Charoen Pokphand Akuisisi Cipendawa Agroindustri

PT Charoen Pokphand Indonesia Tbk (CPIN) melalui anak usahanya PT Charoen Pokphand Jaya Farm (CPJF) mengakuisisi 105.866 saham atau 99,99% dari modal yang ditempatkan dalam PT Cipendawa Agroindustri Tbk (CPDW) dari PT Cipendawa Agro Lestari (CAL).

Nilai akuisisi mencapai Rp 20 miliar dan Rp 800 juta di antaranya telah dibayarkan oleh CPJF saat penandatanganan akta jual beli. Pelunasan pembayaran akan dilakukan jika prasyarat yang ditentukan telah terpenuhi.

"Perseroan telah telah menandatangani perjanjian jual beli saham bersyarat dengan CAL induk usaha CA, pada 8 Februari 2011," kata Direktur Charoen Pokphand Indonesia Eddy Dharmawan dalam keterbukaan informasi di Bursa Efek Indonesia (BEI), Jakarta, Kamis (10/2).

Cipendawa Agroindustri adalah perusahaan yang bergerak di bidang usaha pembibitan anak ayam usia sehari komersial berlokasi di Kabupaten Cianjur dan Kabupaten Sukabumi.
"Akuisisi ini untuk meningkatkan kapasitas produksi dari kegiatan usaha pembibitan anak ayam usia sehari yang saat ini sudah dijalankan CPJF," tambahnya.

Dia juga menuturkan jika transaksi ini bukan merupakan transaksi afiliasi dan tidak mengandung benturan kepentingan. Selain itu, transaksi ini juga bukan merupakan transaksi material.

Sierad Bagikan Dividen Saham Setelah Reverse Stock

Manajemen Sierad Produce (SIPD) berencana membagikan dividen berupa saham (saham bonus) setelah reverse stock sebesar sepuluh kali. Rencana dividen itu, menurut kalkulasi waktu manajemen, baru bisa dilakukan sekitar September 2011.

Namun entah kenapa, hari ini muncul pemberitahuan bahwa rencana RUPS-LB untuk meminta persetujuan reverse stock ditunda sementara waktu hingga batas waktu yang belum ditentukan.

Informasi rencana pembagian dividen saham terungkap setelah otoritas Bursa Efek Indonesia menanyakan latar belakang dilakukannya reverse stock. Pasalnya, secara teoritis, pelaksanaan reverse stock akan merugikan investor ritel, karena harga sahamnya cenderung turun setelah reverse stock. Ini terbukti dengan penurunan harga saham SIPD dari Rp 70 menjadi tinggal Rp 50, setelah manajemen mengumumkan agenda RUPSLB dengan agenda reverse stock tersebut.

Menurut manajemen SIPD, perseroan baru bisa membagikan dividen saham dan bukan dividen tunai karena masih membutuhkan dana yang besar untuk ekspansi. Kebutuhan pendanaan ini diperoleh dari keuntungan usaha yang ditahan dan pinjaman bank.

Namun untuk membagikan dividen saham, sesuai aturan Bursa Efek Indonesia, harga saham perseroan harus minimal Rp 100. "Bahwa saat ini harga saham di pasar berkisar Rp 50-80, karenanya dengan dilakukannya reverse stock diharapkan harga teoritis perseroan akan melebihi nilai Rp 100/saham," jelas manajemen SIPD. 

Untuk detail penjelasan manajemen SIPD klik link IDX ini.

Sierad Tunda Agenda Reverse Stock

Manajemen Sierad Produce (SIPD) menunda rencana menggelar rapat umum pemegang saham luar biasa (RUPS-LB) dengan agenda meminta persetujuan reverse stock (penggabungan nilai saham). 

Dalam keterbukaan informasinya, Sekretaris Perusahaan SIPD Elies L Setiawan menuturkan, alasan penundaan disebabkan karena manajemen sedang dalam tahap penyusunan dan pembahasan reverse stock.

"Selanjutnya jika persiapan telah selesai, maka dalam kesempatan pertama kami akan segera mengirimkan jadwal pelaksanaan RUPS-LB dimaksud," tegas dia.

Semula, RUPS-LB akan digelar pada 11 Maret 2011. (lihat berita Sierad Produce Reverse Stock Sepuluh Kali). Untuk informasi keterbukaan informasi Elies klik link IDX ini.

Bakrie Group's Ridwan Plans Indonesia-Focused Stock Hedge Fund

Edwin Ridwan, who helped set up the proprietary equity trading desk of Bakrie Group last year, is seeking capital to start an Indonesia-focused hedge fund that will bet on rising stocks. 

