Bank Negara Indonesia Cut to Hold at Bahana Securities

Bank Negara Indonesia (BBNI) was downgraded to Hold from Buy at Bahana Securities by equity analist Teguh Hartanto. The target price is IDR 4.250 per share.

Rubber Climbs to Five-Month High as Global Supply Deficit Seen Deepening

Rubber advanced to the highest level in almost five months amid expectation that the global market is set for the worst shortage in four years next year as weather constrains supply and demand keeps expanding. 

Futures in Tokyo climbed as much as 3.2 percent to the highest level since April 30. The price increased for a second day and has gained 10 percent this year. 

Natural rubber consumption will outpace supply by 127,000 metric tons next year, the most since 2007, according to Goldman Sachs Group Inc. Stockpiles of the raw material used in tires, gloves and condoms will drop 12 percent to 67 days of demand in 2011, the lowest level in at least 11 years, the bank estimates. Drought earlier this year and heavy rainfall later on hampered tree-tapping across plantations in Asia, according to Pongsak Kerdvongbundit, managing director of Phuket, Thailand-based Von Bundit Co., the largest producer. 

“The bullish outlook from the bank helped boost the futures,” Kazuhiko Saito, an analyst at Tokyo-based broker Fujitomi Co., said today by phone. “Market fundamentals look tight in the medium term.” 

February-delivery rubber rose as much as 9.4 yen to 305.9 yen per kilogram ($3,574 a metric ton) before trading at 304 yen on the Tokyo Commodity Exchange at 11:18 a.m.

October-delivery rubber surged by as much as 10 yen per kilogram, triggering a circuit breaker by the bourse and leading to suspension in futures trading for five minutes. 

Global consumption will advance 9.4 percent this year to 10.31 million tons, the fastest increase since 2004, according to the Singapore-based International Rubber Study Group, which says it has 16 countries and the European Union as contributing members. Demand will exceed output by 60,000 tons, from a surplus of 237,000 tons last year. 

Floods

Sales of rubber are increasing the most in six years, helped by what the International Monetary Fund says will be the fastest global economic growth since 2007. Rain and flooding in Thailand and Indonesia, the top producers, drenched farms and curbed harvesting. 

“La Nina will decrease” rubber production, Jakarta-based PT Mandiri Sekuritas said in today’s report. “Rubber production will decrease because the tapping process cannot be done in heavy rain.” 

Futures may climb as much as 14 percent to $4 a kilogram by March on the Singapore Commodity Exchange, according to the median estimate of nine brokers and analysts surveyed by Bloomberg. The price in Tokyo is expected to return to this year’s peak of 338.5 yen reached on April 16, the highest level in 21 months, Kazunori Kokubo at Tokyo-based broker Yutaka Shoji said today by phone. 

March-delivery rubber on the Shanghai Futures Exchange lost 0.4 percent to 26,415 yuan ($3,938) a ton at 10:34 a.m. local time. Natural-rubber inventories climbed 2,195 tons to 27,415 tons, the exchange said on Sept. 17, based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin. Source: Bloomberg

Rubber Supply to Stay Tight Next Year on Lower Yields, Slow Output Growth

Natural rubber will remain in tight supply next year as yields from aging trees decline and output growth slows, said the Association of Natural Rubber Producing Countries.

“While supply remains tight throughout this year, the possibility of change is remote in 2011 also,” Jom Jacob, the group’s senior economist, said in a monthly statement. The market remains “bullish” as supplies have been disrupted by rains in Thailand and Indonesia, the top two producers, said the group. 

Rubber advanced to the highest level in almost five months today amid expectations that the global market is set for the worst shortage in four years next year as weather constrains supply and demand keeps expanding. 

“Tight supply amid growing demand for tires will fuel rubber prices further,” Umaporn Thepnuan, senior marketing official at Future Agri Trade Co., said by phone from Bangkok. Rainfall in southern Thailand, the country’s main production area, may continue, which will probably cut supply, she said. 

Production in Thailand may decline 3.9 percent in the third and fourth quarter, compared with the same period last year, the producers group said. Thai output tumbled 23 percent in July because of extended wintering and rains, the group said. The low-production period known as wintering takes place from February to April, when rubber trees shed leaves and latex output slows. 

