete operations in order to be ready for increasing infrastructure works in near future, the company will use the current existing strong balance sheet to anticipate these capital expenditures.

Disclosure: No position at the stock mentioned above.

INCO 1H net profit rises 532.74%

PT International Nickel Indonesia Tbk (INCO recorded net earnings of US$218.8 million in the first half of 2010 or rose of 532.74% compared to US$34.58 million. 

Sales revenues were US$619.2 million for the six months ended June 30, 2010, an increase of 124.3% compared to US$276,359 million.

INCO’s earnings jump driven by higher nickel in matte deliveries and increased average realized selling prices of nickel in matte.

In second quarter, INCO continued to focus on increasing the efficiency of its operations in order to pursue structural operating cost reductions. This effort included integrated business planning to identify efficiency improvements in some of our operations area, which resulted in cost savings in 2009. 

 Production of nickel in matte in 1H 38,031 metric tones of nickel with average prices US$16,281 per metric tones of nickel.

In a press release, INCO said, the Karebbe hydroelectric power generating plant project is continuing as planned. All engineering final designs have been completed, major procurement contracts have been awarded and the fabrication of equipment has also been completed. 

Overall, the project was 60% completed at the end of the second quarter and is expected to come on line in the second half of 2011. This third hydrogenerating facility will produce enough energy to displace all existing thermal power to feed the electric furnaces at the Sorowako facility and is the main initiative in INCO’s energy cost reduction program.

Disclosure: No position at the stock mentioned above.

Astra Graphia 1H revenue drops 14%

Document solution provider PT Astra Graphia Tbk (ASGR) posted a lower revenue by 14.55% in the first half this year.
In a financial report submitted to Indonesia Stock Exchange (IDX), Astra Graphia's revenue fell from Rp672.87 billion in 1H 2009 to Rp574.99 billion in 1H 2010.
But, ASGR, subsidiary of PT Astra International Tbk (ASII), was able to drag down cost of goods sold by 23.27% from Rp492.36 billion in 1H 2009 to Rp377.81 billion in 1H 2010.
In return, Astra Graphia posted a higher operating profit by 23.29% from Rp48.65 billion in 1H 2009 to Rp59.98 billion in 1H 2010.
The company's net profit soared 71.46% from Rp25.65 billion or Rp19.02 per share in 1H 2009 to Rp43.98 billion or Rp32.61 per share.

Disclosure: No position at the stock mentioned above.

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Ratu Prabu suffers 49% profit drop

Oil and gas producer PT Ratu Prabu Energi Tbk suffered a 49.48% drop in net profit during the first half this year as a resulf of lower sales.
In a financial report submitted to Indonesia Stock Exchange, Ratu Prabu posted Rp11.28 billion of net profit in 1H 2010 from a year earlier of Rp22.33 billion.
Operating profit tumbled 54.49% from Rp72.11 billion in 1H 2009 to Rp32.82 billion in 1H 2010. Ratu Prabu's revenue slumped 36.16% from Rp271.72 billion in 1H 2009 to Rp173.46 billion in 1H 2010.

Disclosure: No position at the stock mentioned above. 

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Resource Alam 1H profit jumps 169%

PT Resource Alam Indonesia Tbk posted a 168.97% jump in net profit during the first half this year on the back of soaring net sales.
In a publication today, the company booked Rp69.59 billion of net profit or Rp70 per share in 1H 2010 compared to the same period last year of Rp25.96 billion or Rp26 per share.
Operating profit rose 169.11% from Rp36.77 billion in 1H 2009 to Rp98.95 billion in 1H 2010.
Resource Alam's net sales increased 85.26% from Rp223.23 billion in 1H 2009 to Rp413.55 billion in 1H 2010.

Disclosure: No position at the stock mentioned above. 

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San Miguel puts US$200 m into Merukh

Merukh Enterprises today reported to secure US$200 million of early commitment for investment from San Miguel Corporation.
As reported by Bisnis Indonesia today. The commitment facility will be used by Merukh to develop several coal mine projects.
Merukh Enterprises CEO and President Director Rudy Merukh said the cooperation between Merukh and San Miguel is based on coal reserves owned by Merukh at 39 billion tons and proven reserves of 9 billion tons.
The largest reserves are located in Aceh, Kalimantan, and Papua. Merukh Enterprises entered into memorandum of understanding with San Miguel on July 22 2010.
Pursuant to the agreement, San Miguel expects coal production in Merukh's coal mining may reach 80 million tons annually within 30 years.

Disclosure: No position at the stock mentioned above. 

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AKR Corporindo 1H net profit up 27%

PT AKR Corporindo Tbk (AKRA) today announces a 27.47% rise net profit in the first half this year from a year earlier.
In a publication today, AKR posted Rp140.79 billion of net profit in 1H 2010 or Rp38.30 per share from a year earlier of Rp110.45 billion or Rp35.34 per share. 
The company's net profit was mainly underpinned by foreign exchange gain of Rp36.06 billion and other income of Rp9.64 billion.

But, AKR's operating profit fell 22.06% from Rp263.82 billion in 1H 2009 to Rp205.61 billion in 1H 2010. Revenue rose 32.49% from Rp3.94 trillion in 1H 2009 to Rp5.22 trillion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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Multistrada 1H earning up 37.08%

Publicly listed tire player PT Multistrada Arah Sarana Tbk (MASA) today reports a 37.08% jump in net profit during the first half this year compared to the same period last year as a result of higher net sales.

In the company's financial report submitted to Indonesia Stock Exchange (IDX) today, Multistrada posted Rp89.39 billion of net profit in 1H 2010 from Rp65.21 billion in 1H 2009. 

Operating income elevated 59.66% from Rp76.93 billion in 1H 2009 to Rp122.83 billion in 1H 2010. In return, Multistrada's operating margin surged from 9.46% in 1H 2009 to 12.19% in 1H 2010.

Net sales increased 23.78% from Rp813.59 billion in 1H 2009 to Rp1.01 trillion in 2010. Multistrada posted export sales of Rp750.43 billion (74.52%) and the remaining of Rp256.66 billion obtained from sales in the domestic market.
According to the financial report, as of June 2010, there were no sales to customers exceeding 10% of its net sales. But, net sales for the six months period ended June 30 2009, sales to customers surpassing 10% of its net sales were made to API Inc, US, worth Rp80.67 billion and Nokian Tyres PLC, Finland amounted to Rp79.43 billion.
As of June 2010, Multistrada purchased raw materials, surpassing 10% of net sales were made to PT Panca Samudra Simpati worth Rp83.13 billion,  Rp60.61 billion to LG Chem Ltd, and Rp58.57 billion to PT Wilson Tunggal Perkasa.

Disclosure: No position at the stock mentioned above.

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Sorini 1H net profit tumbles 46%

Publicly listed leading producer of sorbitol, starch, and starch sweeteners PT Sorini Agro Asia Corporindo Tbk (SOBI) suffered a 46% drop in net profit during the first half this year (1H 2010) from Rp83.5 billion in 1H 2009 to Rp45.1 billion.

Operating profit fell 48.9% from Rp144.4 billion in 1H 2009 to Rp73.8 billion in 1H 2010.

But, Sorini posted a 15.7% higher sales during 1H 2010 of Rp856.7 billion compared to the same period last year of Rp740.5 billion.
In a press statement submitted to Indonesia Stock Exchange (IDX), business continued to grow with sales volume growth of 23.4% YoY, driven by the increasing consumer demand.

Disclosure: No position at the stock mentioned above.

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Indosat launches US$650 mio notes

Indonesia's second largest cellular operator PT Indosat Tbk (ISAT) today finally reveals its plan to issue US$650 million of 10 year guaranteed senior notes, maturing on July 29 2020. The notes provide an annual interest rate of 7.375%

Indosat President Director Harry Sasongko Tirtotjondro said the notes will be issued via its wholly owned subsidiary dubbed Indosat Palapa Company BV. 

The senior notes is irrevocable and guaranteed by Indosat. "The notes obtained Ba1 rating from Moody's, BB from Standard and Poor's, and BBB- from Fitch," he said. 

According to him, Indosat will use the notes issuance to refinance debt which will mature in 2010 and 2012. Asian investors are willing to participate 40% of the issuance, 33% will be bought by US investors, and European investors take the remaining.