Ridwan, 41, is in talks with the Bakrie Group, a palm oil- to-property empire controlled by Indonesian billionaire politician Aburizal Bakrie and his brothers, to set up the hedge fund, he said in an interview from Jakarta. Siddharta Moersjid, a spokesman for Jakarta-based PT Bakrie & Brothers, said he couldn’t give any information at this stage. 

“I’m hoping to raise this fund, if possible, with the Bakrie Group,” Ridwan said. “It’s tough to find seeders from the local market; most people don’t even know what a hedge fund is.” 

HB Capital Partners’ Komodo Fund is currently the only Indonesia-focused hedge fund managed from Jakarta, according to funds tracked by Bloomberg. Bakrie & Brothers, the holding company for several listed Bakrie Group units, said in December 2009 that it planned to start new funds aimed at foreign investors. 

The trading desk that Ridwan set up in November is investing Bakrie Group’s capital in equities and aims to eventually manage third-party money, he said. Ridwan said he hopes to start the fund, to be called Amandana Capital, within six months and is seeking $10 million to $15 million in seed capital, in return for a stake in the management firm or a share of the fees that it earns. He aims to raise $50 million to $100 million from investors during the fund’s first year, he said. 

The fund will bet on rising prices of companies earning most of their revenue from Indonesia or have a majority of their assets there, he said. The companies the fund can invest in may include Singapore-based Petra Foods Ltd., the largest supplier of chocolate products to Indonesia, and London-based Churchill Mining Plc, owner of a thermal coal project in Indonesia. 

‘Entry Point’

“We are going to invest in non-Indonesian stock exchange listed companies to expand our investible universe,” Ridwan said. 

The fund will focus on liquid, or easily traded, securities and will also invest in companies that are preparing for initial public offerings, he said. It may also take significant minority positions in listed companies to influence their strategies and improve corporate governance, he said. 

The decline in Indonesia’s benchmark stock index this year has provided a “good entry point,” Ridwan said. The Jakarta Composite Index has fallen 7.7 percent this year.

“I believe in the Indonesian economy going forward,” Ridwan said. “We’re going to have a tremendous period in the next three to five years.” 

Indonesia’s economy grew at 6.9 percent in the last quarter, the fastest annual pace in six years. Rising consumer spending is driving the expansion in the world’s fourth-most populous nation, increasing pressure on the central bank to restrain price gains and protect purchasing power.

‘Bottom Out’

The Jakarta Composite Index has fallen almost 10 percent from its Dec. 9 record high on concern the central bank has fallen behind regional peers in boosting rates to cool inflation.

The stock market is set to “bottom out” in the next two to three months, and Indonesia’s banking, utilities and commodities industries will likely outperform, Ridwan said. 

Ridwan has more than 15 years of equity trading and investment experience, including a stint at Jakarta-based PT Danareksa Sekuritas. Ridwan co-founded CFAdvisors, a credit rating advisory firm, in 2002 and Bakrie Group was one of its clients, he said. 

Bakrie, the patriarch of the family business that includes PT Bakrie Sumatera Plantations and PT Bakrie Telecom, is Indonesia’s 10th-richest man, according to Forbes Asia. Source: Bloomberg

Rekomendasi HD Capital, 10 Februari 2011

Berikut rekomendasi dari HD Capital untuk perdagangan Kamis, 10 Februari 2011. Rekomendasi beli untuk Telekomunikasi Indonesia (TLKM), Semen Gresik (SMGR), Perusahaan Gas Negara (PGAS), dan Bank BJB (BJBR).

BUY: (TLKM, SMGR, PGAS, BJBR)

• Sentimen negatif akibat imbas penawaran IPO Garuda yang diberitakan kurang mendapat permintaan tinggi dan suvery Thompson Reuters yang menyatakn valuasi Indonesia lebih mahal dari rata-rata market lainnya di Asia membuat IHSG terkoreksi  namun hal ini tidak akan berlangsung lama dan rekomen akumulasi untuk technical rebound

• IHSG close (09-02) 3.410.960(-51.580/-1.49%) (Val.Rp.3.9T)

• Support: 3.380-3.310-3.250, Resistance: 3,490-3,530-3,620

 

Stock picks:

1.      Telekomunikasi (TLKM: (BUY) (target: Rp 7.950) (close 09/01 Rp 7.800)

• Fitur tambahan seperti internet protocol television (IPTV) dan SMS untuk transfer uang serta valuasi termurah versus perusahaan telekomunikasi regional lainnya membuat emiten ini layak dilirik