Thailand may produce 3.28 million metric tons of natural rubber this year, up from 3.16 million tons last year, the group said. Indonesia may produce 2.59 million tons, up from 2.44 million tons, it said. The forecast may be revised, depending on the situation in the two countries, Jacob said.

Demand Slow

Demand from China, India and Malaysia slowed down in the July-to-August period from the first quarter, reducing imports from the three countries, which account for 47 percent of global demand for natural rubber, the group said. 

Consumption of natural rubber in China, including the premium grade of compound rubber, is expected to increase 4.3 percent in the third quarter, compared with growth of 28 percent in the first quarter, it said. 

Demand growth in India will probably slow to 1 percent in the July-to-September period, from 12.2 percent in the first quarter, the group said. 

The association represents Cambodia, China, India, Indonesia, Malaysia, Papua New Guinea, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.Source: Bloomberg

Bridgestone, Goodyear Face Worst Rubber Shortage in Four Years

Bridgestone Corp., the largest tiremaker by sales, is raising European prices for the second time this year and Goodyear Tire & Rubber Co. is charging more as rubber gains on prospects for the biggest shortage since 2007. 

“Drought earlier this year and heavy rains later on hampered tree-tapping across Asian plantations,” said Pongsak Kerdvongbundit, managing director of Phuket, Thailand-based Von Bundit Co., the largest natural-rubber producer and exporter in the world’s biggest supplier. “Global production will lag behind soaring demand for at least another two years.” 

Stockpiles of the raw material, also used in gloves and condoms, will drop 12 percent to 67 days of demand next year, the lowest level in at least a decade, according to Goldman Sachs Group Inc. Consumption will outpace supply by 127,000 metric tons, the most since 2007, the bank estimates. Futures in Singapore may jump 20 percent by March, said Makoto Sugitani, a senior director at Newedge Japan Inc., who correctly predicted the rally in January. That would mean a record $4.20 a kilogram. 

Sales of rubber are increasing the most in six years, helped by what the International Monetary Fund says will be the fastest global economic growth since 2007. Rain and flooding in Thailand and Indonesia, the top producers, drenched farms and curbed harvesting. Michelin & Cie., the world’s second-biggest tiremaker, said in July that commodity costs would cut full-year earnings by as much as 650 million euros ($850 million).

Shrinking Stockpiles 

Futures may climb as much as 14 percent to $4 a kilogram by March on the Singapore Commodity Exchange, according to the median estimate of nine brokers and analysts surveyed by Bloomberg. Prices reached a record $4.11 on April 15 and closed at $3.50 on Sept. 20, for an advance of 22 percent this year. 

Inventories will drop almost 6 percent to 2.05 million tons next year, for a third annual decline, Yuichiro Isayama and three other analysts at Goldman Sachs in Tokyo said in a report Sept. 3. La Nina, a phenomenon linked to extreme weather, is likely to intensify at the end of the year, according to the Thai weather office. That may cause higher-than-normal rainfall in the south, which has 68 percent of the country’s plantations. 

Global consumption will climb 9.4 percent this year to 10.31 million tons, the fastest increase since 2004, according to the Singapore-based International Rubber Study Group, which says it has 16 countries and the European Union as contributing members. Demand will exceed output by 60,000 tons, from a surplus of 237,000 tons last year. 

Commodity Advance

Bridgestone announced European price increases Aug. 30. Goodyear and Cooper Tire & Rubber Co., the two largest U.S. tiremakers, confirmed Sept. 17 they would raise U.S. prices from next month to recoup higher raw-material costs. Both companies said they last raised retail prices in June. 

World auto sales will increase 8 percent to 68.5 million units this year and 7.2 percent to 73.4 million units next year, according to Ashvin Chotai, London-based managing director at Intelligence Automotive Asia Ltd. The economy in China, the biggest auto market, will expand 8.9 percent next year, more than three times the pace of the U.S., according to the median of as many as 60 economists’ estimates compiled by Bloomberg. 

Even as governments fret about deflation, or declining consumer prices, extreme weather from drought in Russia and Ukraine to flooding in Pakistan and Canada is driving commodity costs higher. Wheat as much as doubled since June, while corn rallied to a 23-month high, coffee reached a 13-year peak and cotton advanced to its most expensive since 1995. A United Nations price-index of 55 foods rose to its highest level since September 2008 last month. 

‘Chase a Rally’

“Rubber may chase a rally in grains and soft commodities as investors are searching for better places to put their money,” said Tokyo-based Sugitani of Newedge. 

