CIC wants Bumi to pay debt in cash

London-listed Vallar , the controlling shareholder of Asia's biggest thermal coal exporter Bumi Resources , said sovereign wealth fund China Investment Corp wanted its US$1.9 billion loan to Bumi to be repaid in cash.

"CIC wants cash, not swap its loan with CB," Vallar's CEO Ari Hudaya as quoted by Reuters.

In a morning note published by Mandiri Sekuritas, it has been clarified that CIC prefers cash payment for its debt. But again there is no clarity yet wether it is for the whole debt of US$1.9 billion or only the 1st tranch of US$600 million that will be repaid in October 2011

At the analyst briefing last week, BUMI mentioned that they will still negotiate with CIC for potential debt swap with the CB. So there still possibilities of debt swap with the CIC for the remaining tranches. There has been a talk in market that CIC was asking about 20% discount for swapping with the CB since the CB was offered out of the money.

Based on our calculation, BUMI will spend around US$785 million this year for early repayment of the 1st tranch with principal repayment of US$600 million (but please note that 12% interest paid monthly, so the cash needed in October 2011 should be around US$715 million which BUMI potentially seek another refinancing for this payment)

This could bring negativity to BUMI’s share in near term since selling directly the CB worth US$2.07 billion with only 2% coupon sounds very challenging. And this will bring questions to BUMI’s current shareholders about the new potentially unfriendly shareholder of 20.6% ownership in Bumi Plc (assuming post Step Up and CB conversion)

There is a trade off between earnings downgrade in BUMI’s income statement vs healthier BUMI’s balance sheet (in line with its deleveraging plan) from the sale of 75% stake in BRMS since BUMI would remove US$238 million of BRMS’s loan carried on BUMI’s balance sheet. 

However, with only 12% stake in BRMS, BUMI’s FY12F net profit is potentially reduced by around US$60 million-US$70 million about (9% – 11% from our previous FY12F forecasts) which we expect this is one of the main reason negative reaction in market that bring selling pressure to BUMI’s share recently.

Disclosure: No position at the stock mentioned above.

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Chairul Tanjung acquires detik.com

Indonesian mogul businessman Chairul Tanjung, that controls CT Corp., reportedly has reached an agreement to acquire PT Agranet Multicitra Siberkom, a company which manages Indonesia's top two news online, detik.com, Bisnis Indonesia daily said today.  

Sources said top level executives at detik.com have been informed about the take over. However, details of the deal are still unrevealed.

On Tuesday night, all employees at detik.com were invited by the management in a bid to explain the acquisition. During the meeting, the detik.com's top level management said Chairul Tanjung has agreed to buy stakes from several shareholders.  

Chairul Tanjung's mobile was unreachable for further comment. Since 2 years ago, Chairul Tanjung has been known as one of investors who is interested to buy detik.com from two shareholders, Tiger Investment and Mitsui & Co. 

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

Jakarta Composite Index (JCI) is to move in limited range as global and regional markets will influence its move. The index was closed 0.44% higher to 3,830.27. Here are stock recommendations as quoted by Bisnis.com today:

Minna Padi Investama:

The index will tend to move flat at resistance level of 3,854. The securities company suggests to 'buy' on shares like INDF, UNTR, and BBRI.

Sinarmas Sekuritas: 

The JCI technically may fluctuate with tendency to strengthen at the range of 3,816-3,845. It recommends 'buy' on shares like TLKM, CPIN, EXCL, and BBNI.
 

Erdikha Sekuritas: 

The index may move between 3,816-3,841 with recommended shares like BBNI and ADRO.
 

e-Trading Securities:

The JCI may fluctuate around 3,809-3,854 with recommended CPIN, SMGR, and INTA. 

Disclosure: No position at the stock mentioned above.

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Reignwood pledges 16.21% ENRG

Thai-based conglomerate Reignwood International Investment (Group) Company Limited, which is founded in 1984 by Thai-Chinese businessman Chanchai Ruayrungruang, has continued to pledge shares of oil and gas company PT Energi Mega Persada Tbk (ENRG).

After it pledged 6.39 billion shares or nearly 16% of total equity of ENRG to The Siam Commercial Bank Public Company Limited, Reignwood again has continued to pledge 65 million shares of ENRG, oil and gas producer that is controlled by Bakrie Group.

Referring to the latest official announcement from Reignwood that was forwarded by Energi Mega to Indonesia Stock Exchange, Reignwood in total has pledged 6.54 billion shares of Energi Mega, representing 16.12% of ENRG's total outstanding shares.

Assuming the pledge was done at Tuesday's closing price at Rp200, Reignwood has pledged Rp1.31 trillion of ENRG shares. 

However, there is no clarity from Reignwood about the pledge purpose. Reignwood manages four business sectors such as consumer goods, modern services industry, sport, art, and culture, investment and financial services. Red Bull Vitamin Drink Company Limited in China is one of companies owned by Reignwood Group.

Disclosure: No position at the stock mentioned above.

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Semen Gresik to pay Rp306 dividend

Indonesia's largest cement maker PT Semen Gresik Tbk (SMGR) was agreed by its shareholders to distribute Rp1.82 trillion or Rp306 a share total dividend, reflecting 50% of its net profit last year.

Semen Gresik President Director Dwi Sutjipto said the dividend has including interim dividend distributed last year. 

In the first half of this year, the state-controlled cement producer recorded a 9.2 million tons-9.3 million tons of production.

By end of 2011, Semen Gresik expects to reach 19.5 million tons of production. "We usually reach 45% of the annual production in the first half," said Director Irwan Suarly said.

Rp9 trillion capex
The company will provide Rp9 trillion of capital expenditure (capex) in 2012 in a bid to jack up production capacity. Production is targeted to reach 24 million tons-25 million tons next year.

Finance Director Ahyanizzaman said the company's capex next year is higher than realization last year of Rp4 trillion-Rp5 trillion.   

Disclosure: No position at the stock mentioned above.

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Garuda seals US$55 mio loan facility

Indonesia's air flag carrier PT Garuda Indonesia Tbk (GIAA) has sealed US$55 million loan facility from a number of banks.

Garuda, which will use the facility as general working capital, has signed the loan agreement on June 24 with Citigroup Global Markets Singapore Pte Ltd, UBS AG, Singapore, PT Bank Central Asia Tbk, PT Bank ICBC Indonesia, PT Bank Internasional Indonesia Tbk, PT Bank Permata Tbk, and Bank of China Ltd, Jakarta, as arrangers and creditors.

Ike Andriani, Garuda Corporate Secretary in a disclosure filed to Indonesia Stock Exchange today, Citigroup and BII are acting as the facility agents. 

Disclosure: No position at the stock mentioned above.

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LSE welcomes Bumi to main market

Bumi Plc, formerly dubbed dubbed Vallar Plc, today joins the main market of the London Stock Exchange (LSE), with a premium listing, becoming the third Indonesia focussed company to join the main market with a premium listing.

Bumi comprises coal mining businesses PT Bumi Resources Tbk with 25% shareholding and becomes 28.9%, and 84.7% shareholding in PT Berau Coal Energy Tbk, and a portfolio of base metals, iron ore and precious metals assets of PT Bumi Resources Minerals Tbk with upcoming ownership of 75% stake.

Bumi Plc has significant coal producing assets in Indonesia and is incorporated in the UK.

“We are delighted to welcome Bumi to the main market today. A London flotation affords the company access to the broadest pool of international capital in the world, listing, and trading alongside its global peers. A premium listing ensures it is subject to the highest regulatory standards, and makes it eligible for inclusion in the internationally recognised and tracked FTSE indices,” said Tracey Pierce, Director of Equity Primary Markets at London Stock Exchange Group, in an official statement today.
The company eligible to be the first Indonesia-focused company to enter FTSE100. About 52 companies from South East Asia now listed on London Stock Exchange markets. 

Disclosure: No position at the stock mentioned above.  

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Stephanus, Northstar & Mahanusa

A consortium of Northstar Pacific Partners, which was founded by Patrick S. Walujo and Glenn T. Sugita, will soon accomplish a majority takeover of brokerage firm and investment management owned by PT Mahanusa Capital.   

Northstar consortium, which partners a stellar profile in Indonesia stock market, will acquire PT Mahanusa Securities and PT Mahanusa Investment Management, three sources close to the deal said.

"Mahanusa Securities's capital paid in is Rp50 billion and Mahanusa Investment is about Rp25 billion. The brokerage still has nearly Rp50 billion retained earning," the sources said. 

Mahanusa Securities President Director Maria Ariany Santoso said she doesn't have any information about the deal. "For sure, Mahanusa requires strategic investor to boost net adjusted working capital [MKBD]," she said as quoted by Bisnis Indonesia daily today.

Mahanusa Capital is an investment company focusing in several assets in Indonesia. Founded in early 1999 by Daniel Budiman, Widjaja Tannady, and Howard Chu, Mahanusa Capital manages several portfolios in property and palm oil plantation.

In the property sector, Mahanusa manages Pacific Place, SCBD, Jakarta, and the Equity Tower. In Sangau, Kalimantan, Mahanusa manages green field project and palm plantation, namely PT Sepanjang Inti Surya Utama 2.

Stephanus Turangan

The sources said a famed executive figure from PT Danareksa (Persero), Stephanus Turangan, may take the lead at Mahanusa Securities. 