• Ini merupakan saham berkapitalisasi besar yang termurah di IHSG dengan 2011F PER 10x/PBV 2x

• Entry: (1) Rp 7.700, Entry (2) Rp 7.600, Cutloss-point: Rp 7.500

 

2.   Semen Gresik (SMGR) (BUY): (Target: Rp 8.200) (Close 09/02 Rp 7.800)

• Walaupun secara jangka pendek (Q1 2011) laba akan tertekan (kelihatannya hal ini sudah tercermin dalam koreksi harga) akibat biaya energy (listrik) yang naik, namun prospek jangka panjang masih menarik dengan pertumbuhan laba per saham 5-11% untuk 2011-2012.

• Valuasi PER 2011F 13x & ROE 28% cukup representatif sebagai alasan fundamentakl untuk akumulasi bila koreksi masih berlanjut lagi

• Entry (1) Rp 7.750, Entry (2) Rp 7.600, Cut loss point: Rp 7.400

 

3.   Perusahaan Gas (PGAS) (BUY): (Target: Rp 4.200) (Close 09/01 Rp 4.050)

• Emiten ini dikatakan bisa menjadi hedging buat inflasi

• Kekurangan suplai gas dapat menahan pertumbuhan distribusi namun ini dapat ter-offset dari katalis positif lainnya seperti penyelesaian terminal LNG (gas cair) di Jabar, serta realisasi kontrak dengan PLN dan beberapa produsen gas lainnya

• Entry: (1) Rp 4.025, Entry (2) 3.950, Cut loss point: Rp 3.850

 

4.   Bank Jabar (BJBR) (BUY) (Target: Rp 1.200) (close 09/01 Rp 1.130)

• Valuasi yang murah (2011F 8x/PBV 1.9x) dengan proyeksi ROE 26% tetap selama 2011, membuat emiten perbankan pemain mikro segmen yang sudah terkoreksi cukup dalam ini layak akumulasi dalam keadaan yang sangat oversold (jenuh jual)

• Entry: (1) Rp 1.130, Entry (2) Rp 1.110, Cut-loss point: Rp 1.050

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 10 Februari 2011

Berikut rekomendasi dari tiga sekuritas ternama untuk perdagangan Kamis, 10 Februari 2011.

 

1. E-Trading Securities

Pada perdagangan Rabu (9/2) indeks harga saham gabungan (IHSG) ditutup turun 42 poin (-1,23%) ke level 3.417,47. Penurunan ini tak lepas dari aksi Pemerintah Tiongkok menaikkan tingkat suku bunga acuan untuk mengerem laju pertumbuhan ekonomi yang terlalu pesat.

Kemarin, asing melakukan net selling Rp 359 miliar dengan sektor yang paling banyak dilepas adalah perbankan dan pertambangan. Secara teknikal, indeks sedang menguji level resistance kuatnya di 3.372. Garis MA5 terlihat gagal melewati MA20 dan diikuti kenaikan volume, sehingga membuat indeks pada Kamis (10/2) berpotensi kembali terkoreksi. Hari ini, indeks kami prediksi bergerak di kisaran 3.372-3.471. Amati INCO, UNTR, dan BUMI.

2. Sinarmas Sekuritas

Secara teknikal, IHSG hari ini masih menunjukan sinyal pelemahan pada kisaran 3.364-3.455. Minimnya sentimen positif dari dalam negeri, serta pengetatan yang dilakukan oleh Tiongkok turut memengaruhi pergerakan indeks. Saham-saham yang dapat diperhatikan antara lain TLKM, EXCL, BWPT

3. Mandiri Sekuritas

Setelah tiga hari terkoreksi, IHSG hari ini diperkirakan berpotensi rebound. Potensi rebound sudah terlihat pada perdagangan kemarin karena indeks tertahan di level support. Sektor perbankan dan barang-barang konsumsi patut diperhatikan pada perdagangan hari ini. Sementara sektor perkebunan diprediksi bakal melemah. Indeks pada Kamis (10/2) akan bergerak di level support 3.430-3.455 dan resistance 3.382.

Indonesia approves coal export permits after massive backlog

A backlog of up to 3.5 million tonnes of coal awaiting export from Indonesian ports may finally be cleared after the energy and mineral ministry approved 60 permits for traders to resume shipments, a senior mining official on on Wednesday.

The shipments, destined to fuel power stations in China and India, were delayed because of changes to coal and mining laws that require cargoes to undergo fresh surveys in a bid to stem illegal exports that avoid tax.