Citigroup Global Markets Limited is coordinator of joint book runners of the issuance with DBS Bank Ltd, Deutsche Bank, HSBCm and The Royal Bank of Scotland Plc.

Disclosure: No position at the stock mentioned above. 

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Leighton seals US$172 mio contract

Mining contractor Leighton Holdings Ltd has grabbed 5 year contract worth US$172 million or Rp1.4 trillion from gold mining company G-Resources Group Ltd in Martabe, North Sumatra. G-Resources controls 95% ownership in Martabe gold mining.
"We will start to work on the project in August 2010," said Leighton Asia's Managing Director Hamish Tyrwhitt as quoted by Investor daily today.
Martabe mining has gold reserves of 2.7 million ounce and silver reserves of 32.8 million ounce.

Disclosure: No position at the stock mentioned above. 

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Latinusa 1H earning soars 480%

Tin plate maker PT Pelat Timah Nusantara Tbk (Latinusa) today announces a 480.67% jump in net profit in the first half 2010.
A soaring earning was mainly underpinned by strong net sales as well as lowering foreign exchange loss.
In an announcement today, Latinusa posted Rp55.28 billion of net profit or Rp22 per share in 1H 2010 compared to the same period last year of Rp9.52 billion or Rp9 per share.
Latinusa's forex loss steeply fell from Rp7.39 billion in 1H 2009 to Rp1.31 billion in 1H 2010. Operating profit jumped 167.67% from Rp28.02 billion in 1H 2009 to Rp75 billion in 1H 2010. 

Latinusa's net sales grew 21.29% from Rp596.03 billion in 1H 2009 to Rp722.93 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.  

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Sampoerna Agro 1H net sales up 33.17%

CPO player PT Sampoerna Agro Tbk (SGRO) today reports a 33.17% growth in net sales during the first 6 months this year (1H 2010).
In a publication today, Sampoerna Agro posted Rp745.65 billion of 1H 2010's net sales from a year earlier of Rp559.91 billion. 

Operating profit rose 29.87% from Rp148.25 billion at the end of June last year to Rp192.53 billion. Sampoerna Agro's net profit elevated 37.82% from Rp95.04 billion or Rp51 per share in 1H 2009 to Rp130.98 billion or Rp69 per share in 1H 2010. Foreign exchange loss abated from Rp7.38 billion as of June last year to Rp353 million in 1H 2010.

Disclosure: No position at the stock mentioned above. 

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Bentoel Investama 1H profit up 386%

Cigarette maker PT Bentoel Internasional Investama Tbk (RMBA) today announces a 386.39% surge in its net profit for the period ended June this year as a result of higher net sales.
In a publication today, Bentoel booked Rp112.60 billion of net profit or Rp15.55 per share in 1H 2010 compared to the same period last year of Rp23.15 billion or Rp3.44 per share.
Bentoel's operating income rose 63.81% from Rp179.27 billion in 1H 2010 from a year earlier of Rp293.67 billion.
The company also posted net sales of Rp4.37 trillion in 1H 2010, a 52.79% growth from a year earlier of Rp2.86 trillion.

Disclosure: No position at the stock mentioned above.  

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Suparma 1H profit tumbles 34.67%

Pulp and paper producer PT Suparma Tbk (SPMA) suffered a 34.67% drop in its earning in the first half this year as a result of financial charges and foreign exchange loss.

In 1H 2010's financial result reported to Indonesia Stock Exchange (IDX) today, Suparma posted Rp17.98 billion of net profit in 1H 2010 from a year earlier of Rp27.52 billion. The company book Rp19.32 billion of financial charges in 1H 2010, down from a year earlier of Rp29.64 billion. But, it suffered a forex loss of Rp13.23 billion 1H 2010, a reversal from a year earlier of foreign exchange gain of Rp35.01 billion.

Operating income rose 27.93% from Rp32.94 billion in 1H 2009 to Rp42.14 billion in 1H 2010. Net sales increased 24.46% from Rp466.71 billion in 1H 2009 to Rp580.87 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.  

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Intiland 1H earning soars 3,446%

Property developer PT Intiland Development Tbk (DILD) today reports a steep jump in net profit by 3,446.42% in the first half this year as a result of soaring revenue as well as gain on sale of long term investments.

In 1H 2010's financial report submitted today to Indonesia Stock Exchange (IDX), Intiland posted Rp223.07 billion of net profit or Rp57 per share from the same period last year of Rp6.29 billion or Rp2 per share. The company booked Rp136.68 billion of gain on sale of long term investments in 1H 2010.

On June 21 2010, Intiland's subsidiaries, PT Intiland Grandi and PT Taman Harapan Indah sold stakes in PT Grand Interwisata to PT Sejahtera Saktinusa at Rp158 billion. In return, Intiland Grandi posted Rp136.68 billion of gain on sale of investment.

Intiland Development booked Rp169.32 billion of operating income in 1H 2010, a 285.34% jump from a year earlier of Rp43.94 billion.

Revenue also skyrocketed 192.88% from Rp134.07 billion in 1H 2009 to Rp392.67 billion in 1H 2010. In line with a higher revenue, cost of goods sold ballooned 133.98% from Rp194.56 billion in 1H 2009 to Rp455.24 billion in 1H 2010.

Disclosure: No position at the stock mentioned above. 

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Jasa Marga 1H profit surges 63.68%

Toll road operator PT Jasa Marga Tbk (JSMR) today announces a 63.68% jump in its earning in the first half this year on the back of a higher revenue.

In financial report submitted to Indonesia Stock Exchange (IDX) today, Jasa Marga made Rp647.64 billion or Rp96 per share of net profit in 1H 2010 from a year earlier of Rp395.66 billion or Rp58 per share.

The company posted Rp1.09 trillion of operating income in 1H 2010, a 57.47% rise compared to the same period last year of Rp697.09 billion.

In line with soaring operating income, Jasa Marga's operating margin also steeply improved from 40.97% in 1H 2009 to 52.15% in 1H 2010.

Revenue rose 22.94% from Rp1.70 trillion in the first six months last year to Rp2.09 trillion in the first half 2010. 

Cash and cash equivalent at the end of June 2010 slightly increased 4.07% from Rp2.95 trillion in 1H 2009 to Rp3.07 trillion in 1H 2010.

Disclosure: No position at the stock mentioned above.  

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Mitra Energi disposes BW Plantation

PT Mitra Energi Global has grabbed Rp13.59 billion-Rp14.39 billion from shares disposal in CPO player PT BW Plantation Tbk (BWPT).
In a public statement to Indonesia Stock Exchange (IDX), BW Plantation's Corporate Secretary Kelik Irwantono said Mitra Energi has sold 19.99 million shares into the market from July 14 to July 22 2010.
"The shares sale was held at Rp680-Rp720 per share," Kelik said.
As of December 2009, Mitra Energi Global held 3.50% stakes or 141.45 million shares in BW Plantation, PT BW Investindo owned 38,89%, Fendalton Investments Pte Ltd owned 23.33%, and PT Wahana Platinum Indonesia held 3.89%. 

CPO player BW Plantation has secured US$16 million of loan from Citibank N.A. Jakarta branch. In a public statement to Indonesia Stock Exchange (IDX), BW Plantation will use the loan facility to underpin expansion.

"We have obtained the loan facility on July 16 2010 and will mature on January 17 2911," BW Plantation's President Director Abdul Halim Ashari said.

Disclosure: No position at the stock mentioned above.  

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BRI to acquire Bank Agro at Rp110

PT Bank Rakyat Indonesia Tbk (BRI), one of state-owned bank, is reported to buy up to 80% stakes in PT Bank Agroniaga Tbk (AGRO) at Rp100-Rp110 per share, 53.19% lower than last week's closing level at Rp235 per share.

In return, Bank Agro stock price today has dropped 12.20% to Rp180 per share from last week's closing level.

"After prolonged negotiation with Bank Agro's share holder, BRI has determined to acquire Bank Agro at Rp100-Rp110 per share," a source quoted by Bisnis Indonesia today.

Considering the acquisition price, BRI will spend Rp272 billion-Rp299 billion to buy Bank Agro. BRI's Corporate Secretary M. Ali declined to comment on the acquisition price.