Stephanus, former Director at Deutsche Bank and joined Danareksa as of August 2009, has officially proposed his resignation letter to the Ministry of State-Owned Enterprises on June 13. If everything goes on schedule, his resignation will obtain effective date a month later.
Stephanus, former Managing Director of Capital Market in PT Mandiri Sekuritas (2003-2006), will bring one former executive from Mandiri Sekuritas, namely Syafriandi Armand Saleh, former Head of Retail Sales at Mandiri Sekuritas who resigned last month

Who is next? The sources said David Agus, Director of Investment Banking at PT Danareksa Sekuritas, may take his opportunity with Mahanusa Securities.  

"David Agus may boost investment banking business at Mahanusa and Syafriandi will drive retail sales. The combination of both may enlarge Mahanusa business in the brokerage market," the sources said.  

Disclosure: No position at the stock mentioned above.  

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BUMI step-up equals Rp2,825/share

Vallar Plc yesterday announced that Bumi Plc has entered into sale and purchase agreement (SPA) with number of PT Bumi Resources Tbk (BUMI) shareholders in pursuant to its step-up transaction of which Bumi Plc will purchase an aggregate of 800.33 million shares of BUMI (represent 3.9% of BUMI’s issued ordinary shares) in consideration of the issue of 13.88 million shares of Bumi Plc’s voting shares. 

The transaction is expected to close on 5 July 2011. Bumi Plc’s shareholding in BUMI will increase up to 28.9%. This is part of the step-up transaction series necessary to enter the FTSE100 premium listing. 

Based on Bumi's Plc closing price yesterday, this transaction would translate into BUMI share price of Rp2,825/share or about 6.6% lower than BUMI closing price of Rp3,025. 

"Our take is that this theoretical conversion price of Bumi Plc is lower than the current BUMI’s actual market price which made the transaction looks less attractive for existing BUMI’s shareholders. But Bumi Plc is still aiming to increase its shareholding at BUMI up to 51% until 3Q11," said analyst Herman Koeswanto at Mandiri Sekuritas in an investor digest published today.

Under FTSE Ground Rules, one of the main conditions that must be met is that Bumi Plc needs to have a free float of not less than 50%. And currently the minimum market cap for the top 80 of FTSE 100 stock is GBP3.3 billion vs Bumi Plc’s (Bumi LN Equity) current market cap is around US$2.5 billion. But once the 75% BRMS acquisition is done, Bumi Plc’s market cap will potentially adjust up to US$3.3 billion (after incorporating the proportionate of BRMS’s market cap). 

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

Global macro economy situation will shadow the movement of Jakarta Composite Index (JCI) in the short term. The JCI yesterday fell 0.91% to 3,813.43, following most of the global stock markets' down turn after long rally last week. 

Several stocks such as UNTR, ITMG, and HRUM could be monitored. Here are stock recommendations provided by Bisnis.com today.  

e-Trading Securities:
The index may consolidate within the range of 3,778-3,843 today with several stocks to watch: ITMG and LSIP. The JCI yesterday fell 0.91% to 3,813.43 following the global stock markets movement.

Minna Padi Investama:
The index may move in the range of 3,798-3,854 today. Several blue chips could be monitored such as UNTR, BMRI, and ADRO.

Sinarmas Sekuritas:
The index technically tends to move lower in the range of 3,800-3,840. The commodities prices which may retreat during Greece debt crisis would drive the index. Stocks to watch: ITMG, BBRI, UNTR, and HRUM.

Panin Sekuritas:
We estimate that the index today may retreat in a limited range. The volatility of commoties prices will limit the JCI. The support-resistance level today is estimated within the range of 3,792-3,827.

Disclosure: No position at the stock mentioned above. 

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Bumi Plc to raise 3.9% stake in BUMI

A number of shareholders in PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, has agreed to sell an aggregate of 800.33 million shares in BUMI.

In an official statement published tonight, the shares are representing 3.9% of the issued ordinary share capital of Bumi Resources.

The shares will be swapped with 13.88 million of Bumi Plc's  voting ordinary shares, so-called step-up transactions. These transactions are expected to close on or around 5 July 2011. In return, Bumi Plc's shareholding in Bumi Resources will be increased to approximately 28.9% from 25%.

As a result of the issue of Bumi Plc voting ordinary shares to the selling Bumi Resources shareholders, 5,95 million Bumi suspended voting ordinary shares, issued to the Bakrie Group on the closing of the transaction, will convert into Bumi voting ordinary shares on a one-for-one basis. 

Disclosure: No position at the stock mentioned above.

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Bumi to distribute Rp41.78/share dividend

PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, will distribute Rp41.78 per share dividend, representing 30% of its net profit last year.

The dividend distribution has been approved by shareholders meeting today. Last year, Bumi distributed Rp27.68 per share dividend. The company also paid Rp50.60 per share dividend in 2009 and Rp45 per share in 2008.

Disclosure: No position at the stock mentioned above.

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TAF Services upsizes bonds to Rp1.2 trio

PT Toyota Astra Financial Services (TAF Services), a joint venture company between PT Astra International Tbk and Toyota Financial Services Corporation, lifts its bonds issuance target by almost double to Rp1.2 trillion to strengthen its working capital.

In a prospectus published today, the company will be offering three series bonds, namely Series A amounting to Rp595 billion with 7.85% of coupon rate and 370 days in tenure and Series B worth Rp121 billion with 9% of coupon and 24 months days in tenure. The remaining bonds is Series C amounting to Rp484 billion with 36 months in tenure and 9.50% coupon rate.

PT Pemeringkat Efek Indonesia, an Indonesia-based credit rating agency, has assigned idAA- to the bonds. The company appointed PT Trimegah Securities Tbk, PT HSBC Securities Indonesia, and PT Indo Premier Securities as its bond underwriters. Meanwhile, PT Bank Rakyat Indonesia acted as a trustee.

The offering period will last three days starting tomorrow, whilst the allotment is scheduled on July 5, 2011 and the listing at the Jakarta Stock Exchange is targeted on July 8, 2011.
The company’s liabilities reached Rp7.15 billion as of December 31, 2011 and the asset was Rp8 trillion. Toyota Astra Financial Services booked a 43.09% revenue increase to Rp989.90 billion last year from Rp691.78 a year earlier. Meanwhile, the net income soared almost double to Rp152.09 billion from Rp81.24 billion.

Disclosure: No position at the stock mentioned above.

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Astra Agro 5M CPO sales volume up 27%

Palm oil producer PT Astra Agro Lestari Tbk (AALI) recorded a 27.1% increase in CPO sales volume to 474,772 tons in the first 5 months of this year from 373,631 tons a year earlier.
The increase was mainly derived from the rise of 28.3% in CPO production during January-May 2011, a company bulletin submitted to Indonesia Stock Exchange today.
In the same period, Astra Agro's CPO sales price recorded an increase of 22.1% to Rp8,043/kg from Rp6,588/kg last year. Otherwise, Astra Agro’s kernel & PKO sales price increased by 88.5% & 83.7% to Rp6,160/kg and Rp13,895 /kg
respectively.

Disclosure: No position at the stock mentioned above.  

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Bahana advices Telkomsel buyback

PT Telekomunikasi Indonesia Tbk (Telkom), Indonesia's largest cellular operator, has mandated PT Bahana Securities as a financial adviser regarding to the proposed buyback stake in PT Telekomunikasi Selular (Telkomsel) from Singapore Telecommunication (SingTel).

Telkom President Director Rinaldi Firmansyah said the proposed buyback has obtained approval from Telkom's shareholders.

He said Bahana will hold a stock valuation and set buyback price. Telkom aims to hold a beauty contest for 4-5 foreign investment banks to pick another financial adviser. Telkom is holding 65% stake in Telkomsel and SingTel holds the remaining.

Disclosure: No position at the stock mentioned above.


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Timah focuses on offshore mining

The state-controlled tin producer PT Timah Tbk is focusing on the tin offshore mining. It expects to generate 70% contribution of its total production from offshore mining.

President Director Wachid Usman said the offshore mining will contribute 55% of the total production this year from 20% last year.

"The offshore mining needs lower cost than the onshore," he said as quoted by Kontan daily today. 

Timah aims to modify its offshore fleets and buy two ships equipped with drilling capacity of 73 meters below the sea level. The company requires Rp40 billion to modify its fleets.

Disclosure: No position at the stock mentioned above.

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Semen Tonasa BoD change delayed

The plan to replace all directors at PT Semen Tonasa, South Sulawesi-based cement producer which is also a wholly owned subsidiary of PT Semen Gresik Tbk (SMGR), has secondly failed after extraordinary general meeting (EGM) scheduled on Thursday last week was dropped.  

Two weeks ago, a source close to the matter said, Semen Tonasa's EGM was also ceased due to political intervention from local government at South Sulawesi which is also backed up by stellar businessman and politician.        

Semen Tonasa's current board of director was affirmed in 2005 consisting of President Director Sattar Taba, Director Subagio, Yonathan Dollo Sanda, Erizal Bakar, and Gatot Kustyadi. 

"They all have put their positions and let the shareholder, Semen Gresik and the Ministry of State-Owned Enterprises hold fit and proper tests to pick professionals. Don't let political intervention ruin the regulation," the source said.