The U.S. producer price index increased 0.4 percent in August, the most in five months and twice the gain in July, the Labor Department reported Sept. 16. 

Growth in demand for rubber may be undermined by a faltering recovery. Global economic expansion will probably slow in the second half of this year and in the first half of 2011, IMF economists said in a report Sept. 10. 

Confidence among U.S. consumers unexpectedly dropped to a one-year low in September. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment fell to 66.6 from 68.9 in August, the group said Sept. 17, while U.S. unemployment is close to a 26-year high. 

Cooling Economies

U.S. industrial output increased 0.2 percent in August after a 0.6 percent gain in July, the Federal Reserve said Sept. 15. Manufacturing in the New York region grew this month at the slowest pace in more than a year, said another Fed report. 

Auto sales in the U.S. in August were the worst for the month in 28 years, according to Autodata Corp., a researcher in Woodcliff Lake, New Jersey. Passenger-car deliveries to Chinese dealerships in July gained at the slowest pace in 16 months, the China Association of Automobile Manufacturers reported. Almost 60 percent of the world’s rubber is consumed by the tire industry, according to the International Rubber Study Group.

The Standard & Poor’s 500 Index dropped 6.3 percent from this year’s high of 1,219.80 on April 26 on concern the recovery is slowing, while the Standard & Poor’s GSCI Index of 24 commodity futures declined 4.5 percent since the gauge reached 555.729 on May 3. Treasuries returned 5.7 percent since then. 

Demand from China and India may have peaked as governments seek to cool their economies and deflate property bubbles, said Chaiwat Muenmee, an analyst at Bangkok-based commodity broker DS Futures Co. Rubber futures declined 9.6 percent since advancing to a 21-month high of 338.5 yen a kilogram on April 16 on the Tokyo Commodity Exchange. They gained as much as 3.2 percent today to the highest level in almost five months. 

Bridgestone, Goodyear

Tiremakers are passing on the higher costs. Bridgestone said Aug. 30 that it will raise tire prices in Europe from October by as much as 6 percent. Increases by Goodyear and Cooper were for as much as 6.5 percent starting next month. 

“We don’t do a lot of raw-material hedging” said Keith Price, a spokesman for Akron, Ohio-based Goodyear. Raw-material costs are expected to jump by 30 percent to 35 percent in the third quarter from a year earlier and by about 30 percent in the following quarter, Chief Financial Officer Darren R. Wells said on a conference call July 29. 

Top Glove Corp., based in Selangor, Malaysia, and the world’s biggest rubber-glove maker, passes on “the majority” of higher costs, Executive Director Lim Cheong Guan said.

Rising costs are “a headache,” said Sakae Kubota, managing director of Okamoto Industries Inc., Japan’s biggest condom maker. Competition and demand mean the company is absorbing the extra expense, the executive said. 

Tumbling Inventories

Prices of $3,370 a ton for so-called Technically Specified Rubber used in tire manufacturing are 53 percent more expensive than alternatives made from oil, data compiled by Bloomberg show. 

Goldman Sachs’s Isayama said it’s impossible for tiremakers to substitute immediately synthetic for natural rubber, and even if substitution occurs, the volume should be limited to several percent of total consumption. 

Stockpiles monitored by the Shanghai Futures Exchange and the Tokyo Commodity Exchange have slumped. Shanghai inventories plunged 72 percent in the past year while those reported by Tocom tumbled about 47 percent. 

Thailand’s production may drop as much as 5 percent to 3 million tons this year as rain disrupts tapping, according to Pongsak. Output in Indonesia, the second-largest grower, may total 2.4 million tons, less than an earlier estimate of 2.6 million tons, said Suharto Honggokusumo, executive director of the country’s rubber association. 

“Demand keeps expanding and supplies are at risk,” said Tetsu Emori, a commodity fund manager at Astmax Co. in Tokyo, who helps manage as much as 35 billion yen and says prices may reach a record by early next year. “The situation may reach a critical point.” Source: Bloomberg

Materi Paparan Publik Gajah Tunggal

Manajemen PT Gajah Tunggal Tbk akan menggelar paparan publik pada Senin, 27 September 2010, pukul 14.30-16.00 WIB, bertempat di Hotel Mandarin Oriental level 3, ruang Diponegoro. Berikut materi paparan publiknya.