Disclosure: No position at the stock mentioned above. 

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Kalbe Farma 1H earning up 43.55%

Pharmaceutical player PT Kalbe Farma Tbk today reports a 43.55% rise in net profit in the first half this year (1H 2010) on the back of higher net sales.
In a publication announced today, Kalbe posted Rp572.34 billion of net profit or Rp89 per share in 1H 2010 from the same period last year of Rp398.71 billion or Rp71 per share.
Operating income rose 20.02% from Rp698.39 billion in 1H 2009 to Rp838.21 billion in 1H 2010. In return, Kalbe Farma's operating margin slightly increased from 16.56% to 17.81% in 1H 2010. 

Net sales of Kalbe Farma improved 11.61% from Rp4.22 trillion in 1H 2009 to Rp4.71 trillion in 1H 2010. 

Kalbe Farma has agreed to dispose 58.11% stakes in PT Kageo Igar Jaya Tbk to Kingsford Holdings at Rp185 per share or Rp112.86 billion.

Disclosure: No position at the stock mentioned above.  

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Harum Energy files IPO documents

Coal mine player PT Harum Energy filed registration of initial public offering (IPO) to Indonesian's Capital Market and Supervisory Agency (Bapepam-LK) last week.

As reported by Bisnis.com, Harum Energy's IPO has been arranged by PT Mandiri Sekuritas, PT Ciptadana Securities, Deutsche Bank, and Goldman Sachs. Harum Energy plans to tap a US$400 million IPO.
Initially, the company aimed to list stocks in the first half this year.But it delayed the IPO. Harum Energy, holding company of coal mining PT Tanito Harum, aims to offload 28% stakes or around 800 million new shares during initial public offering (IPO) scheduled in August or September this year. 
Eddy Sugito, Director of Indonesia Stock Exchange, said Harum Energy has submitted a preliminary document of the IPO to the stock market regulator.
"They will issue 800 million of new shares during the IPO. Outstanding shares are around 2.8 billion shares," he told Insider Stories today.
Harum Energy, which is controlled by Grup Tanito Harum and owned by Indonesia tycoon Kiki Barki.

 

Disclosure: No position at the stock mentioned above.

 
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Citra Marga disposes 11% Citra Metro

Toll road operator PT Citra Marga Nusaphala Persada Tbk (CMNP) announced that it has disposed 11% stakes in PT Citra Metro Manila Tollways Corporation.
In a public announcement to Indonesia Stock Exchange (IDX), Citra Marga has disposed 5.79 million shares or 11% in Citra Metro, a toll road operator in Manila, Phillipine.
"The stakes disposal was effective on July 20. Citra Marga sold 10% stakes in Citra Metro in October last year, shrinking its ownership to 11% from 21%."
By the end of 2009, Citra Metro was in accumulative net loss of Peso12.67 billion or Rp2.78 trillion.

Disclosure: No position at the stock mentioned above.

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Rizal Risjad may own 10% Berau Energy

Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth largest coal mining producer PT Berau Coal, after PT Bukit Mutiara converts its debt to Rizal Risjad into BRAU shares.

Bukit Mutiara, wholly owned subsidiary of PT Recapital Advisors, controls 99% stakes in Berau Coal Energy.

When Bukit Mutiara acquired 90% stakes in PT Risco, now Berau Coal Energy, Rizal Risjad provided vendor financing worth US$580 million to Bukit Mutiara early January this year.

Recapital President Director Rosan P. Roeslani said Bukit Mutiara has an option to convert its debt obtained from Rizal into Berau Energy shares in December 2010.
"The debt might be converted into Berau Energy shares. In return, Rizal Risjad would own 10% stakes in Berau Energy," Rosan said.

Berau Coal Energy has determined to offload 3 billion shares in the primary market via initial public offering at the price of Rp300-Rp400 per share.

By considering the price, Berau Coal Energy will snap up cash of Rp900 billion to Rp1.2 trillion. The current size is 4 billion shares lower than initial plan mentioned in the IPO prospectus of 7 billion shares on the back of raising funds from bond issuance and band loans.

Rosan said Berau Coal Energy has secured loan facilities worth US$400 million from some foreign banks including Credit Suisse, Deutsche Bank, and a Chinese bank. 

In parallel, Berau Coal is underway to issue US$350 million bond, offering interest rate of 12.5% for 5 year maturity.  

"About US$600 million will be used to refinance debt to Credit Suisse," he said. The IPO proceed of around US$100 million will be used to finance capital expenditure in the next three years.

Berau Coal aims to jack up coal production volume from 17.9 million tons in 2010 to 21 million tons in 2012. As of June this year, revenue has reached US$475 million from a year earlier of US$376 million.

Disclosure: No position at the stock mentioned above.     

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Tower Bersama eyes US$200 mio IPO

Base transceiver station provider PT Tower Bersama eyes US$200 million of proceed from initial public offering (IPO). Tower Bersama has revealed its plan to list shares to Indonesia Stock Exchange (IDX).

IDX Director Eddy Sugito said Tower Bersama plans to use April's financial report as a base of the IPO scheduled in November 2010.

Tower Bersama is 29% owned by investment company PT Saratoga Investama Sedaya which is controlled by Indonesian businessman Sandiaga S. Uno and Edwin Soeryadjaya, son of William Soeryadjaya, founder of PT Astra International Tbk.Eddy Sugito said Tower Bersama IPO is arranged by two underwriters PT Indo Premier Securities and PT UBS Securities.

Tower Bersama aims to offload 15%-20% shares into the market with the target proceed of US$200 million.The company also plans to seek loan facility worth US$200 million-US$300 million to refinance its debt.

Disclosure: No position at the stock mentioned above.

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Mandom 1H earning drops 15.8%

PT Mandom Indonesia Tbk (TCID) has suffered a 15.8% drop in net profit in the first half this year from Rp81.6 billion to Rp68.7 billion on the back of soaring price of alcohol as well as rupiah strengthening against US dollar.  Earning per share slumped from Rp406 to Rp342.

Mandom posted flat sales in 1H 2010 from the same period of last year of Rp726.34 billion. The company has targeted to jack up sales by 10% to Rp1.5 trillion this year. Operating profit fell 24.68% from Rp119.9 billion in 1H 2009 to Rp90.3 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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Enseval 1H net profit abates 32.91%

PT Enseval Putera Megatrading Tbk (EPMT) booked a lower net profit in the first half this year as a result of abating operating profit. The company posted Rp99.08 billion of net profit in 1H 2010, a 32.91 drop from a year before of Rp147.69 billion.

Operating profit abated 31.75% from Rp209.29 billion in 1H 2009 to Rp142.85 billion in 1H 2010. Enseval's net sales slightly rose 10.53% from Rp3.99 trillion in 1H 2009 to Rp4.41 trillion in 1H 2010. 

Disclosure: No position at the stock mentioned above.

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ELTY won't rights issue in 5 years

Property developer PT Bakrieland Development Tbk (ELTY), subsidiary of PT Bakrie&Brothers Tbk (BNBR), said  the company will not hold rights issue in the next 5 years because it has grabbed sufficient cash to develop land bank.

Bakrieland is estimated to book 35%-40% growth in operating profit in the first half this year from the same period last year.

"We are underway to close 1H financial report. But, we estimate operating profit could rise 35%-40% in the first half this year," said Bakrieland's President Director Hiramsyah S. Thaib.

Bakrieland posted Rp63.99 billion of operating profit in 1H 2009. Considering a 35%-40% growth, the company is calculated to make Rp86.39 billion-Rp89.59 billion of operating profit.

Hiramsyah said net profit is predicted to rise 35%-40% in 1H 2010 from a year before. The company posted Rp56.90 billion of net profit in 1H 2009. It means the company is estimated to post Rp76.82 billion-Rp79.66 billion.

Sales is calculated to increase 40%-50% in 1H 2010 to Rp516.29 billion-Rp553.17 billion from Rp368.78 billion in 1H 2009.

According to him, Bakrieland usually makes a 30%-35% growth in revenue in the first half and books a 65%-70% rise in the second half.

"Considering the first half performance, we are optimistic to reach a 30% growth in sales target," Hiramsyah said.