Semen Gresik Presiden Director Dwi Sutjipto said he confirmed that there are several interest from other parties to block the BoD replacement in Semen Tonasa.

"Many inspirations from several parties should be considered. This makes the replacement requires more time," Dwi said.

In 2011, Semen Gresik Group is expected to have 20.2 million tons of installed capacity, counting 37.41% of the national cement output of 54 million tons.

The cement production capacity of Semen Tonasa will be 4.1 million tons this year, reflecting 20.29% of Semen Gresik Group's total capacity.         

Disclosure: No position at the stock mentioned above.  

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Stock recommendation today

The Jakarta Composite Index (JCI) is predicted to continue rally today in limited range after strengthening for one straight week. Here are stock recommendations provided by Bisnis.com today.

Minna Padi Investama: 
The JCI may strengthen in limited range with support level at 3,802. It recommends buyt on shares like BMRI, BBCA, and BBNI considering that commodity stocks will be hit by the decline in crude price. 

Sinarmas Sekuritas:
Technically the index will move between 3,830-3,872 with recommended shares like PGAS, BBRI, INCO, and BBNI.

e-Trading Securities: 
It predicts the index to move between 3,823-3,872, and recommends buy on shares like HRUM, JPFA, and BBRI.

Reliance Securities: 
The index may be hit by profit taking action after a week of stronger index. Support level will be at 3,775 while an appreciation wil be limited at 3,872. It recommends buy on shares like ANTM, INCO, and UNVR.

Disclosure: No position at the stock mentioned above.

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Atlas Resources & IPO underwriters

Coking and thermal coal miner PT Atlas Energi Resources is soon to enter Indonesia stock market. It has mandated two lead underwriters, famed foreign and local houses. 

Atlas Resources currently manages operation and explorations in several coal mine locations in East Kalimantan, South Sumatra and Papua. The company is scouting coal output of 2 million tons-2.3 million tons by end of this year. Who the underwriters? A former executive from the state-controlled coal company has joined Atlas Resources. Who is he?  

Disclosure: No position at the stock mentioned above.


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Stephanus, Syafriandi Saleh alliance

If Minister of State-Owned Enterprises Mustafa Abubakar could give approval on the proposed resignation of Director Stephanus Turangan at PT Danareksa (Persero), Stephanus would take part of the business expansion of a local brokerage and asset management.      
Stephanus, who joined Danareksa (Persero) as of August 2009, has officially proposed his resignation letter to the Ministry of State-Owned Enterprises on June 13. If everything goes on schedule, his resignation will obtain effective date a month later.
Stephanus, former Director of Institutional Clients Group in Deutsche Bank AG (2006-2009) and former Managing Director of Capital Market in PT Mandiri Sekuritas (2003-2006), will bring one former executive from Mandiri Sekuritas, namely Syafriandi Armand Saleh, former Head of Retail Sales at Mandiri Sekuritas who resigned last month. Who is next? At what brokerage Stephanus will join?

  

Disclosure: No position at the stock mentioned above.  

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Harry Sasongko urged to be replaced

The Ministry of State-Owned Enterprises, as minority shareholder in PT Indosat Tbk (ISAT), has proposed to replace President Director Harry Sasongko Tirtotjondro and add one new director to improve performance of Indonesia's second largest cellular operator by subscribers.

"We are proposing to renew the board of directors at Indosat. If it is possible, president director should be replaced. Qatar Telecom [controlling shareholder] has informed positive progress on debt payment. But, Indosat's performance remains slow," said Mustafa Abubakar, Minister of State-Owned Enterprises as quoted by Bisnis Indonesia today.

According to Mustafa, the MSOE's intention to replace Harry Sasongko has been formally proposed to Indosat President Commissioner Abdullah Mohammed S.A. Al Thani.

Rp6.5 trillion Capex 

Indosat plans to spend Rp6.5 trillion capital expenditure to develop cellular business. It will be bankrolled by internally cash flow of Rp868 billion.

"We have free cash flow from operations, hence we will fulfill the capex from internally generated cash," he said after shareholders' meeting yesterday.

About 80% of the capex will be used to modernize and add networking in Jabodetabek and Kalimantan. The remaining will be utilized to develop fiber optic and satellite business.

Harry said the operator is also planning to redeem US$220 million debt using the internally generated cash flow.

Disclosure: No position at the stock mentioned above.

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Stephanus resigns from Danareksa

Director Stephanus Turangan has proposed his resignation from the state-controlled brokerage firm PT Danareksa (Persero) on June 13 as he will manage his own business with his partners.  

If the proposed resignation would be affirmed by Ministry of State-Owned Enterprise, Stephanus's resignation took into effect on July 13 2011, said a disclosure letter to Indonesia Stock Exchange last week. 

Post the resignation, Danareksa is still led by Edgar Ekaputra as President Director and two Directors Aloysius Kiik Ro and Heru D. Adhiningrat.

However, the State-Owned Enterprise Ministry hasn't yet approved the resignation. Born in 1965 in Bandung, Stephanus obtained his bachelor degree in Business Management from Case Western University, Cleveland-Ohio, USA and MBA in International Business Management from Baldwin Wallace University, Berea-Ohio, USA.
Prior to his appointment as a director at Danareksa, Stephanus served as Director of Institutional Clients Group in Deutsche Bank AG (2006-2009). 

He also served as Managing Director of Capital Market in PT Mandiri Sekuritas (2003-2006) and Director of Capital Market in PT Bahana Securities (2001-2003). He holds Broker-Dealer Representative and Investment Manager Representative licenses from Bapepam-LK (Capital Markets Supervisory Board).  He has been appointed as director of Danareksa (Persero) since August 2009.

Disclosure: No position at the stock mentioned above.  


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Skybee to hold non-preemptive rights

PT Skybee Tbk, distributor of telecommunication handsets, has obtained approval to hold a non-preemptive rights in a bid to boost its equity.

Skybee President Director Hendra Kendro said assuming the exercise price is Rp570 a share, the proceed will augment the company's equity to Rp33.35 billion. "The 10% of its outstanding shares' non-preemptive rights will be realized in this quarter," he said.

The company has also sealed approval to pledge half of its assets to secure loan facilities from Bank Central Asia and Bank Danamon of Rp30 billion and Rp46.5 billion respectively.

On the separate occasion, PT Ricky Putra Globalindo Tbk scouts Rp610 billion revenue, a 5.11% increase from Rp580.31 billion this year.

 
Disclosure: No position at the stock mentioned above.

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META eyeing ports acquisition

Toll road operator PT Nusantara Infrastructure Tbk (META), that is controlled by Rajawali Group's Peter Sondakh, is aiming ti develop port infrastructure business. To realize the target, Nusantara is scouting several ports for possible acquisition.

The company is now eyeing several ports in Sumatra and Sulawesi. However, Nusantara hasn't yet disclosed the port's identity. 

"If Nusantara could buy the ports, such acquisitions would positively contribute to the company's revenue. It might contribute 20% of the revenue," said Danni Hasan, Nusantara's Director, as quoted by Kontan today.

META plans to spend US$200 million-US$250 million this year to develop transportation and port business.

Nusantara recorded  Rp750 billion bank loan facilities and its equity was Rp975.95 billion, reflecting 0.7x of debt to equity ratio.

The company obtained a 13% loan facility worth Rp816.27 billion from PT Bank Mega Tbk. It is considering to seek reduce the interest to 9%-10%. "We are in talks with Bank Mega regarding to decrease the interest rate."

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

Jakarta Composite Index (JCI) potentially closes this week with strong rally after it was closed slightly up 0.05% to 3,823.65 yesterday as provided by Bisnis.com today:

Minna Padi Investasi:

The brokerage believes foreign net buy will sustain the strong index today. It predicts the index to move between 3,798-3,872 and suggests ‘buy’ on shares like BBCA, BBRI and ASII.

Sinarmas Sekuritas: 

It sees potential of the index to further rally at 3,807-3,835 on the influence of regional sentiments. It recommends ‘buy’ on shares like BDMN, TINS, ISAT, and BBCA.
 

e-Trading Securities:

It predicts the index to fall to 3,794-3,843 with recommended shares like TINS and ANTM.

Panin Sekuritas: 

It sees fluctuation to go stronger at 3,796-3,848 as investors will still focus on US and European macro economic data amid the absence of domestic sentiment.

Disclosure: No position at the stock mentioned above.
 
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Indomobil to spend Rp400 bio capex

Car distributor and assembler PT Indomobil Sukses Internasional Tbk (IMAS) will spend Rp400 billion capital expenditure (capex) this year to support business expansion.

President Director Jusak Kertowidjojo said the capex will be used to develop business of its subsidiaries in financial sector such as PT Indomobil Finance Indonesia. "The allocation is more than half," said Jusak yesterday as quoted by Kontan today.

Indomobil is also planning to strengthen distribution chain of Nissan and Hino. The company will use proceed from rights issue to support the expansion.

Disclosure: No position at the stock mentioned above. 

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Intiland sets Rp1 trillion capex in 2011

Property developer PT Intiland Development Tbk (DILD) estimates to spend Rp1 trillion as capital expenditure this year to develop five projects.

The projects are the first stage of development of Park Residences, TB Simatupang project, Graha Natura in Surabaya, Talaga Bestari in Jakarta, and Whiz Hotel in Semarang, Bali, and Balikpapan.