Materi Public Expose Gajah Tunggal

Indonesia coal assoc sees prices at $95-$100 by yr-end

* Coal assoc sees prices up by yr-end on winter demand, rains

* Assoc sees Indonesia 2010 output at 305-310 mln T

* Assoc sees India becoming top buyer by 2012

Indonesia's coal association expects regional prices to pick up to $95-$100 a tonne by the end of the year as the rainy season cuts Indonesian supplies and as winter demand picks up from regional utilities.

Bob Kamandanu, chairman of the Indonesia Coal Mining Association, forecast Indonesian production in 2010 at 305-310 million tonnes, slightly higher than a forecast last month for 300 million tonnes. The association had initially expected 320 million tonnes, but heavy rains have been hampering miners.

"I think prices could climb to $95-$100 a tonne because the weather is normally bad at the end of the year while winter demand will pick up," Kamandanu said on the sidelines of a conference on Tuesday.

Australian thermal coal prices, a benchmark for Asia, fell to an eight-month low below $86 a tonne in August on tepid demand from China, despite concerns over Indonesian output.

Prolonged rains in the usual dry season in Indonesia, the world's top thermal coal exporter, have hit output of commodities from coal and tin to coffee. 

Kamandanu said Indonesia could also see higher demand for its coal because of congestion problems affecting shipments from Australia's Newcastle port, which analysts say could constrain exports for at least another two years. 

"If Australia can't meet their supply contracts, there will be a shifting of demand to Indonesia. That will drive up the price," he said.

Longer-term, he expected India to overtake Japan as the top buyer of coal from Indonesia, as Indian utilities seek coal to power the country's fast-growing economy.

"India's imports of Indonesia coal may jump to 70 million tonnes in 2012... I think India will take over Japan as the top buyer," said Kamandanu.

India's spot coal purchases from the global market will revive by November if prices remain at current levels and freight rates drift lower, importers and traders say.

India will import 40 million tonnes in 2010, versus Japan's roughly 60 million tonnes a year, according to the association. According to Japanese government data, Japan only imported 17 million tonnes of coal from Indonesia in the first half of 2010. Reuters

Indonesia picks Deutsche, Merrill to lead Mandiri rights issue

Deutsche Bank and BofA Merrill Lynch have been picked as international lead managers for PT Bank Mandiri Tbk (BMRI) US$ 1,5 billion rights issue.


Mahmuddin Yasin, a senior official at the state-owned enterprises minitry, also said that Citibank and CLSA were picked as bookrunners for the share issue. Three sources told Reuters on Monday night that Bank Mandiri, the country's biggest bank, had picked Deutsche and CLSA as lead managers.


Mandiri has shortlisted Deutsche, CLSA, Citibank, Merrill Lynch, BNP Paribas, and Nomura Holdings, a source told Reuters on Friday. Mandiri has already selected Mandiri Sekuritas and Danareksa Sekuritas to be the local underwriters. Source: Reuters

Riset Tambang Batubara Bukit Asam oleh NISP Sekuritas

Riset Tambang Batubara Bukit Asam (PTBA) oleh NISP Sekuritas.

Riset Tambang Batubara Bukit Asam oleh NISP Sekuritas

Memo Kim Eng Sekuritas 20 September 2010

Memo Kim Eng Sekuritas. Target harga TLKM tetap dipertahankan Rp 9.100, meski ada rencana divestasi Patrakom dan Citra Sari Makmur. Kim Eng juga tetap mempertahankan target harga Aneka Tambang Rp 2.050 menyusul beredarnya informasi rencana kerja sama perseroan dengan Jinchuan Group.

Memo Kim Eng Sekuritas 20 September 2010

BI: Meski GWM Dinaikkan, Pertumbuhan kredit 2011 bisa capai 40%

Bank Indonesia meyakini pertumbuhan kredit perbankan pada tahun depan bisa mencapai 40%, meskipun giro wajib minimum (GWM) naik menjadi 8% pada tahun ini.

Darmin Nasution, Gubernur Bank Indonesia, menuturkan pihaknya melihat ada kelebihan likuiditas dalam jumlah besar di pasar yang mulai memberikan tekanan inflasi saat ini. Oleh karena itu, bank sentral menenaikan GWM perbankan dari 5% menjadi 8% guna mengurangi kelebihan likuiditas tersebut.