The target is in line with housing credit growth estimated to reach a 40%-50% increase this year. "Bank Permata had announced a 40% growth in housing credit in the first quarter this year. It believes to reach 50% growth in housing credit," he said.

Disclosure: No position at the stock mentioned above.

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Bukit Asam 1H net cash soars 569%

Despite a lower bottom line, state-owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) is a cash rich company.
In the first half 2010 (1H 2010), Bukit Asam booked net cash from operating activities of Rp1.04 trillion, a 569.47% jump compared to the same period last year of Rp154.88 billion.
The company also aims to jack up coal production capacity to 50 million tons in 2014. In a press conference today, the company has set a target of coal production of 12.5 million tons this year.
"Coal sales volume is estimated to reach 15 million tons-16 million tons in 2010 with average selling price of Rp600,000 per ton," said Bukit Asam's Corporate Secretary Achmad Sudarto said.
Bukit Asam reports a 43% drop in net profit in 1H 2010 on the back of lower weighted average selling price. The company posted Rp908.11 billion of net profit 1H 2010 compared to the same period last year of Rp1.59 trillion.
Operating profit slumped half from Rp2.09 trillion in 1H 2009 to Rp1.05 trillion in 1H 2010, while gross profit tumbled 38% to Rp1.67 trillion in 1H 2010.
Despite sales volume growth by 10%, Bukit Asam's revenue abated 16% from Rp4.05 trillion in 1H 2009 to Rp3.79 trillion in 1H 2010.
The company's coal sales volume slightly rose 10% from Rp5.84 trillion in 1H 2009 to Rp6.44 trillion in 1H 2010.
In the first six months this year, Bukit Asam booked weighted average selling price of coal of Rp601,106 per ton, a 20% drop from a year earlier of Rp751,623 per tons.

Disclosure: No position at the stock mentioned above.


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Bank Mandiri posts Rp4.03 trio profit

One of Indonesia's largest bank PT Bank Mandiri Tbk (BMRI) today announces Rp4.03 trillion of net profit in the first half 2010, a 37.8% growth compared to the same period last year.
Bank Mandiri's Finance Director Pahala Mansyuri said the credit soaring was mainly underpinned by net interest margin and fee based income.
"A higher credit expansion has steeply boosted net interest margin," he said in a press conference today.

Disclosure: No position at the stock mentioned above.

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Bayan to supply 2 m tons coal to KEPCO

PT Bayan Resources Tbk (BYAN) has agreed to supply 2 million tons of coal to Korea Eletric Power Corporation (KEPCO) in 2012.
The coal supply agreement is part of 20% stakes acquisition agreement between Bayan and KEPCO worth US$512.3 million or Rp6,955 per share.
"We welcome KEPCO's participation in Bayan Group. We belive the partnership will strengthen Bayan's position in the coal market," Bayan's President Director Eddie Chin in a press release today submitted to Indonesia Stock Exchange.
According to him, Bayan will initiate to supply 2 million tons of coal in 2012 and 7 million tons in 2015.
"The coal supply to KEPCO is mainly coming from Tabang concession of Bayan Group, which is in line with the company's plan to jack up production," he said.

KEPCO agreed to acquire 618 billion won (US$512.3 million or Rp6,955 per share) to buy a 20% stakes or 666.67 million shares in Indonesia's Bayan Resources to secure more coal supplies.
The sale price is 4.07% lower than Bayan's closing market price today at Rp7,250 per share. Korea Electric said in a statement that it was purchasing the stake in Indonesian coal miner Bayan Resources and a company spokeswoman provided the value of the deal.

Disclosure: No position at the stock mentioned above.

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Kertas Basuki drops on reverse stock

Stocks of paper producer PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) free falls 17.18% from Rp64 per share to Rp53 because massive sell on reverse stock plan.
According to the company's announcement to Indonesia Stock Exchange (IDX), the reverse stock is aimed to boost KBRI's stocks price.
Kertas Basuki's Corporate Secretary Tiur Simamora confirms on reverse stock plan.
"We haven't mandated financial advisor to hold such corporate action," she said as reported by Bisnis.com today.

Late last month, Non Executive Director of CIMB Group Glenn Mohamad Surya Yusuf had been mandated by share holder meeting to be president director of Kertas Basuki.
"Besides Glenn,  annual share holder meeting today also appoints President Commissioner Antonius Budi Setiawan Hudiana in Kertas Basuki Rachmat," said Corporate Secretary of Kertas Basuki Tiur Simamora.

Disclosure: No position at the stock mentioned above.

 
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Trada secures US$50 mio loan from IFC

PT Trada Maritime Tbk (TRAM), sea transportation provider, has secured US$50 million of loan from International Finance Corporation (IFC) dan The Bank of Tokyo-Mitsubishi UFJ Ltd.

In a public statement to Indonesia Stock Exchange (IDX), IFC has committed to provide US$35 million of loan to Trada, while the remaining will be chanelled by Bank of Tokyo-Mitsubishi.

The loan facilities will be used by Trada to support ship conversion, FSO Lentera Bangsa, in a bid to meet contract requirements sealed from CNOOC SES Ltd. 

"Loan facilities from both international institutions are strategic way for Trada to prepare a wider market," the announcement said.

In the third quarter last year, Trada grabbed contract for providing services of floating, storage, and offloading from CNOOC.

To meet the requirements, Trada is underway to convert its ship Lentera Bangsa through Cosco Shipyard Guang Zhou China, which will be operated in January 2011.

Disclosure: No position at the stock mentioned above.

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Gunawan Steel books Rp209 bio profit

Hot rolling steel plate manufacturer PT Gunawan Dianjaya Steel Tbk posts a 275.69% soaring of net profit in the first half this year compared to the same period last year.

The company booked Rp209 billion of net profit in 1H 2010 from a year before of Rp119 billion.
Gunawan Steel's Director and Corporate Secretary Hadi Sutjipto said a steep growth in net profit was mainly contributed by a higher price of plate steel as well as stronger demand from export market.
"In line with robust economy, price of plate steel rises," he said.
The company's export rose 23.4% in 1H 2010 to Rp538 billion compared to the same period last year of Rp436 billion. Sales increased 7.6% from Rp830 billion in 1H 2009 to Rp893 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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Bukit Asam 1H net profit drops 43%

State-owned coal mining player PT Tambang Batubara Bukit Asam Tbk (PTBA) reports a 43% drop in net profit in the first half 2010 (1H 2010 on the back of lower weighted average selling price.
Bukit Asam posted Rp908.11 billion of net profit 1H 2010 compared to the same period last year of Rp1.59 trillion.
Operating profit slumped half from Rp2.09 trillion in 1H 2009 to Rp1.05 trillion in 1H 2010, while gross profit tumbled 38% to Rp1.67 trillion in 1H 2010.
Despite sales volume growth by 10%, Bukit Asam's revenue abated 16% from Rp4.05 trillion in 1H 2009 to Rp3.79 trillion in 1H 2010.
The company's coal sales volume slightly rose 10% from Rp5.84 trillion in 1H 2009 to Rp6.44 trillion in 1H 2010.
In the first six months this year, Bukit Asam booked weighted average selling price of coal of Rp601,106 per ton, a 20% drop from a year earlier of Rp751,623 per tons.
In a press release, Bukit Asam has set a target of 15% growth in coal sales volume to 14.5 million tons from last year's position of 12.5 million tons on the back of higher coal transportation from 10.5 million tons to 11 million tons.
Besides transportation factor, Bukit Asam's subsidiary IPC in Kalimantan has started to produce coal in the last quarter last year.

Disclosure: No position at the stock mentioned above.

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Jaya Pari posts Rp38.59 bio 1H profit

Surabaya-based steel manufacturer PT Jaya Pari Steel Tbk (JPRS) booked Rp38.59 billion of net profit, a 229.80% jump from the same period last year which posted a net loss of Rp29.73 billion.

In the first half financial report submitted to Indonesia Stock Exchange (IDX), Jaya Pari Steel's profit was mainly underpinned by a strong growth of sales in 1H 2010. The company posted Rp237.03 billion of sales in 1H 2010, a 188.37% growth from a year earlier of Rp94.68 billion.

Operating profit also skyrocketed 314.27% from Rp20.81 billion of net loss to Rp44.59 billion of net profit.

Disclosure: No position at the stock mentioned above.