The Indonesian Coal Mining Association said last week around 60-70 vessels and 3.5 million tonnes of coal were backed up in Indonesian ports because they lacked proper certification.

Some suppliers had declared force majeure on shipments, the association said, although the rule change has so far not affected shipments from top producers such as Bumi Resources and Adaro Energy.

"I have signed approval for about 60 permits. If traders submit all the required documents, the permit can be processed in just one day," said Bambang Setiawan, director general of coal and minerals at the energy ministry.

Indonesia, the world's top thermal coal exporter, is expected to produce 340 million tonnes of coal this year.
"We are glad that it ends well and we can avoid bigger financial losses," said Bob Kamandanu, chairman of the coal association. Source: Reuters

Indonesia's first LNG receiving terminal to be delayed to 2012

Indonesia's first liquefied natural gas receiving terminal near the capital Jakarta will begin operating in the first quarter next year, a delay from an expected September 2011 start, said chief economic minister Hatta Rajasa on Wednesday.

"There is a little issue on land reclamation. This may delay to the first quarter next year at the maximum," Rajasa said.

The floating LNG terminal is being developed by PT Nusantara Regas, 60 percent owned by PT Pertamina and the rest by PT Perusahaan Gas Negara Tbk .

PGN is planning another terminal in North Sumatra, and Rajasa said the North Sumatra terminal was also expected to begin operations in the first quarter next year.

The terminals are expected to supply gas for Indonesia's energy-hungry industries. Rajasa said future gas development projects would be focused on supplying the domestic market.
"But we will not change existing (export) contracts," he said.

Indonesia, the world's number-three LNG exporter after Qatar and Malaysia, is increasing its use of natural gas at home to avoid costly imports and dwindling domestic supply. Its exports of LNG will fall to 362 cargoes this year from 427 in 2010. Source: Reuters

Indonesia launches monthly benchmark price for metals

* Monthly benchmark prices for base metals to follow LME

* Benchmark price for iron ore to follow Australian price

Indonesia has launched monthly benchmark prices for key base and precious metals to be in line with international markets, as the resource-rich country seeks to boost revenue from the mining sector, the energy ministry said on Wednesday. 

Under a new mining and coal law, miners must sell coal and minerals based on monthly government-set price benchmarks. The government has applied coal price benchmark since early 2009. 

"The benchmark prices will prevent miners from selling minerals cheaply," Bambang Setiawan, director general of coal and minerals at the energy and mineral resources ministry, told Reuters. 

The government will set monthly benchmark prices for exports of copper, tin, nickel, aluminium, lead, zinc, gold, silver, platinum and palladium, the ministry said in a statement on its website. Currently, companies set prices individually based on agreement with buyers. 

Benchmark rates for copper, tin, nickel, aluminium, lead and zinc will follow prices at the London Metal Exchange (LME) while benchmark prices for precious metals will follow prices at the London Bullion Markets Association. 

For iron ore and iron sands, prices should follow those in Australia as the world's top iron exporter, it said.

It was not immediately clear how the benchmark regulation will affect sales from miners including copper sales from the Indonesian unit of Freeport McMoran Copper & Gold and Newmont Mining Corp . 

But miners who hold contract of works-type of mining license, can still use the price formula stated in their agreements while awaiting the ministry's decree to formalise the benchmark, the ministry said. 

It was not clear when the decree will be issued, but holders of other types of mining licenses may be immediately impacted by the new benchmark price ruling.

Officials from PT Freeport Indonesia, which operates the massive Grasberg copper and gold mine in Papua, and PT Newmont Nusa Tenggara, which operates the Batu Hijau copper mine in Sumbawa island, could not be reached for comments. Both Freeport and Newmont hold contract of works licences. 

Indonesia's efforts to raise its revenue from coal and minerals come as the nation's oil revenue has declined due to ageing oil wells and a lack of investment.

In the case of coal, the price reference so far is only for the government and miners to calculate non-tax revenue, including royalties. 

However, miners must comply with the monthly price reference when calculating actual coal selling prices for spot and long-term sales in overseas and domestic markets. Source: Reuters

Indonesia's cbank says no formal bid from DBS to buy Bank Danamon

Southeast Asia's largest bank DBS , has given no formal indication of plans to purchase Singapore state investor Temasek's $3.8 billion stake in Indonesia's Bank Danamon , an Indonesian central bank's deputy governor said on Wednesday.

"Officially we haven't received ... either inquiry or notification," said Halim Alamsyah, the central bank's deputy governor on banking supervision, in an interview with Reuters.