"Berapa kemampuan kredit perbankan pasca-kenaikan GWM? Untuk mencapai (pertumbuhan kredit) 35%-40% pun likuiditas perbankan pada tahun depan masih sangat cukup," tegasnya dalam Rapat Kerja dengan Komisi XI DPR, semalam.

Penyesuaian GWM, ujar Darmin, juga pernah dilakukan pemerintah ketika terjadi krisis likuiditas pada 2008, yakni BI menurunkan GWM untuk memperbesar likuiditas di pasar. Kebijakan moneter tersebut diimbangi pemerintah dengan mengeluarkan kebijakan stimulus fiskal dan memindahkan uangnya, dari BI ke tiga bank pelat merah.

"Jadi apa yang dilakukan BI sekarang ini tidak lebih mengurangi kelebihan likiditas tersebut," tegas dia.
 
Selain itu, lanjut Darmin, bank sentral juga menerbitkan peraturan yang mengaitkan rasio kredit terhadap dana simpanan (loan to deposit ratio/LDR) dengan GWM. Hal itu dilakukan karena melihat LDR juga perlu didorong naik.

"Kenapa di saat likuiditas berlebih? Kalau kredit yang bertambah, kami tidak khawatir terhadap inflasi. Kalau LDR ini bisa mendorong kredit lebih lanjut yang sekarang pertumbuhannya sudah 21-22% year on year," jelasnya lagi.

Darmin Nasution mengatakan dengan asumsi pertumbuhan ekonomi tahun ini sekitar 6%, maka pertumbuhan kredit maksimal 22%-24% sudah sangat mendukung pencapaiannya. Oleh karena itu, BI mengaitkan LDR dengan GWM adalah untuk menyiapkan pencapaian pertumbuhan kredit pada tahun depan.

Prospek peringkat Bumi Resources negatif

Moody's Investors Service masih menempatkan prospek peringkat PT Bumi Resources Tbk pada level negatif. Peringkat perusahaan juga ditetapkan pada level Ba3. Kedua peringkat ini juga berlaku bagi obligasi denominasi dolar AS yang diterbitkan oleh anak usaha Bumi Resources, yaitu Bumi Capital Pte Ltd.
 
Berdasarkan laporan Moody's yang dirilis pada hari ini, penetapan prospek yang negatif itu tidak berubah dari penurunan yang dilakukan lembaga pemeringkat internasional itu pada 14 Mei 2010.
 
"Konfirmasi itu mencerminkan ekspektasi Moody's bahwa Bumi masih memproses pendanaan untuk mencukupi kebutuhan dana yang akan digunakan untuk membiayai pembiayaan kembali yang waktunya sudah sangat dekat," tulis Vice President & Senior Credit Officer Moody's Laura Acres dalam laporan itu.
 
Dalam laporan itu, Acres juga menambahkan kinerja perusahaan masih dapat menunjukkan pertumbuhan secara bertahap.

Berdasarkan catatan, ketika prospek peringkat Bumi Resources diturunkan menjadi negatif, perseroan masih berharap Moody's dapat mendiskusikan penetapan prospek peringkat itu dengan perusahaan.
 
"Kami berniat mengundang lembaga pemeringkat itu untuk mendiskusikan fakta keuangan yang dinilai tidak sesuai dengan yang dimiliki oleh emiten," ujar Head of Investor Relations Bumi Resources Dileep Srivastava pada Mei lalu.
 
Laporan itu menunjukkan peringkat Ba3 Bumi Resources menunjukkan kuatnya posisi perusahaan karena kepemilikannya pada saham dua perusahaan tambang batu bara terbesar di Indonesia, yaitu PT Kaltim Prima Coal (KPC) dan PT Arutmin Indonesia (AI).

Rekomendasi Beberapa Sekuritas, 21 September 2010

Untuk perdagangan hari ini, Selasa 21 September 2010, tiga sekuritas ternama mengulas kemungkinan kondisi bursa yang akan terjadi sepanjang hari ini, bersama dengan pilihan saham-saham yang patut Anda cermatin.

1. Trimegah Securities
Investor patut mewaspadai potensi berlanjutnya tekanan jual, setelah pada perdagangan kemarin aksi ambil untung pada beberapa saham unggulan menyebabkan tekanan terhadap IHSG sebesar 13,67 poin sehingga ditutup di level 3.370,98.