Up to early June this year, Intiland has spent Rp350 billion-Rp400 billion capital expenditure. "The source of financing will be generated by internal cash and loan facility," said Corporate Secretary Theresa Rustandi as quoted by Kontan daily today.

Disclosure: No position at the stock mentioned above.

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Berau eyeing 70% growth in EBITDA

Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60%-70% growth in EBITDA to US$560 million-US$595 million this year. The target is in line with production target of 20.3 million tons, a 17.34% increase from 17.38 million tons.

President Director Rosan P. Roeslani said the EBITDA will be underpinned by higher coal's average selling price (ASP) as well.

The ASP this year is estimated to increase 21.31% to US$74 per ton from US$61 per ton last year. "Sales may up 30% from last year, driving higher EBITDA of 60%-70%."

Disclosure: No position at the stock mentioned above.

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Multistrada seeks US$500 million

Car and motorbike tire maker PT Multistrada Arah Sarana Tbk (MASA) is seeking US$300 million-US$400 million financing to bankroll production capacity expansion in the next 3 years. 

President Director Pieter Tanuri said the tire maker of Achilles, Strada, and Corsa brands plans to jack up daily output of 57.89% to 45,000 of car tires from 28,500 tires this year. 

Multistrada also aims to boost production of motorbike tire 150% to 45,000 tires a day from 16,000 tires. "To reach the target, we are considering to establish new production facilities.

Disclosure: No position at the stock mentioned above.  

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Stock recommendation today

Jakarta Composite Index (JCI) is predicted to continue strengthening after advancing 0.71% to 3,821. Opportunity to move sideways  is also opened due to an accumulation of rallies. Bisnis Indonesia today provided stock recommendations:

Trimegah Securities: 

Global economic certainty is at stake, thus leaving room for further rally after advancing for three straight days. Pease monitor ASII, BBRI, and UNTR.

Sinarmas Sekuritas:

Technically, the JCI is to keep advancing at around 3,805-3,840, and recommends buy on shares like TLKM, BBNI, BUMI, and HEXA.
 

Minna Padi Investama: 

The index is estimated to move flat at 3,798-3,857 after it recorded gains in several consecutive days. It recommends shares like ASII, HRUM, and INDY

e-Trading Securities:

The index may move in the range of 3,790-3,844 with recommended MEDC and BDMN.

Disclosure: No position at the stock mentioned above.

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Tower Bersama buys 100% stake Infratel

Tower operator PT Tower Bersama Infrastructure Tbk (TBIG) has agreed to acquire 100% shareholding PT Mitrayasa Sarana Informasi (Infratel), a privately owned independent telecommunications tower provider based in Jakarta. Following the closing of this acquisition, Infratel will become a wholly-owned subsidiary of Tower Bersama. Infratel’s tower portfolio consists of 263 towersites and 332  shelter-only sites, with an aggregate of 672 tenancies. 

This acquisition will add more than 10% to Tower Bersama’s revenue. 

“Infratel is an independent tower provider that has good relationships with telecommunication operators in Indonesia, as reflected by the quality of its tower portfolio. About 92% of Infratel’s tenancies are from the four largest Indonesian telcos and its  portfolio has an average remaining contract life of over eight years,” said Herman Setya Budi, President Director and Chief Operating Officer of Tower Bersama. 

“We are very pleased with our core organic growth business since almost all of our growth in 2011 has come from the four largest Indonesian telcos."

Disclosure: No position at the stock mentioned above.  

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Fitch affirms Berlina rating at BBB(idn)

Fitch Ratings has affirmed Indonesia-based plastic packaging manufacturer Berlina's national long-term rating at BBB(idn) with stable outlook.

The rating reflects Berlina's expertise in plastic packaging, robust industry dynamics, exposure to established customers and sound credit profile.

Berlina's revenues grew by a CAGR of approximately 15% in the past five years and would continue to benefit from the growing fast-moving consumer goods and food&beverage markets in both Indonesia and China. Berlina derives about 67% of its consolidated revenues from Unilever Indonesia and Unilever China, its major customers. 

Although there is no long-term off-take agreement between the companies, the relationship is strong, spanning about 40 years. Fitch considers the relationship to be positive for Berlina's credit profile given Unilever's strong position in the fast moving consumer goods industry. 

Berlina's leverage and coverage measures are also strong for the current rating; in FY10 Berlina's adjusted net debt/operating EBITDAR was 1.6x (1.7x in FY09), and EBITDA/net interest was 4.6x (3.2x). 

Berlina's earnings are also stable, due to frequent adjustment of its selling prices which offset fluctuating raw material costs. 

Gross profit margins (excluding depreciation) have remained range-bound at about 25%-28% in the past 5 years. The rating remains constrained by Berlina's limited scale, with operating EBITDA of Rp96 billion in FY10 and the capital-intensive nature of the business which has resulted in negative free cash flow generation in the past 3 years.

Berlina's expected capex in FY11 and FY12 are substantial; however, Fitch notes that some of this could be deferred if necessary; especially as Berlina is currently running at capacity utilization levels of about 70%.

Disclosure: No position at the stock mentioned above.

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Interra controls 100% Tanjung Miring TAC

Singapore-listed company Interra Resources Limited, through its wholly-owned subsidiary, Goldwater TMT Pte Ltd, has entered into an assignment agreement with PT Retco Prima Energy on 20 June 2011 to acquire Retco Energy’s remaining 30% participating interest in the Tanjung Miring Timur Technical Assistance Contract (TAC) for an aggregate purchase consideration of US$6.9 million in cash. 

In a disclosure announcement, Goldwater will partly fund the acquition from the balance of the net proceeds of approximately S$4.7 million raised from the placement completed on 4 April 2011 and the remaining portion from existing funds on hand.

The contract area under the Tanjung Miring TAC covers an area of approximately 61 km2 and is located in South Sumatra, Indonesia, around 30 kilometres southeast of Prabumulih and about 120 kilometres southwest of Palembang.  During 2010, the total gross production of the field was 118,402 barrels of oil. Prior to the completion of the Assignment Agreement and as at the date of this announcement, Goldwater owned 70% participating interest in the Tanjung Miring TAC. 

Upon completion of the takeover, Goldwater will effectively own 100% participating interest in Tanjung Miring TAC. The TAC with PT Pertamina EP commenced on 17 December 1996 for a term of 20 years. 

Retco Energy is currently the operator of the oil field and upon completion of the agreement, Goldwater will assume the role of operator of the Tanjung Miring field 

The Acquisition is conditional upon the obtaining of approvals from the state-owned Perusahaan Pertambangan Minyak dan Gas Bumi Negara as well as the other relevant Indonesian regulatory authorities. The Acquisition will enable Interra Resources and its subsidiaries to increase oil production and to facilitate future expansion in this area of the business. 

Disclosure: No position at the stock mentioned above.  

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Dubai World may exit from Jakarta

PT Bakrieland Development, Indonesia’s second-biggest property developer by assets, said its partner Dubai World may pull out of a real estate project in Jakarta and expects a decision within three months.

Limitless LLC, a property developer owned by Dubai World, agreed in September 2008 to invest in the project, valued at $1.7 billion at the time, and has delayed its investment following the global credit crisis, Bakrieland’s Chief Executive Officer Hiramsyah Sambudhy Thaib said as quoted by Bloomberg today. 

Limitless said it’s assessing its options for the venture. “We’re trying to accelerate the progress again” after a delay in the development, Thaib said in an interview in Singapore yesterday. 

“We are now discussing the possibility of them pulling out of the deal. We are really hoping that we can move this project faster, after decisions are made.”

New investors may help revive the Rasuna Epicentrum apartment, office and retail project located in one of Jakarta’s busiest business districts, which was initially expected to be completed this year, Thaib said. 

Bakrieland, which is forecasting a 2012 completion, may divide Limitless’s stake into smaller portions to attract more investors should the company decide to pull out, Thaib said.

“We continue to assess options for this project that are in the best interests of our stakeholders,” Limitless said in an e-mailed response to questions from Bloomberg News.

In Dubai, the Middle East’s worst-performing property market in the last three years, Limitless and other developers are restarting stalled projects that are nearest to completion in the most attractive locations.
Restarting Work

Limitless plans to restart work on four office and residential buildings in the Galleries development in Dubai next year, adding more than 600 apartments and 1 million square feet (93,000 square meters) of office space, Bahaa Abouhatab, head of projects for Limitless, said earlier this month.

Dubai, the second-biggest of the seven sheikhdoms that make up the United Arab Emirates, sought neighboring Abu Dhabi’s help after the global crisis pushed property prices down by more than half and frozen credit markets forced some state-owned companies to delay loan payments. State-owned Dubai World signed a final agreement to restructure $25 billion of debt in March.

Limitless invested in Rasuna Epicentrum three years ago as its first development in Indonesia in a bid to expand overseas.  

Disclosure: No position at the stock mentioned above.

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Berau sets US$126 mio to boost coal

Indonesia's fifth largest coal producer PT Berau Coal Energy Tbk (BRAU) is providing US$126 million to optimize coal output to 20.3 million tons.

President Director Rosan P. Roeslani said by 2014, the company requires US$350 million to expand business. Berau is relying on internally generated cash flow and retained earning. "For 2011, we will spend US$126 million. So far, we will use internally cash flow and retained earning," he said.