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Astra Agro 1H CPO sales drops 3.3%

CPO sales of PT Astra Agro Lestari Tbk from January to June 2010 reached 477,639 tons, a 3.3% drop compared to the same period last year of 494,018 tons. 

In investor bulletin published by Astra Agro Lestari, Kernel sales volume also fell 16.5% to 57,991 tons since some of it processed to produce PKO. 

On the other hand the average selling prices of CPO improved 3.2% to Rp6,590 per kg from Rp6,386 per kg at the same period last year. 

Kernel and its derivatives (PKO & PKE) average selling prices also increased by 32.8%, 27.5%, and 7.9% respectively. From the total CPO sales volume, around 91.7% absorbed by local market and the rest exported.

Disclosure: No position at the stock mentioned above.

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Mitra International loss soars 486%

PT Mitra International Resources Tbk (MIRA), parent company of drilling operator PT Apexindo Pratama Duta, posted Rp2.73 trillion of net loss in 2009, ballooning 486.45% from the previous year of Rp464.95 billion.

In 2009's financial report submitted to Indonesia Stock Exchange (IDX), the soaring loss was mainly contributed by interest and fine charges, foreign exchange loss, and bond interest.

Mitra International booked interest and fine charges of Rp998.65 billion, bond interest of Rp317.86 billion, and foreign exchange loss of Rp219.19 billion.

But, the company's revenue soared 127.73% from Rp1.19 trillion in 2008 to Rp2.71 trillion last year, while operating profit jumped 104.46% from Rp273.82 billion in 2008 to Rp559.85 billion.  

Disclosure: No position at the stock mentioned above.

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KEPCO acquires 20% Bayan Rp6,955

Korea Electric Power Corp (KEPCO) said today it will acquire 618 billion won (US$512.3 million or Rp6,955 per share) to buy a 20% stakes or 666.67 million shares in Indonesia's PT Bayan Resources Tbk (BYAN) to secure more coal supplies.

The sale price is 4.07% lower than Bayan's closing market price today at Rp7,250 per share. Korea Electric said in a statement that it was purchasing the stake in Indonesian coal miner Bayan Resources and a company spokeswoman provided the value of the deal.

The investment will help the state-run utility secure 2 million tonnes of coal a year from 2012 and 7 million tonnes annually from 2015, pushing up its coal self-development rate to 34 percent from 24 percent currently, it said.

In a statement to Indonesia Stock Exchange (IDX) today, Bayan's founders Dato' Low Tuck Kwong, Jenny Quantero, and Engki Wibowo have entered into shares sales and purchase agreement with KEPCO.

Disclosure: No position at the stock mentioned above.

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Berau Coal downsizes IPO target

PT Berau Coal Energy, parent company of Indonesia's fifth largest coal miner PT Berau Coal, has determined to offload 3 billion shares in the primary market via initial public offering at the price of Rp300-Rp400 per share. 

By considering the price, Berau Coal Energy will snap up cash of Rp900 billion to Rp1.2 trillion. The current size is 4 billion shares lower than initial plan mentioned in the IPO prospectus of 7 billion shares on the back of raising funds from bond issuance and band loans.

Berau Coal's Commissioner Rosan Perkasa Roeslani said Berau Coal Energy has secured loan facilities worth US$400 million from some foreign banks including Credit Suisse, Deutsche Bank, and a Chinese bank. 

In parallel, Berau Coal is underway to issue US$350 million bond, offering interest rate of 12.5% for 5 year maturity.  

"About US$600 million will be used to refinance debt to Credit Suisse," he said. The IPO proceed of around US$100 million will be used to finance capital expenditure in the next three years.

Berau Coal aims to jack up coal production volume from 17.9 million tons in 2010 to 21 million tons in 2012. As of June this year, revenue has reached US$475 million from a year earlier of US$376 million.

Rosan, owner of PT Bukit Mutiara, the company plans to convert its debt worth US$580 million into Berau Coal Energy's shares.

Berau Coal Energy, which is now wholly owned by PT Bukit Mutiara, special purpose vehicle (SPV) of PT Recapital Advisors,

Bukit Mutiara is 99.6% owned by PT Bentara Energi Asia Utama and Arnanto holds 0.4% stakes. PT Recapital Advisors owns 99% of Bentara Energi and Andy Widya Susatyo hold 1% stakes in Bentara.

Recapital Advisors is 99.11% controlled by PT Tripillar Gunaperkasa, while the remaining is owned by Rosan P. Roeslani, Recapital Advisors' President Directior.

Tripillar Gunaperasa is controlled by Rosan Roeslani of 73%, Sandiaga S. Uno of 12%, and Elvin Ramli holds 15% stakes.

Berau Coal is scheduled an offering on August 10- August 12 and followed by listing time table on August 19 2010 at Indonesia Stock Exchange.

Disclosure: No position at the stock mentioned above.

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Berau Coal sets IPO price Rp300-Rp400

PT Berau Coal Energy has set price of initial public offering (IPO) at Rp300-Rp400 per share, allowing it to grab cash of Rp900 billion-Rp1.2 trillion.

In a public statement today, Berau Coal aims to offload 3 billion shares during the IPO, scheduled on August 19 2010.

Berau Coal plans to use 8% of proceed from the IPO to bankroll acquisition of Maple Holdings Limited stakes from Regulus International Pte Ltd worth US$200 million.

In the IPO prospectus published few days ago, Berau Coal Energy, which is now wholly owned by PT Bukit Mutiara, special purpose vehicle (SPV) of PT Recapital Advisors, aims to use 92% of the IPO proceed to fulfill working capital requirement.
Berau Coal Energy will lend the IPO proceed to its wholly owned subsidiary Seacoast Offshore Inc to acquire Maple Holdings. The 5 year loan will be charged with a 2.5% annual interest rate. Maple Holdings is SPV company founded in Labuan, Malaysia. Maple has 10 year rights of coal marketing from Berau Coal to overseas market excluding Japan.
PT Danatama Makmur and PT Recapital Securities are mandated to underwrite Berau Coal IPO. Credit Suisse Securities and JPMorgan Securities also help marketing in the global market.

Disclosure: No position at the stock mentioned above.

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Kalbe Farma 1H profit reaches Rp518bio

One of Indonesia's largest pharmaceutical player PT Kalbe Farma Tbk (KLBF) is estimated to book Rp4.73 trillion of revenue and Rp518.32 billion of net profit in the first half this year (1H 2010) compared to the same period last year.

Kalbe Farma's Director Vidjongtius, as reported by Bisnis Indonesia today. said 1H 2010's revenue is estimated a 12% higher than the same period last year of Rp4.22 trillion.

Kalbe's net profit in 1H 2010 is calculated to grow 30% compared to a year earlier of Rp398.71 billion. In 2009, the company pisted Rp9.09 trillion of revenue and Rp929 billion of net profit.

KLBF) has agreed to dispose its subsidiary PT Kageo Igar Jaya Tbk to Kingsford Holdings. In a public statement today, Kalbe Farma will sell 58.10% stakes or 610.06 million shares in Kageo Igar Jaya to Kingsford at Rp185 per share or Rp112.86 billion.

Disclosure: No position at the stock mentioned above.

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Bakrie plans to pay Rp270 billion repo

Holding company of Bakrie Group PT Bakrie & Brothers Tbk (BNBR) plans to pay repurchase agreement (repo) transaction worth Rp270 billion to some third parties. The company will use money from investment's return of US$52 million obtained in October to pay the repo.

BNBR's finance Director Eddy Soeparno, as quoted by Kontan daily today, said the company has put investment worth US$36 million in 2008 with 24% return. "We put our money in hedge fund companies," he said.

Disclosure: No position at the stock mentioned above. 

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Tuah Turangga buys ABP US$15.9 mio

Komatsu heavy equipment PT United Tractors Tbk (UNTR) through a wholly owned subsidiary PT Tuah Turangga Agung has acquired 60% stakes in PT Agung Bara Prima (ABP) worth US$15.9 million.
According to United Tractors's Corporate Secretary Sarah K. Loebis, Agung Bara Prima is estimated to have coal deposits of 10 million tons. "Agung Bara's mining is still green field," said Sarah as quoted by Kontan daily today.
Next year, Agung Bara has targeted to produce 1 million tons of coal annually. United Tractors is underway to close acquisition deal of mining company with 20 million of coal reserves.