Pada perdagangan hari ini, IHSG diprediksi bergerak di kisaran 3.347-3.394, dengan saham pilihan,  antara lain SGRO dan SMGR.

2. E-Trading Securities
Saham emiten-emiten Grup Bakrie dan saham lapis kedua (second liner) masih layak untuk dicermati. IHSG diperkirakan bergerak di kisaran 3.340-3.400. Indeks berpotensi bergerak terbatas, menunggu hasil pertemuan The Fed yang akan membahas kebijakan moneter di negara tersebut. Saham pilihan adalah BNBR, BBKP, dan NIKL.

3. Sinarmas Sekuritas
Laju indeks tertahan, menyusul aksi pelepasan saham yang dilakukan pemodal untuk merealisasikan keuntungan jangka pendek. Secara teknikal, IHSG hari ini rawan terkoreksi. Rentang gerak indeks di level 3.317-3.384, dengan saham pilihan BWPT, GZCO, dan AALI.

Rekomendasi HD Capital, 21 September 2010

Untuk hari ini, Selasa 21 September 2010, HD Capital merekomendasikan empat saham pilihan, yakni Bank Rakyat Indonesia (BBRI), Adaro Energy (ADRO), Astra International (ASII), dan Indofood Sukses Makmur (INDF) untuk dicermatin dengan opsi Buy. Berikut rincian detailnya.

• Bila masih terjadi penekanan lebih lanjut di IHSG, rekomen akumulasi "on weakness" di beberapa emiten consumer perbankan & batubara yang sempat terimbas koreksi dan siap untuk rebound kembali.

• IHSG close (20-09) 3.363.819(-13.671/-0.40%) (Val.Rp.3.5T)

• Support: 3.310-3.265-3214, Resistance: 3.370-3.400-3.440

 

Stock picks:

 

1.    Bank BRI (BBRI): (BUY) (Target: Rp 10.500) (close 10/09 Rp 10.200)

• Koreksi di sektor perbankan akibat kenaikan Giro Wajib Minimum BI dari 5% ke 8% terlihat berlebihan dan sudah mulai tecermin dalam harga, bila koreksi terus berlangsung di pemain UKM dengan ROE tertinggi di sektornya dengan agenda stock split untuk menambah likuiditas ini, rekomen akumulasi.

• Entry: (1) Rp 9.850, Entry (2) Rp 9.600, cut-loss point: Rp 9.500

 

2.    Adaro Energy (ADRO) (BUY): (Target: Rp 2.150) (Close 20/09 Rp 2.050)

• Downgrade proyeksi produksi batubara dan earnings atau laba per saham FY2010 (EPS) sebesar 15% akibat ketakutan kinerja laporan keuangan 1H 2010 yang memburuk mengakibatkan profit taking dan koreksi yang dapat mengakibatkan ADRO mengalami pullback, namun rekomen untuk melakukan buy on weakness karena perseroan masih optimistis efisiensi perusahaan dapat menaikan produksi batubara di 2011-2012.

• Entry (1) Rp 2.000, (2) Rp 1.925, Cut loss point: Rp 1.870

 

3.   Astra International (ASII) (BUY): (Target: Rp 56.500) (Close 20/09 Rp 54.500)

• Optimisme pasar bahwa kinerja laba di 2011 masih dapat terus tumbuh dari momentum penjualan mobil & motor serta kontribusi dari unit agribusiness dari kenaikan harga komoditas (CPO) dapat dijadikan alasan untuk menggunakan koreksi sehat ini sebagai kesempatan akumulasi.

• Entry: (1) Rp 53.400, Entry: (2) 51.500, Cut loss point: Rp 50.500

 

4.   Indofood (INDF) (BUY) (Target: Rp 5.700) (close 20/09 Rp 5.350)

• Pasca IPO Indofood CBP Sukses Makmur yang akan menarik dana 3T untuk pembayaran utang induk INDF, dapat menaikan nilai jual perseroan rasio utang (DER) yang sekarang 2.4x berkurang hingga 1.4x sehingga proyeksi EPS (laba per saham) & rasio profitabilitas (NPM, OPM) naik karena tidak tergerus biaya debt servicing utang.

• Entry: (1) Rp 5.300, Entry (2) Rp 5.150, Cut-loss point: Rp 4.900

 

Dibuat oleh: 

Yuganur Wijanarko

Senior Research HD Capital. (Yuganur@hdx.co.id)