By end of 2014, Berau is scouting to boost coal output to 30 million tons or to lift 3 million tons per annum. In 2010, Berau produced 17.38 million tons, while coal sales was 17.38 million tons from 17.07 million tons.

Rp3.55 dividend
Berau was agreed by its shareholders to distribute Rp123.9 billion dividend or Rp3.55 per share. The dividend payout ratio is 20% of Berau's net profit. The company posted Rp1.27 trillion net profit last year, a 27.39% drop from Rp853.71 billion in the previous year.

Disclosure: No position at the stock mentioned above.

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Alkindo sets IPO at Rp225-Rp300

Paper tube, paper core, and honey comb producer PT Alkindo Naratama Tbk has offered its initial shares at Rp225-Rp300 per share during IPO.

Alkindo, which is majority owned and founded by Herwanto Sutanto and Lili Sutanto, is selling 150 million new shares or 27.27% of its enlarged capital, enabling the company to raise Rp33 billion-Rp45 billion proceed.
The company will use the proceed to settle debt to two banks, land investment, and working capital. 

Disclosure: No position at the stock mentioned above.

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Visi Media Asia sets IPO at Rp280

PT Visi Media Asia Tbk, parent company of TVOne, ANTV, and Vivanews.com owned by Bakrie Group, has set its initial public offering (IPO) at Rp280 per share. 

Referring to the price, Visi Media is eyeing Rp640 billion from the IPO. During the book building process, Visi Media obtained oversubscribed demand from investors.

According to Vicky Ganda Saputra, Director Executive of PT Danatama Makmur, the IPO price is the highest level of the offer. Danatama Makmur and Ciptadana Securities are the IPO lead underwriters.

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

Jakarta Composite Index (JCI) will again show its strength today after two-day rally. Here are stock recommendations as provided by Bisnis Indonesia daily today.

Trimegah Securities: 

The JCI is predicted to move within the range of 3,745-3,820. Stocks to watch TLKM, INDF, and UNVR.
 

Panin Sekuritas: 

The index is estimated to continue to the level 3,768-3,815. External factors like European debt crisis, Federal Reserve's meeting and US economic data, shall be anticipated.

e-Trading Securities: 

Today, the JCI is predicted to move in the range of 3,759-3,824 with recommended shares like BUMI, INDY, and PTBA. The index which was closed up 1.76% or 66 points to 3,794.94 was the highest record in a month.

Sinarmas Sekuritas:

Technically, the JCI tends to move within the range of 3,756-3,827. Several stocks to watch: BJBR, INDF, UNTR, and BBTN.

Minna Padi Investama: 

The index tends to strengthen with resistance level of 3,800. Please monitor INDY, PGAS, and BBRI.
 

Erdikha Sekuritas:

We estimate that the index is moving within the range of  3,751-3,818. Stocks to watch: BJBR and ICBP. 

Disclosure: No position at the stock mentioned above.
 
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Bumi secures US$200 mio loan

PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, and its four subsidiaries have obtained US$200 million loan facilities from UBS AG, Singapore. 

Bumi and  PT Sitrade Coal, Kalimantan Coal Limited, Sangatta Holdings Limited and Forerunner International Pte Ltd entered into loan agreement with UBS on April 28 2011, said Bumi's 1Q/2011 financial report said.  UBS provided US$100 million credit facility with an interest rate of 6% per annum. 

The loan agreement was subsequently amended on May 4, 2011 granting Bumi an additional loan facility amounting to US$100 million.

Bumi will use the facilities to pay expenses and other general corporate purposes. The loan is payable in full 6 months after its utilization date. However, the company has the option to extend the maturity for an additional 6 months.

In the first quarter of 2011, Bumi's net equity was US$1.32 billion and long term debt of US$3.61 billion. Debt to equity ratio was 2.73x.

Net profit drops 

In the 1Q financial statement published at Bumi Resources's website, Bumi reported a 13.27% drop in net profit to US$123.28 million from US$142.14 million in 1Q 2010 (after restatement).

The net profit was underpinned by several transactions such as gain on derivative transaction of US$105.92 million, equity in net income of associated companies of US$43.48 million, and gain on foreign exchange of US$62.31 million. Bumi also posted loss on cancellation of shares sale of US$35.89 million.

However, Bumi posted a 38.69% increase in operating profit to US$218.89 million from US$157.83 million, reflecting higher operating margin to 25.75% from 22.46%. Revenue increased 20.95% to US$850.02 million from US$702.78 million.

Disclosure: No position at the stock mentioned above.

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Medco seizes US$140 mio loan from BRI

Oil and gas producer PT Medco Energi Internasional Tbk (MEDC), that is controlled by Panigoro family, has seized US$140 million from the state lender PT Bank Rakyat Indonesia Tbk (BRI).

The 5-year facility charges Medco with interest of 3 month Libor. "Medco will use the facility to support the refinancing program," said Medco Finance Director Syamsurizal Munaf in a press statement today. 

Medco has financing strategy to obtain facilities with competitive interest. "The financing availability will ease Medco to fulfill the financing requirement and support working capital," he said.

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

The Jakarta Composite Index (JCI) will again fluctuate today after facing pressures last weekend and having a slight advance by 0.18% yesterday. Here are stock recommendations as provided by Bisnis Indonesia daily today:

e-Trading Securities:

The JCI is estimated to swing today. It is predicted to move within 3,685-3,759 with several stocks to watch: TLKM, GGRM, and MYOR.
 

Trimegah Securities: 

The acumulation of foreign buy on bluechip shares like ASII, BBRI, and BMRI is expected to give positive sentiment to the index to move between 3,720-3,800 today.
 

Panin Sekuritas: 

The JCI is expected to swing and to further rally at 3,706-3,750 today.
 

Minna Padi Investama: 

The index may move within the range of 3,691-3,759. It recommends 'buy' shares like TLKM, UNTR, and BMRI.

Disclosure: No position at the stock mentioned above.

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Reignwood pledges 28 mio ENRG

Thai-based conglomerate Reignwood International Investment (Group) Company Limited, which is founded in 1984 by Thai-Chinese businessman Chanchai Ruayrungruang, has continued to pledge shares of oil and gas company PT Energi Mega Persada Tbk (ENRG).

After it pledged 6.39 billion shares or nearly 16% of total equity of ENRG to The Siam Commercial Bank Public Company Limited, Reignwood again has pledged 28 million shares to the bank, boosting the total shares pledged to 6.44 billion shares.

However, there is no clarity from Reignwood about the pledge purpose. Reignwood manages four business sectors such as consumer goods, modern services industry, sport, art, and culture, investment and financial services. Red Bull Vitamin Drink Company Limited in China is one of companies owned by Reignwood Group.

Disclosure: No position at the stock mentioned above.  

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Star Petrochem sets IPO at Rp102

PT Star Petrochem Tbk, trading company of petrochemical, yarn, and cotton, has set the IPO price at Rp102 per share, enabling the company to raise Rp204 billion proceed.

Star Petrochem plans to sell 2 billion new shares of 51.5% of its enlarged capital in the IPO which will be underwritten by PT Andalan Artha Advisindo Sekuritas. 

The company also issues 980 million of series I warrants to investors for free. Each holder of 200 shares will entitle 98 shares with the exercise price of Rp102.

Star Petrochem will use Rp125 billion of the proceed to boost capital in its subsidiary, Rp10 billion for capital injection in PT Star Asia Indonesia, Rp5 billion for working capital, and Rp60 billion will be used to settle bank loan facility to PT Bank Capital Indonesia Tbk.

PT Premium Indonesia owns 48% stake in Star Petrochem and PT Premium Mandiri holds 0.5%. Ronny L. and Hennyta Setianingsih own 99.99% and 0.01% stake in Premium Indonesia. Hennyta is acting as commissioner at Premium Indonesia and Sigit Ary Pamungkas as director.

Disclosure: No position at the stock mentioned above.

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Alkindo to offload 27.27% stake in IPO

Paper tube, paper core, and honey comb maker PT Alkindo Naratama Tbk is planning to offload 150 million new shares or 27.27% of its enlarged capital during initial public offering on July 12 2011. 

In the IPO prospectus published today, Alkindo, which was founded in 1990 and based in Bandung, West Java, by Sutanto family, will use Rp5 billion of the proceed to settle bank loan facilities to Bank OCBC NISP and Bank Danamon. About Rp11 billion will be used by the company to support land investment in Bandung, and the remaining is aimed as working capital.

Alkindo has mandated Erdikha Sekuritas as the IPO lead underwriter. Alkindo is controlled by PT Golden Arista International with 58.41% stake, Lili Mulyadi Sutanto, Herwanto Sutanto, and Erik Sutanto with shareholdings of 7.66%, 4.68%, and 2.18%, while public shareholders will hold the remaining. Golden Arista is owned by Lili Sutanto and Herwanto Sutanto with 50% stake each.

Alkindo posted Rp169.49 billion net sales last year, a 17.03% from Rp144.83 billion. It booked Rp3.62 billion net profit, a 37.84% increase from Rp2.62 billion.

Dividend policy

If the company posts net profit of Rp15 billion, the dividend payout ratio will be a maximum of 20% of net profit. If the company books net profit of Rp20 billion and higher than Rp20 billion, the ratio will be 25% and 30%.

Disclosure: No position at the stock mentioned above.