Disclosure: No position at the stock mentioned above.


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Antam & Hangzhou sign US$1 bio project

One of nickel and gold player PT Aneka Tambang Tbk (Antam) and Chinese Hangzhou Jinjiang Group (HJG) has entered into first amended and restated joint venture agreement of smelter grade alumina project worth US$1 billion in West Kalimantan.

In a press release today, Antam's President Director Alwin Syah Loebis said smelter alumina's plant, located in Mempawah, West Kalimantan, is estimated to produce 1 million metric tons of alumina annually from 4 million wmt of bauxite. 

"Antam will own 49% stakes in the smelter project, while the remaining will be controlled by Hangzhou Jinjiang. It is an option for Antam to boost stakes into majority after the plant runs commercially operation in 3 years," he said.
Construction of the project will be commenced in 2011 and the commercial operation is targeted in 2014.  

Disclosure: No position at the stock mentioned above.

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Trikomsel gets US$10 mio loan from Citi

Mobile cellular distributor PT Trikomsel Oke Tbk today announces a signing of loan facility worth US$10 million with Citi Indonesia.

In a public statement submitted to Indonesia Stock Exchange (IDX) today, Trikomsel will use the facility to underpin expansion. Previously, Trikomsel had sealed loan facility worth US$15 million from Citi.

Citi joined banks' syndicated which provided loan facility of Rp500 billion and US$25 million to Trikomsel in 2008.

In the first quarter this year,  Trikomsel's revenue grew 19% to Rp1.28 trillion from a year before of Rp1.08 trillion. The company booked Rp142.04 billion of net profit in 1Q 2010.

Disclosure: No position at the stock mentioned above.

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Bukit Asam seals Rp900 bio coal deal

State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed to supply 1.85 million tons of coal worth Rp900.50 billion to two power plants this year.  

In a press release today, Bukit Asam's Corporate Secretary said under the coal contracts agreement, Bukit Asam has committed to supply coals to power plant PLTU Tarahan, Lampung and PLTU Bukit Asam, South Sumatra.      

"Coal price for supply to PLTU Tarahan has been agreed 8.6% higher to Rp570,000 per ton than last year. Bukit Asam has to supply 750,000 tons of coal with 5,000 kcal per kg GAR," he said.

According to him, Bukit Asam also agreed to increase coal price of 5.5% to Rp430,000 per ton. The company will supply 1.1 million tons of coal with 5,000 kcal per kg GAR. A higher coal prices will be effective for the whole of 2010.

Disclosure: No position at the stock mentioned above.

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Medco finds additional oil in Libya

PT Medco Energi Internasional Tbk (MEDC) today announces an additional oil discovery in Area 47, Libya, from N1-47/02 exploration well.
In an announcement submitted to Indonesia Stock Exchange (IDX) today, Medco said the discovery is the twelfth oil and gas discovery in Area 47 since the exploration drilling has begun in September 2006.
As of today, there were 21 wells drilled in the Area 47, which consisted of 17 exploration and four appraisal wells.
Out of 17 exploration wells drilled, 12 wells have been declared as discoveries, two have been tested and are awaiting discovery status the National Oil Company (NOC), and 2 are awaiting testing and one has been abandoned.

Disclosure: No position at the stock mentioned above.

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Kalbe sells Igar at Rp185 to Kingsford

Pharmaceutical producer PT Kalbe Farma Tbk (KLBF) has entered into conditional sale and purchase agreement (CSPA) to dispose its subsidiary PT Kageo Igar Jaya Tbk to Kingsford Holdings.
In a public statement today, Kalbe Farma will sell 58.10% stakes or 610.06 million shares in Kageo Igar Jaya to Kingsford at Rp185 per share or Rp112.86 billion.
Kalbe President Director Irawati Setiady said the transaction is not categorized as affiliated. The transaction will be done by considering terms and condisiton agreed in CSPA.

Disclosure: No position at the stock mentioned above.

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Krakatau Steel posts Rp800 bio profit

Indonesia's largest still manufacturer PT Krakatau Steel (KS) reports Rp9 trillion of revenue and Rp800 billion of net profit in the first half 2010 (1H 2010).

As reported by Bisnis Indonesia today, Krakatau Steel's President Director Fazwar Bujang said the company's revenue has increased by 30% compared to the same period last year. "We have posted better sales volume and sales price this year than a year ago," he said.  

Krakatau Steel targets Rp19 trillion of revenue this year, a 16.7% growth from the previous year of Rp16.28 trillion.

The company is scheduled to offload up to 30% stakes during initial public offering (IPO) into the primary market at the third or fourth quarter this year.

Five underwriters, Bahana Securities, Danareksa Sekuritas, Mandiri Sekuritas, Credit Suisse, and Deutsche Bank, have been mandated by the company to help arranging the IPO.

Krakatau plans to produce 2.9 million tons this year, a 45% jump from the previous year of 2 million tons.

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Intiland Development to split stock

Property developer PT Intiland Development Tbk (DILD) plans to split its nominal stock at the ratio of 1:2 to boost stock liquidity in the market.
The company will hold stock split on July 26 at the regular and negotiation markets of Indonesia Stock Exchange.
Intiland's nominal stock is Rp500 per share. By splitting the nominal of one stock into two, Intiland's nominal will become Rp250 per share.

Disclosure: No position at the stock mentioned above.
 
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BW Plantation secures US$16 mio loan

CPO player PT BW Plantation Tbk (BWPT) has secured US$16 million of loan from Citibank N.A. Jakarta branch.

In a public statement to Indonesia Stock Exchange (IDX), BW Plantation will use the loan facility to underpin expansion.

"We have obtained the loan facility on July 16 2010 and will mature on January 17 2911," BW Plantation's President Director Abdul Halim Ashari said.

The company has reported a 12.94% lower CPO sales value from Rp294.56 billion in the first half 2009 (1H 2009) to Rp256.43 billion in 1H 2010 as a result a 16.8% decrease in CPO sales volume.

BW posted 39,438 tons of CPO sales volume in 1H 2010 compared to the same period last year of 47,426 tons in 1H 2009.

Disclosure: No position at the stock mentioned above.

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Tuah Turangga buys 60% Agung Bara

PT Tuah Turangga Agung, wholly owned subsidiary of Komatsu heavy equipment's distributor PT United Tractors Tbk (UNTR), has completed acquisition of 60% stakes in coal mining company PT Agung Bara Prima on July 15.
In a public announcement to Indonesia Stock Exchange, by accomplishing the acquisition, Tuah Turangga is legally owned Agung Bara Prima.
Agung Bara is coal mining company located in Buhut village, Central Kapuas, Central Kalimantan.

Disclosure: No position at the stock mentioned above.

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Intiland 1H revenue skyrockets 100%

PT Intiland Development Tbk (DILD) is reported to book Rp352 billion in revenue in the first half this year (1H 2010), a 100% jump compared to the same period last year of Rp176 billion.

"In the first half 2010, our revenue jumped 100%," said Intiland'd Director of Capital Management and Investment Archied Noto Pradono as quoted by Kontan today.

He said the sales of residential products has elevated 50%. The other main contributor for Initland's revenue was a assets disposal.

In 1H 2010, Intiland disposed PT Grand Interwisata at Rp158 billion. By the end of this year, Intiland plans to sell assets. "Total proceed from assets disposal is around Rp780 billion."

Disclosure: No position at the stock mentioned above.

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Summarecon 1H net profit up 30%

Property developer PT Summarecon Agung Tbk (SMRA) is reported to book a 30% growth in net profit in the first half this year compared to the same period last year.

Summarecon's President Director Johannes Mardjuki, as reported by Kontan today, said the sales of residential in Bekasi has boosted its bottom line.

"As of June 2010, net profit reached Rp100 billion. By the end of 2010, Summarecon's target of Rp210 billion-Rp220 billion will be achieved," he said.

Disclosure: No position at the stock mentiones above. 

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Energy Mega considers bond issuance

Oil and gas producer PT Energi Mega Persada Tbk (ENRG) is considering a global bond issuance in the second half this year in a bid to refinance existing debt.

"The company considers a global bond issuance. But, we haven't determined the size," Energi Mega's Director Didit A. Ratam said.