The market has been excited about the possibility DBS would this year make a bid for Temasek's 67 percent stake in Danamon, the nation's sixth largest lender, although both parties have poured cold water on a possible deal.

Danamon shares have surged as much as 14 percent this year, easily beating Jakarta main index , which is down 7.7 percent.
Alamsyah said, however, that three local banks were the target of foreign buyers, but declined to give any details. Source:  Reuters

Indonesia state deposit agency lifts max rupiah deposit rate

Indonesia's state deposit agency (LPS) lifted the maximum guaranteed rupiah bank deposit rate to 7.25 percent but held the maximum guaranteed dollar deposit rate at 2.75 percent, an official told Reuters on Wednesday.

The move to raise the rupiah rate from 7 percent came because of growing inflationary pressures, the official said, and follows the central bank hiking its benchmark interest rate by 25 basis points to 6.75 percent last week. Source: Reuters

Indonesia cbank scraps 6-mth SBI debt to counter hot money

* Central bank to focus on longer tenors, non-tradeable deposits

* Bank sees rupiah above 8,900 per dollar; inflation above target

* Analysts say bank wants to eliminate SBIs

Indonesia's central bank will no longer regularly sell its six-month SBI debt in monthly auctions in an attempt to drive investment to longer-term instruments, as emerging markets around the world seek to counter hot money flows. 

Bank Indonesia (BI) sold 14 trillion rupiah ($1.57 billion) of nine-month SBIs and 30 billion rupiah of nine-month sharia SBIs in Wednesday's auction, both with a rate of 6.70542 percent, after receiving offers totalling 37.22 trillion rupiah. 

It plans to issue a six-month term deposit this week, while aiming to sell a nine-month term deposit at a later date, deputy governor Budi Mulya said before the auction. 

Analysts said the bank was moving to replace SBIs with term deposits -- which are not tradeable and must be held to maturity -- and short-term deposit facilities (FASBI) to absorb excess liquidity in the financial system. 

As of Feb. 1, foreigners held 142.68 trillion rupiah of SBIs, or 23 percent of the total, latest data shows -- down from 200.11 trillion rupiah in the first week of January.

In a BI auction last month, the weighted average yield for six-month SBIs was 6.1 percent and for nine-month SBIs 6.5 percent. 

Authorities are trying to smooth volatility in short-term instruments amid fears that any sharp outflow of funds could threaten stability and the rupiah. 

Indonesian stocks, bonds and the currency fell last month as investors took profits from a strong rally in 2010 and worried that the central bank was behind the curve in tackling growing inflationary pressures. 

Mulya said he expected the rupiah to strengthen to above 8,900 to the dollar in coming months, from around 8,915 currently, and that inflation could rise above the target of 4-6 percent this year. 

The central bank last week hiked its key policy rate by 25 basis points to 6.75 percent, surprising many market watchers, in an attempt to head off price pressures. SBIs are expensive for BI because the yields are based on its benchmark interest rate. 

From Nov. 5 to Jan. 14 foreign investors bought 17.7 trillion rupiah of six-month SBIs after they could no longer purchase the three-month SBIs.

"Efforts to shift excess liquidity that is piling up in short tenors to longer tenors are expected to reduce the dependency of market players on placing short-term funds in BI's monetary instruments, supporting financial deepening," said BI spokesman Difi A. Johansyah.

BI introduced a 28-day minimum holding period for its SBIs in June last year, driving investors out of a one-month tenor that had been popular for its high yields and liquidity and towards three- and six-month tenors and government debt. 

It then stopped selling three-month SBIs in November last year. It has issued term deposits as replacement, with a five-month term deposit first introduced last month.

"This is BI's scenario: to eventually eliminate SBIs," said Juniman, an economist at Bank Internasional Indonesia in Jakarta. 

"In effect, foreigners can't put in funds that may destabilise the rupiah. They will move to the bond market then, which will be positive to finance the state budget and in driving the real sector." 

Analysts see the government could start issuing T-bills with maturity of less than a year once the central bank stops issuing SBIs.

"The government shouldn't be too afraid on refinancing risks by issuing shorter-dated T-bills. The instruments are needed by banks," said Anton Gunawan, an economist at Bank Danamon in Jakarta. 

Ultra-low interest rates in developed markets have been driving a flood of money towards emerging markets where yields are higher, leading countries from Taiwan to Brazil to impose capital controls to stem the rise in their currencies. ($1 = 8,925 rupiah). Source: Reuters