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TOWR scouts US$1.5 bio financing

Tower operator PT Sarana Menara Nusantara Tbk (TOWR), that is controlled by Djarum's Hartono family, is scouting a maximum of US$1.5 billion financing.

The financing will be used to bankroll takeover of 1,000 towers. TOWR, through its subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo), has acquired 217 towers from Hutchison CP Telecommunications.

"The acquisition of additional 783 towers will be proceed," said President Director Adam Gifari after shareholders meeting today.

The operator expects to accomplish the acquisition by end of 2012. Sarana Menara, which is owned by children of two siblings of Djarum family's namely Michael Bambang Hartono and his younger brother Robert Budi Hartono, posted Rp151.26 billion net profit or Rp148 per share in 1Q 2011 from Rp76.56 billion or Rp78 per share.

The company booked 14.85% increase in operating profit to Rp196.17 billion from Rp170.81 billion, while revenue rose 13.08% to Rp369.05 billion from Rp326.37 billion.
Martin Basuki Hartono, son of Robert Hartono, is currently acting as the president commissioner at Sarana Menara.
Michael Hartono owns 24.55% stake in Sarana Bersama through PT Caturguwiratna Sumapala and Robert Hartono owns 25.55% stake in Sarana Bersama through PT Tricipta Mandhala Gumilang.
Loan facility
Protelindo obtained US$250 million loan facilities on May 3 2011 from a group of lenders consisting of DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, and The Royal Bank of Scotland N.V., Hong Kong branch.
The company will use the new loan to refinance the existing facility of US$100 million previously obtained from Stewart Island Investment Pte Ltd and to pay fees and expenses and to fund acquisition of construction towers.

Disclosure: No position at the stock mentioned above.
 
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Moody's upgrades Pakuwon Jati to B3

Moody's Investors Service has today upgraded PT Pakuwon Jati Tbk's corporate family rating and senior secured bond rating to B3 from Caa1.
The outlook for the ratings is positive. "The upgrade reflects the company's improved credit metrics and increased  levels of recurring income, both because of strong leasing performance and pre-sales for the properties at its Gandaria City project," said Alvin Tan, a Moody's analyst, in a press statement today.
As of March 31, 2011, approximately 93% of the retail mall at Gandaria City had been leased, 92% of its two condominium towers sold, and 77% of the offices either sold or leased. The high occupancy rates and long leases for the retail mall -- with 89% locked in for five-to10-year periods -- will improve Pakuwon's recurring income stream at least over the medium term.

"As a result of the strong presales at the Gandaria City and Pakuwon City projects, coupled with the improved recurring income from Gandaria City, Pakuwon's debt/capitalization improved to 45% in FY2010 from 50% in the previous year, and EBITDA/Interest coverage rose to 4.5x," said Tan.

"Moody's expects income from the property development segment over the next 1-2 years to be driven by presales from the Tanjungan V project, Pakuwon City project, and sales of the remaining Gandaria City units. 

Moody's also expects the company to maintain debt/capitalization at below 50% and EBITDA/Interest coverage between 3x and 5x over the next 2-3 years, still strong for its B3 rating.

Pakuwon had cash and cash equivalents of around Rp382 billion as of end-March 2011, which is more than its maturing debt of Rp270 billion over the next four quarters. 

The maturing debt includes Rp142 billion from the unexchanged senior secured notes due in November 2011. The positive outlook reflects Moody's expectation that Pakuwon will be well-supported by the improved recurring income from its investment properties, as well as ongoing financial discipline in its pursuit of its growth strategy.

Further track record of prudent investment and strategy decisions over the coming 12-18 months could see Pakuwon's ratings upgraded further to B2. 

An upgrade would also be supported by sustained improvements in sales performance and cash flow generation and further strengthening of recurring income. 

Credit metrics that will support an upgrade include EBITDA/interest coverage above 3.0x and adjusted leverage below 45-50% on a sustained basis.

On the other hand, the rating could return to stable if Pakuwon's financial and liquidity profiles weaken due to 1) the company taking on large debt-funded projects, which lead to excessive development risk; 2) the property market deteriorates, leading to protracted weakness in its operations and credit profile; and 3) the company fails to meet its financial covenants test, resulting in accelerated debt payments.
 

Disclosure: No position at the stock mentioned above.  

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Sierad secures Rp100 bio loan facility

PT Sierad Produce Tbk (SIPD) has entered into loan agreement of Rp100 billion with PT Bank Mandiri Syariah. Sierad will use the facility as working capital.
Sierad previously secured Rp60 billion of working loan facility and Rp64 billion of investment credit. Sierad believes bank loan facility is the best option as its leverage is still low. It expects the facility will help Sierad to reach the target.

Disclosure: No position at the stock mentioned above.  

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Mayora eyes 19.36% increase in sales

PT Mayora Indah Tbk (MYOR), food products maker, plans to increase its sales to increase 19.36% to Rp8.36 trillion from last year of Rp7.22 trillion, reflecting a 51.22% jump from 2009's sales.

To reach the sales target this year, as quoted by Kontan daily today, Mayora will be supported by additional production capacity.

"This year will see additional production capacity of 20%," said Commissioner Mayora Hermawan Lesmana said on Friday last week.

The company will establish two production facilities in Tangerang with total investment of Rp700 billion. The additional capacity is expected to accomplish by end of 2011.

With the additional capacity, Mayora will grow 20%-30%. In line with the higher sales, Mayora is eyeing a 4.39% increase in net profit this year to Rp505.34 billion from Rp484.09 billion last year.

Disclosure: No position at the stock mentioned above.


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Bank Permata lifts bonds to Rp1.75trio

PT Bank Permata Tbk (BNLI) has upsized its subordinated bonds issuance to Rp1.75 trillion from the initial plan of Rp1 trillion. The 7-year bonds, has been priced at 11% interest annually, will be listed on June 30 at Indonesia Stock Exchange (IDX).

Three lead underwriters for the issuance are PT Standard Chartered Securities Indonesia, PT Danareksa Sekuritas, and PT NISP Sekuritas.

About Rp1.44 trillion has been underwritten with full commitment and Rp311 billion has been underwritten with best effort.

NISP Sekuritas has fully committed to underwrite Rp784.50 billion or 54.52% of the issuance, Standard Chartered Securities fully underwrites Rp249 billion or 17.30%, and Danareksa Sekuritas fully underwrites Rp202.50 billion or 14.07%.

 
Disclosure: No position at the stock mentioned above.

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Stock recommendations today

Jakarta Composite Index (JCI) may swing with downtrend possibility today after it retreated 0.49% to 3,723. Several stocks to watch: BMRI, AALI, INCO. Here are stock recommendations provided by Bisnis.com today.

Minna Padi Investama:
The JCI may swing today with support level of 3,691. Stay away from commodity-based stocks as oil prices are in fluctiation. Several stocks to watch: ASII, JSMR, and BMRI.

e-Trading Securities:
The index may move within the range of 3,689-3,746 with downward possibility. Stocks to watch: AALI, DEWA, and UNTR.

Sinarmas Sekuritas:
The JCI technically tends to weaken today within the range of 3,700-3,755. External sentiments such as debt crisis in Greek and US economy data will drive the index. Stocks to watch: SMCB, INTP, INCO, and PGAS.

Disclosure: No position at the stock mentioned above.  

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Metropolitan Land to list shares tomorrow

Propety developer PT Metropolitan Land Tbk (Metland) will list its shares at Indonesia Stock Exchange (IDX), despite bearish trend. Metland obtained a 12.64 folds oversubscribe during pooling period of June 13-June 15.

Vice Director Corporate Affairs dan Corporate Secretary Olivia Surodjo said about 62.5% of the IPO or 1.89 billion new shares have been purchased by foreign investors and 14.25% have been bought by domestic investors and retail investors.

The oversubscribe shows demand from foreign investors," she said in a press statement today.

PT Danareksa Sekuritas and PT Nikko Securities Indonesia are the IPO lead underwriters. Metland has set the IPO price at Rp249 per share. 

Disclosure: No position at the stock mentioned above.

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Hanson to issue Rp14.31 bio notes

PT Hanson International Tbk (MYRX) is considering to issue Rp14.31 billion promissory notes. The company will use the proceed to acquire an energy company PT De Petroleum Indonesia.

"The 3 year notes will provide 2% interest a year. The acquisition has been approved by our shareholders," said President Director Agus Santoso said last week. Hanson will acquire De Petroleum from PT Usahaprima Bhaktiputra. De Petroleum is an affiliated company of Hanson. 

Disclosure: No position at the stock mentioned above.

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Sidomulyo sets IPO at Rp205-Rp260

PT Sidomulyo Selaras has set its initial public offering (IPO) at Rp205-Rp260 per share, enabling the company to grab Rp58.31 billion-Rp73.95 billion.

The company will use 86.96% of the proceed to support investment and the remaining will be used as working capital. Sidomulyo plans to list its shares at Indonesia Stock Exchange on July 12 2011.

Disclosure: No position at the stock mentioned above.

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Matahari 1Q net profit drops 47.49%

Retailer PT Matahari Putra Prima Tbk (MPPA), that is controlled by Lippo Group, reported a 47.49% drop in net profit in the first quarter of this year as net sales decreased.