Based on the first quarter financial report, Energi Mega booked total obligation of Rp5.24 trillion, consisting of Rp1.15 trillion of current obligation.

Disclosure: No position at the stock mentioned above.

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Benakat Energy admits wrong insertion

When PT Energi Mega Persada Tbk (ENRG) has clearly declared a transfer of deposit at PT Bank Capital Indonesia Tbk (BACA) for acquisition purpose, then PT Benakat Petroleum Energy Tbk (BIPI) now becomes the first company who admits a wrong insertion of Rp1.48 trillion into deposit at Bank Capital.

From seven firms owned by Bakrie Group, it is only PT Energi Mega Persada Tbk (ENRG) who has formally declared only Rp130 billion of deposit placed in Bank Capital as of March 31 2010 to Indonesia Stock Exchange (IDX).

Despite providing deposit confirmation letters worth Rp130 billion at Bank Capital, the questions remain persist, especially with the transfer verification letter of Rp866 billion and Rp139 billion. 

The question is why Energi Mega didn't attach the announcement to IDX with the transfer verification letter from Bank Capital? Then, if Energi Mega had transferred the money from rights issue, it should prove it to the public share holders.          

At the same day, PT Bakrie Sumatera Plantations Tbk (UNSP), the company under Bakrie Group who recorded the largest deposit worth Rp3.50 trillion at Bank Capital, didn't explain about the deposit as clear as Energi Mega. Hence, some analysts still question how much money Bakrie Plantations own and has placed  as deposit at Bank Capital.

In a formal announcement to IDX, Bakrie Plantations said the company had put money as deposit in Bank Capital between February and March 2010 without any certain date and value.     

How about Benakat?

Benakat Director Ferdy Yustianto said the company had done a wrong insertion of Rp1.48 trillion of deposit at Bank Capital.

The money from initial public offering (IPO) should be recorded as fund from repurchase agreement (repo) with Welington Ventures. The 3 month repo, done since February 2010, has provided 12% return to Benakat. The repo will due on August 10 2010. According to Ferdy, Benakat has rights to insist Welington Ventures to call the repo at any certain time.

Disclosure: No position at the stocks mentioned above.

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Bakrie completes Domba Mas buyout

Palm oil plantation producer PT Bakrie Sumatera Plantations Tbk (UNSP) has entered into sale and purchase agreement on acquisition of six companies controlled by Domba Mas Group on July 16 2010.

Following the acquisition agreement, Bakrie Plantations has also signed acquisition agreements of three plantation companies PT Citalaras Cipta Indonesia, PT Julang Oca Permana, and PT Monrad Intan Barakat.

"We are committed to close these acquisitions," said Bakrie Plantations' Corporate Secretary Fitri Barnas said end of last week.

Bakrie Plantations intends to acquire Domba Mas Group via subsidiaries such as PT Nibung Arthamulia, which makes a 100% buyout of PT Domas Agrointi Prima.

Domas Agrointi controls 99% shares in PT Sawitmas Agro Perkasa, 100% stakes in PT Sarana Industama Perkasa, 100% stakes in PT Flora Sawita Chemindo, and PT Domas Agrointi Perkasa, and PT Domas Sawitinti Perdana.

After completing the acquisition, Bakrie Plantations will revive oleo chemical plants di North Sumatra which enables to produce 50,000 tons fatty acid annually. Bakrie Plantations will use the proceed from rights issue of Rp4.9 trillion to underpin the acquisitions.

Disclosure: No position at the stock mentioned above.

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M. Hanif resigns from Danareksa

State-Owned Minister Mustafa Abubakar said the government has approved resignation of M. Hanif, Director of PT Danareksa (Persero), while Mustafa has also given an approval to extend the position of Danareksa Director Aloysius Kiik Ro.

"M. Hanif had sent resignation letter to the Ministry and we have approved the resignation by sending the letter to him yesterday," Mustafa said today during a press conference.

According to Mustafa, the extension period for Aloysius is estimated until to the next share holder meeting. "We haven't selected any candidates for new director. Position of Heru Adhiningrat and Stephanus Turangan is so far safe because they are new directors," he said. The Ministry also intends to evaluate performance of Danareksa.

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Energi Mega Q1 deposit only Rp130 bio

Management of PT Energi Mega Persada Tbk (ENRG) today finally reveals that the company only recorded Rp130 billion of time deposit as of March 31 2010 put in PT Bank Capital Indonesia Tbk (BACA), reflecting Rp1 trillion variance.
Energi Mega in its March 2010 financial report recorded Rp1.14 trillion of time deposit saved in Bank Capital.
In a formal announcement to Indonesia Stock Exchange, the variance is because the company started to put money bagged from rights issue into short term investment, mainly for early payment of acquisition of 10% interest in Masela Production Sharing Contract from Inpex. 
"At the end of rights issue II, Energi Mega puts Rp1.14 trillion of time deposit in Bank Capital. At the same month, we transferred Rp866 billion into protected short term investment and Rp139 billion to pay acquisition in the next month," Energi Mega said. 
Energi Mega's deposit in Bank Capital obtains annual interest rate at 7%. ENRG stocks today falls 5.69% from Rp123 per share to Rp166

Disclosure: No position at the stock mentioned above.

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BW Plantation 1H CPO sales down 13%

CPO producer PT BW Plantation Tbk (BWPT) today reports a 12.94% lower CPO sales value from Rp294.56 billion in the first half 2009 (1H 2009) to Rp256.43 billion in 1H 2010 as a result a 16.8% decrease in CPO sales volume.

BW posted 39,438 tons of CPO sales volume in 1H 2010 compared to the same period last year of 47,426 tons in 1H 2009.

Despite a lower volume, BW booked a 4.7% higher of CPO average price from Rp6.21 million per ton in 1H 2009 to Rp6.50 million per ton in 1H 2010.

BW's CPO production in 1H 2010 fell 16.6% from 46,339 tons in 1H 2009 to 38,663 tons in 1H 2010. BW has 46,048 hectares of planted area with mature area of 15,270 hectares.

Disclosure: No position at the stock mentioned above.

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Gajah Tunggal to post 1H sales up 25%

PT Gajah Tunggal Tbk (GJTL), Indonesia's largest tire manufacturer, indicates to post a 25% growth in sales during the first half this year (1H 2010) as a result of soaring tire sales volume.

In an equity research published by PT Danareksa Sekuritas today, the increase of bias tire was mainly because the closure of tire plants of Gajah Tunggal's contender due inefficiency problem. But, a wider market of bias tire will be restricted by Gajah Tunggal's productiob capacity.

"We keep maintaining a 18% growth target of sales this year, a slightly lower from Gajah Tunggal forecast of 20%-25%," the research said.

Gross margin is estimated to fall by 18% in the second quarter this year on the back of higher rubber price. The company has only raw material inventory for 1-2 months.

Danareksa maintains a buy recommendation for Gajah Tunggal with target price at Rp1,380 per share, implying FY10-11 PER of 8.2x-6.8x.

Disclosure: No position at the stock mentioned above.


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Telkomsel seals US$800 mio loan

Indonesia's biggest GSM operator player PT Telekomunikasi Selular (Telkomsel), subsidiary of PT Telekomunikasi Indonesia Tbk (Telkom), has secured bank loan facilities to underpin business expansion.

"Total loan we obtained reaches US$800 million," said Telkomsel President Director Sarwoto Atmosutarno quoted by Kontan today. 

According to him, Telkomsel has sealed loan facilities from banks headquartered in Finland, Sweden, and Citic Bank China. "Telkomsel will use the loan facility to import mobile handset."

Telkomsel will utilize US$400 million of the facility this year, while the remaining will be used next year. 

Disclosure: No position at the stock mentioned above. 

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Sampoerna aims to buy 85% Bank Dipo

Sampoerna family through PT Sampoerna Investama intends to acquire 85% stakes in PT Bank Dipo International in the third quarter this year.

"Bank Dipo and Sampoerna Investama have completed documents required by Bank Indonesia," said Bank Dipo Director Wardoyo as reported by Kontan today.

According to him, Michael Sampoerna, son of Putra Sampoerna, former controlling share holder of cigarette maker PT HM Sampoerna Tbk (HMSP), owns 99.99% in Sampoerna Investama and Eka Dharmajanto Kasih holds the remaining stakes. But, Wardoyo declined to mention the acquisition value. 