Matahari posted Rp20.01 billion net profit in 1Q 2011 or Rp4 per share from Rp38.11 billion or Rp8 per share in 1Q 2010.

Operating profit dived 82.97% to Rp10.16 billion from Rp59.65 billion, while gross profit slumped 55.29% to Rp354.69 billion from Rp793.24 billion. Matahari's net sales decreased 20.16% to Rp1.98 trillion from Rp2.48 trillion.

Disclosure: No position at the stock mentioned above.

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Royal Oak to buy 10 developers

Property developer PT Royal Oak Development Asia Tbk (RODA) aims to acquire 10 developers worth Rp700 billion.

Financial Adviser Andreas Tjendana said the company has entered into an agreement to buy 10 companies, which will be followed by additional acquisition of three companies.

"We are eyeing additional takeover of three companies. In total, we will buy 10 developers," he said in a press conference yesterday.

Royal Oak will takeover PT Multi Pratama Gemilang, PT Tiara Sakti Mandiri, PT Fortuna Cahaya Cemerlang, PT Simpruk Arteri Realty, and PT Bangun Megah Pratama. Royal Oak also plans to buy PT Indo Prakasa Gemilang and PT Lumbung Mas Sejahtera.

To acquire five developers, Royak Oak requires Rp512 billion. The company also divests 99.86% shareholding in PT Transpacific Mutual Capita to PT Swadayanusa Kencana Raharja. Transpacific Mutual is a subsidiary of Royal Oak which is focusing in insurance, financial, and property business.  

Bangun Megah Pratama, developer of Lebak Lestari Garden, was founded in 2008 by two shareholders, namely Hendro Setiawan, holder of 60% stake and Nio Yantony, holder of the remaining stake.

On 17,815 square meters of land located in Lebak Bulus, South Jakarta, the developer will construct three towers of apartment consisting of 24 floors each. The projects will be commenced in October 2011.

Tiara Sakti Mandiri was founded in 2008 with capital paid in of Rp700 million. Two controlling shareholders are Hendro Setiawan (420 shares) and Nio Yantony (270 shares). Tiara Sakti has land bank in MT Haryono. It will establish one tower of apartment and nine unit of mini office dubbed Signature Park. Up to March 2011, the establishment has reached 35% with 61.2% sales.
 

Multi Pratama Gemilang was founded in July 2004 by two controlling shareholders namely Hendro Setiawan with 1,528 shares and Nio Yanton with 972 shares. The company has set a joint venture with PT Hotel Sahid Jaya International Tbk namely KSP Sahid Multi Pratama Gemilang in 2006. 

Hotel Sahid holds 45% stake in the KSO and Multi Pratama owns the remaining.The KSO plans to build a residential exclusive complex in Jend. Sudirman with facilities of five star hotels.

Simpruk Arteri Realty was founded in May 2007. The company plans to develop property project in Sultan Iskandar Muda (Arteri Simpruk). Simpruk Realty is owned by PT Andalan Karya Prima and PT Karya Prima Semesta with shareholdings of 50% respectively.

Disclosure: No position at the stock mentioned above.

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Bumi 1Q net profit increases 16.5%

PT Bumi Resources Tbk (BUMI), Indonesia's largest coal exporter that is 25% owned by London-listed Vallar Plc, reported a16.49% increase in net profit for the first quarter of this year on the back of higher revenue.

Bumi posted US$113 million net profit in 1Q 2011 from US$97 million net profit a year earlier.

The company booked US$1.23 billion sales revenue, a 21% growth from US$1.02 billion. Average selling price rose 39.65% to US$87.63 per ton from US$62.75 per ton. Bumi's operating income increased 44.29% to US$316 million from US$219 million.

Disclosure: No position at the stock mentioned above.

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Bumitama Agri scouts US$200 mio IPO

Bumitama Agri, a mid-sized Indonesian palm oil plantation firm, is targeting a Singapore listing in the third quarter of this year to raise as much as US$200 million, sources familiar with the deal told Reuters on Friday.

HSBC and DBS are joint bookrunners for the deal. "It's still in the early stages, but it's looking at about US$100 million-US$200 million," a source familiar with the deal said.

A second source said Bumitama Agri and its bankers will begin a series of meetings to educate investors starting later on Friday in Singapore, before moving onto Hong Kong next week and London the week after. 
In October last year, DBS Indonesia and HSBC together with its syndication banks chanelled US$135 million facility, an upsize from originally ammount of US$110 million. Acted as mandated lead arrangers for the facility are DBS Indonesia and HSBC Indonesia.
Being subsidiary of Harita Jayaraya, a resourced-based group company which main businesses include mining, logging and palm oil plantation, Bumitama Gunajaya Agro Group (BGA Group) is focusing on palm oil plantation business. 
The initial US$110 million syndicated loan signed on May 2010, is used by the company to finance the expansion of palm oil plantation whilst the additional upsized fund will be used for acquiring palm oil plantation companies to further enlarge company’s CPO plantation estate.
BGA Group is a group of companies moving in palm plantation and palm oil mills. BGA is one of business division of Haruta Group. It started its business in 1997 when it acquired PT Karya Makmur Bahagia. BGA Group operates its business in four provinces, Central Kalimantan, West Kalimantan, East Kalimantan, and Riau. BGA Group is consisting of 34 palm plantations on 95,783 hectares (planted area) and four palm oil mills with total capacity of 240 tons per hour by end of June last year.
 

Disclosure: No position at the stock mentioned above.  

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Vallares raises US$1.9 bio from IPO

Vallares Plc raised the size of its initial public offering to at least 1.2 billion pounds (US$1.9 billion) from 1 billion pounds, according to terms of the offer obtained by Bloomberg News.

Backed by former BP Plc Chief Executive Officer Tony Hayward, financier Nathaniel Rothschild and Goldman Sachs Group Inc. banker Julian Metherell, the investment vehicle will seek to buy a company or asset with an enterprise value of 3 billion to 8 billion pounds within 2 years, Hayward said last week. 

The shares, priced at 10 pounds each, are set to start trading in London tomorrow, the terms say. “If you believe that the trend is up for commodities, there are plenty of opportunities and Hayward surely knows about them,” said Christine Tiscareno, an equity analyst at Standard & Poor’s in London. 

“They will provide a stepping stone for an already successful exploration company to get into the market.”

While Vallares is looking to raise more cash than first estimated, the share sale comes after Glencore International Plc, the world’s largest listed commodities trader, fell by more than 12 percent since its May 19 IPO. 

Vallares will stop taking orders for shares today, 4 days earlier than originally scheduled. 

Edward Simpkins, a spokesman for Vallares, declined to comment. Modeled on Rothschild’s Vallar Plc (VAA), which raised 707.2 million pounds in a July IPO to buy mining and commodity assets, Vallares will be listed on the London Stock Exchange. 

“It’s no surprise there is better-than-expected demand for this fund,” said Gianna Bern, president of Chicago-based Brookshire Advisory and Research Inc. “Small-cap energy issuers will have a viable alternative to spur growth in emerging markets.” 

Disclosure: No position at the stock mentioned above.

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Trans to spend Rp37 bio to buy Anta Tour

PT Trans Lifestyle will spend Rp37.05 billion to acquire 123.5 million shares of PT Anta Express Tour & Travel Service Tbk at Rp300 as one of the phases to go private.
The amount of the shares represents 21.67% of its enlarged capital. Trans Lifestyle prepared Rp37.10 billion to fund this corporate action.
Anta Express, a unit of PT Trans Lifestyle, which is a member of Para Group, announces its plan to go private in August 2011.
The company revealed the decision to delist its shares because the stock trading was not liquid. The company also has no plan to access capital market.
The tour and travel service company received approval for such corporate action at shareholders' meeting on June 16, 2011.
The tender offer is set for July 6, 2011 to August 5, 2011, while the payment is scheduled on August 10, 2011.
Trans Lifestyle controlled 78.33% of Anta Express ownership. Established in 1972, the company is a leading tour and travel operator in Indonesia. Anta operates five branches throughout Indonesia.

Disclosure: No position at the stock mentioned above.  

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Indomobil prices rights at Rp8,000

PT Indomobil Sukses Internasional Tbk (IMAS), that is controlled by Anthoni Salim, has priced its rights issue at Rp8,000 per share, entitling the company with total proceed of Rp2.77 trillion.

In parallel, Indomobil's two controlling shareholders dubbed PT Cipta Sarana Duta Perkasa and PT Tritunggal Intipermata, have sold a 322.86 million of preemptive rights to institutional investors at Rp8,000, enabling both shareholders to grab Rp2.58 trillion.

"Regarding to the book building in Jakarta, Singapore, Hong Kong, Kuala Lumpur, London, and Europe, the sale of the preemptive rights is oversubscribed," said Indomobil in a press statement last night.

Indomobil offered the rights issue within the range of Rp7,500-Rp9,500 per share. Each holder of three existing shares entitle one right to buy one new share.

Petrochemical company PT Chandra Asri Petrochemical Tbk (TPIA) has determined to delay its rights issue of 827.87 million new shares or 27% of its enlarged capital due to unfavorable stock market situation.

 

Disclosure: No position at the stock mentioned above.

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Stock recommendation today

Selling pressures on the Jakarta Composite Index (JCI) are predicted to continue today, leaving room for another correction. Here are stock recommendations as quoted by Bisnis.com today:

Panin Sekuritas:

The pressure on the JCI is estimated to continue. The index may move within the range of 3,705-3,775 today.