After completing the acquisition, Sampoerna Investama aims to change Bank Dipo focus into syariah and small to medium enterprises. By the end of 2009, Bank Dipo posted net revenue of Rp80.05 billion and Rp14.38 billion of net profit.

Disclosure: No position at the stock mentioned above.

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BTN 1H net profit jumps 97.11%

Housing credit focused PT Bank Tabungan Negara Tbk (BTN) recorded a 97.11% jump in net profit in the first half this year (1H 2010) from the same period last year on the back of soaring credit. BTN booked Rp390.61 billion of net profit in 1H 2010 from a year earlier of Rp198.16 billion.

The state-owned bank channeled credit of Rp46.41 trillion in 1H 2010, a 29.61% compared to the same period last year.

In return, BTN posted a higher net interest margin from 1H 2009 of 4.04% to 5.81% in 1H 2010. Third parties fund rose 16.69% from Rp34.28 trillion in 1H 2009 to Rp39.99 trillion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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MIRA restructures US$224 mio debts

PT Mitra International Resources Tbk (MIRA) is in talks creditors to restructure US$224.32 million of debts.

Mitra International, parent company of drilling operator PT Apexindo Pratama Duta, is underway to restructure US$18.25 million of Sabre Systems International Pte Ltd's (SSI) guaranteed and secured convertible notes with Ancora Investment No.1 Limited due in January 2010. SSI is 93.35% owned by Mitra International.

Mitra International Holdings Pte Ltd, wholly owned subsidiary of SSI, is also in discussion with holders of senior mezzanine note trust deed worth US$206.07 million due in March 2010.

SSI has strived to restructure US$68.18 million of guaranteed secured bonds with PT Medco Energi Internasional Tbk (MEDC) due in September 2009.

Beside the debts, SSI has US$44.23 million of guaranteed secured bonds to Encore International Limited due in September 2010.

Mira Holdings has US$205.42 million of junior mezzanine note trust deed due in September 2010. Mitra International Group aims to extend debt maturity, refinancing, and inviting new strategic investor or convert it into shares.

Disclosure: No position at the stock mentioned above.

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Royal Oak disposes Transpacific

PT Royal Oak Development Asia Tbk (RODA) through its subsidiary PT Transpacific Mutualcapital has disposed 81,180 shares in PT Transpacific Securindo.
In a public statement to Indonesia Stock Exchange (IDX) today, Royal Oak's President Director Subianto Satmaka said the company has sold the stakes worth Rp21,05 billion. 

Disclosure: No position at the stock mentioned above.

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Bank Capital confirms Rp2.69t deposit

PT Bank Capital Indonesia Tbk (BACA) today confirms that it managed third parties money of Rp2.6 trillion in the first quarter this year (Q1 2010)
"It is correct that we managed third parties fund of Rp2.69 trillion in Q1 2010," said Bank Capital Corporate Secretary Isbandiono Subadi in a public announcement to Indonesia Stock Exchange (IDX) today.
But, he said based on UU No.10/1998 about confidentiality Bank Capital can't provide clarification in relation to time deposites of PT Bakrie & Brothers Tbk (BNBR), PT Energi Mega Persada Tbk (ENRG), and PT Benakat Petroleum Energy Tbk (BIPI).
Seven publicly listed of Bakrie Group have put cash and time deposits worth Rp9.07 trillion in Bank Capital. The question is where is the remaining Rp6.38 trillion? Based on March 2010 financial reports, each company under Bakrie Group has reported cash and time deposits in Bank Capital.
Bank Capital is owned by Danny Nugroho (21.70%), Mount-8 HoldGS offshore Ltd (19.86%), Inigo Investment Ltd (15.44%), Zen Gem Investment Ltd (14.34%), TFI (X)-TRA Ordinary I (11.86%), and public holders (16.80%).

Disclosure: No position at the stock mentioned above.

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Indofood CBP names 4 IPO underwriters

PT Indofood CBP Sukses Makmur (Consumer Branded Product/CBP), subsidiary of Indonesia's largest instant noodle maker PT Indofood Sukses Makmur Tbk (INDF), has mandated 4 lead underwriters to arrange initial public offering (IPO).
"Indofood CBP has appointed Kim Eng Securities, Credit Suisse Securities, Deutsche Bank, and Mandiri Sekuritas to underwrite IPO," said Indofood CBP's Director Werianty Setiawan as quoted by detikfinance today.
Indofood CBP aims to seize US$500 million of cash from the IPO. The company held a mini expose in front of director of Indonesia Stock Exchange yesterday.

"We have held a mini expose to IDX. We are waiting for approval from Bapepam-LK," Head of Investment Banking of Mandiri Sekuritas Iman Rachman said.

Disclosure: No position at the stock mentioned above.

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Watch BUMI COGS and DEWA revenue!

Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI) recorded unmatched COGS to PT Darma Henwa Tbk (DEWA), subsidiary, in its 2009's financial report.

In Bumi's 2009 financial report, Bumi recorded US$455.62 million to Darma Henwa, while Darma Henwa booked US$156.57 million from PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, which are controlled by Bumi. Darma Henwa is coal mining contractor and owned by Bumi Resources.

"If you closely watch the number, there is variance of US$299.05 million. It should be matching numbers," a source told Insider Stories two days ago.

In fact, Bumi and Darma Henwa's 2009 financial reports had been audited by the same auditor Tjiendradjaja and Handoko-Mazars.

In 2008, there was also unmatched numbers between COGS booked by Bumi and revenue obtained by Darma Henwa. But the variance was merely US$65,48 million.

Bumi recorded COGS worth UD%236.46 million in 2008 to Darma Henwa, while Darma Henwa obtained US$170.98 million revenue from KPC and Arutmin. By the end of 2009, Darma Henwa recorded US$201.47 million of revenue and US$220.11 million in 2008. Bumi's Director Dileep Srivastava, in a electronic mail today, said Bumi recorded US$1.24 billion of COGS last year. "Apparently there is problem in spread sheet, resulting wrong entrances," he said.

Bumi should post US$141.27 million of COGS for Darma Henwa. Around US$314.35 million of COGS spent for Darma Henwa in Arutmin works should be recorded for another mining contractor Theiss.  

Bumi should spend US$544.41 million of COGS for Theiss both in KPC and Arutmin projects. Bumi stocks today fell 3.70% to Rp1,820 per share, following two days drop.

Disclosure: No position at the stock mentioned above.

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Berau Coal to buy Maple US$200 mio

PT Berau Coal Energy, parent company of PT Berau Coal, plans to use 8% of proceed from initial public offering (IPO) of 7 billion shares or 18.18% stakes to bankroll acquisition of Maple Holdings Limited stakes from Regulus International Pte Ltd worth US$200 million.

In the IPO prospectus published today, Berau Coal Energy, which is now wholly owned by PT Bukit Mutiara, special purpose vehicle (SPV) of PT Recapital Advisors, aims to use 92% of the IPO proceed to fulfill working capital requirement.

Berau Coal Energy will lend the IPO proceed to its wholly owned subsidiary Seacoast Offshore Inc to acquire Maple Holdings. The 5 year loan will be charged with a 2.5% annual interest rate.
Maple Holdings is SPV company founded in Labuan, Malaysia. Maple has 10 year rights of coal marketing from Berau Coal to overseas market excluding Japan.

PT Danatama Makmur and PT Recapital Securities are mandated to underwrite Berau Coal IPO. Credit Suisse Securities and JPMorgan Securities also help marketing in the global market.

Bukit Mutiara is 99.6% owned by PT Bentara Energi Asia Utama and Arnanto holds 0.4% stakes. PT Recapital Advisors owns 99% of Bentara Energi and Andy Widya Susatyo hold 1% stakes in Bentara.

Recapital Advisors is 99.11% controlled by PT Tripillar Gunaperkasa, while the remaining is owned by Rosan P. Roeslani, Recapital Advisors' President Directior.

Tripillar Gunaperasa is controlled by Rosan Roeslani of 73%, Sandiaga S. Uno of 12%, and Elvin Ramli holds 15% stakes.

Disclosure: No position at the stock mentioned above.
 
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