Trimegah Securities: 

The index is predicted to move moderate in the range of 3,730-3,805. It recommends buy on shares like SMGR, EXCL, and ISAT.

e-Trading Securities:

The JCI is estimated to move between 3,697-3,776 with tendency to slip. The recommended shares are ASII and BBNI.

Minna Padi Investama: 

The index may lead to correction at support level of 3,728. Some shares to monitor are ASII, JSMR, and INDF.

Disclosure: No position at the stock mentioned above.

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Scomi drops units sale to Rig Tenders

Scomi Marine Services Pte Ltd (SMS), a wholly-owned subsidiary of Malaysia-listed company Scomi Marine Bhd, has finally dropped  disposal plan of SMS’s entire equity interest in CH Logistics Pte Ltd and its subsidiary Sea Master Pte Ltd; CH Ship Management; Grundtvig Marine Pte Ltd and its subsidiary PT Batuah Abadi Lines and Goldship Pte Ltd to PT Rig Tenders Indonesia Tbk (RIGS).
Prior to the termination, Rig Tenders, Scomi Marine Services, Portside Offshore Inc, and Grundtvig Marine Ptd Lte,  on September 24 2010 agreed to extend the validity period of the head agreement. Initially, those parties agreed to execute the head agreement in 6 weeks after the signing on July 12 2010. 

Referring to the latest agreement, those parties have agreed with 6 weeks extension up to October 18 2010 or up to the execute of the definitive agreement.

Based on the head agreement, Scomi Marine Services, controlling share holder of 80.54% stakes in Rig Tenders, aims to transfer its rights of shares in Rig Tenders to Portside Offshore during rights issue. The proposed acquisition would potentially result a change of control in Rig Tenders. 

Portside, as Rig Tender's share holder, committed to participate through rights issue whereby Portside will acquire the rights of 80.54% shares or equivalent to US$57.8 million from Scomi Marine Services. Portside would act as standby buyer of Rig Tenders' rights issue. 

Considering the acquisition price, Portside would buy 80.54% stakes in Rig Tenders at US$0.117 per share or Rp1,064.35 per share.

Following Portside's acquisition, Rig Tender expected the deal will bring a positive value in the future.  Based on the agreement, the deals would be subject to the completion of terms and conditions as agreed by all parties. In parallel with the proposed shares transfer, Rig Tenders also planned to acquire shares in CH Logistics Ltd, CH Ship Management Pte Ltd, Goldship Pte Ltd, Sea Master Pte Ltd, and PT Batuah Abadi Lines. 

The target companies own ships and has main business of vessels rental. The fleet consists of 51 vessels with contracts to provide coal transportation in Indonesia. The transactions were expected to provide a chance to Rig Tenders to access a raising energy business sector in Indonesia as well as to increase its profitability.

To acquire the target companies, Rig Tenders required US$171.8 million of financing. In return, RIGS intended to hold rights issue with preemptive rights in a bid to raise US$71.8 million of capital, while US$100 million would be bankrolled by bank loan facility. 

Disclosure: No position at the stock mentioned above.

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Benny Surjadharma buys Tyzen Pacific

Benny Harving Surjadharma, Indonesian investment banker, has agreed to purchase 100% stake in PT Tyzen Pacific International for the consideration price of US$1.3 million.

Benny, which is now acting as President Director of PT Macquarie Capital Securities Indonesia, entered into a sale and purchase agreement with Tyzen Holdings Pte Ltd, a subsidiary of Singapore-listed company Blumont Group Ltd on June 10 2011.

Tyzen Pacific was incorporated on September 6 2007. It does not have any operations and its sole asset is a unit of apartment No. 25A Tower Two at Pacific Place Residences located at Sudirman Central Business District, Blumont said in an official statement submited to Singapore Stock Exchange on June 14 2011.

The purchase price of the apartment was US$1,32 million in August 2007 and the open market valuation by Kantor Jasa Penilai Publik Winarta dan Rekan was US$1.38 million as at March 31 2011. In 2006, Benny was working for PT ABN Amro Asia Securities as President Director.

Disclosure: No position at the stock mentioned above.

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Sidomulyo to offload 30% stake in IPO

A transportation company for hazardous chemicals PT Sidomulya Selaras Tbk plans to issue 284.44 million new shares or 30% of its enlarged capital to add its fleet and working capital. The listing of the new shares is scheduled on July 12, 2011.

In a prospectus published today, the company will allocate 86.96% of the total proceeds to purchase new fleet and to improve infrastructure. The remaining fund will be used to strengthen its working capital, including for buying spare part, fuel and drivers’ salaries

Sidomulyo Selaras was established in 1986 by Director Tjoe Mien Sasminto. Currently he owns 75.57% of the ownership in the company, while President Commissioner Sugiharto owns 20.34%, Amelia Ritoni Tjhin owns 4.07% and Jonathan Walewangko has 0.02%.

The company will issue 663.70 million shares, taken from existing shareholders. After its listing, Sasminto’s ownership will be diluted to 52.89%, Sugiharto (14.24%), Tjhin (2.85%), Walewangko 0.02% and public owns 30%.

The company’s asset as of December 31, 2010 was Rp143.36 billion, whilst its liabilities reached Rp24.93 billion.

The company’s net income doubled to Rp8.74 billion in 2010, boosted by the increasing revenue by 19.86% to Rp101.91 billion. The company plans to disburse dividend at maximum ratio of 30% of its total net income starting this year.

Disclosure: No position at the stock mentioned above.

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Berlian Tanker FY10 cash shrinks 87.83%

Tanker operator PT Berlian Laju Tanker Tbk (BLTA), that is controlled by Indonesian businessman Hadi Surya, reported a 29.01% drop on its cash to US$84.28 million last year from US$118.73 million on the back of steep plunge of net cash provided by operating activities.

Berlian Tanker booked a 87.83% plunge on its net cash from operating activities to US$12.37 million in 2010 from US$101.64 million.

However, the company's net loss narrowed 45.99% to US$154.40 million from US$285.88 million as a result of lower net other charges.

At the operational line, Berlian Tanker posted a 38.76% decrease in operating profit to US$61.18 million from US$99.91 million. Gross profit also plummeted 28.82% to US$94.55 million from US$132.83 million as cost of goods revenue increased 15.82%, higher than the growth of operating revenue which only made a 6.23% increase to US$656.85 million from US$618.35 million.

Disclosure: No position at the stock mentioned above.  

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Kimia Farma scouts 12.9% up in sales

The state-controlled pharmaceutical PT Kimia Farma Tbk (KAEF) is scouting Rp3.5 trillion sales this year, a 12.9% increase from Rp3.1 trillion last year. The target is above its budget of Rp3.4 trillion.

There are three factors that will support the company to reach the target, economic growth, the rise of healthy budget from the government, and new product development.

"We estimate that the performance this year will be better than last year, despite dollar depreciation against rupiah," said yesterday.

Disclosure: No position at the stock mentioned above.

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Visi Media sets IPO at Rp260-Rp285

PT Visi Media Asia Tbk (VIVA), parent company of TVOne, ANTV, and Vivanews.com, has set the IPO price at Rp260-Rp285 per share, enabling the company to grab Rp587 billion-Rp644 billion proceed.

Brokerage firm PT Minna Padi Investama has also priced its IPO at Rp395 per share, reflecting Rp118.5 billion proceed.

Visi Media will offload 2.26 billion new shares or representing 14.21% of its enlarged capital and Minna Padi will sell 300 million shares or 23.07% stake.

Disclosure: No position at the stock mentioned above.

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Fast Food considers Rp200 bio bonds

License holder of Kentucky Fried Chicken in Indonesia, PT Fast Food Indonesia Tbk, is considering to raise Rp200 billion by issuing Rp200 billion bonds in the second quarter of this year.

Fast Food, which is 35.84% owned by Anthony Salim via PT Megah Eraraharja, will use the proceed to support the opening of 20-30 outlets this year. Anthony Salim is the company's President Commissioner of Fast Food.

Director Justinus D. Juwono said the company requires Rp290 billion to open the new outlets. It prepares Rp90 billion from its internally generated cash and the remaining will be fulfilled from the bonds proceed. "We expect to reach the final decision in September."

The company held Rp127.91 billion bank loan facility in 1Q 2011 and Rp1.24 trillion equity. Debt to equity ratio was 0.1 times, which is very low. The bonds issuance will send DER to 0.27 times.

Disclosure: No position at the stock mentioned above.  

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Tjiwi Kimia owns 100% Sumalindo Jaya

Sinarmas Group through PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) is now controlling 100% shareholding in PT Sumalindo Hutani Jaya after it acquire additional of 40% stake from the state-controlled PT Inhutani I (Persero) with consideration price of Rp14.75 billion.

Previously, Tjiwi Kimia owned 60% shareholding in Sumalindo Hutani Jaya and the remaining was held by Inhutani.

Director Agustian R. Partawidjaja at Tjiwi Kimia said the company entered into sale and purchase agreement on June 13 2011.

"We purchased 40% stake or 4.80 million shares in Sumalindo Hutani at Rp14.75 billion from Inhutani," he said in a disclosure filed to Indonesia Stock Exchange.

 
Disclosure: No position at the stock mentioned above.

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