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Thursday, August 4, 2011

Sulfindo's sale may draw foreign bids: sources

Indonesian chemical producer Sulfindo Adiusaha is up for sale with a price tag of $700 million and may draw interest from Thai industrial conglomerate Siam Cement SCC.BK and South Korea's Hanwha Chemical (009830.KS) when first-round bids are due in late August, sources with knowledge of the deal said.

The deal is set to be another indication of increasing foreign interest in Southeast Asia's biggest economy, which is attracting investors because of strong economic growth and a buoyant stock market.

However, several deals have also faltered recently as Indonesian businessmen have high price expectations, analysts said.

Sulfindo is controlled by the Victoria Group, which is owned by Indonesia's Tanojo family, who also own small lender Bank Victoria (BVIC.JK) and brokerage Victoria Securities.
"Chemical demand has a good potential but I think the price is too high for the firm at around 9 to 10 times EBITDA," said a chemical analyst at a state-owned brokerage firm, who declined to be named.

"Consumer firms, which get the highest valuation now, are only valued at around 11 times EBITDA while plantation firms get around 7 times. I think it will be hard for them to get a buyer with the typically volatile margin industry."

BOND SALE PULLED
A spokeswoman for Siam Cement declined to comment.

South Korea's Hanwha Group said its chemicals unit has looked at Sulfindo, but has made no decision to put in a bid. "Since Sulfindo runs petrochemical businesses, Hanwha Chemical (the group's chemical unit) had looked into it at a working-level. But nothing is in progress nor determined," a Hanwha official told Reuters.

Macquarie (MQG.AX) is the sell-side adviser for the deal, three sources told Reuters. A Macquarie spokeswoman in Singapore declined to comment.

"The first-round bids are due toward the back-end of August," one of the sources said.
Earlier, bankers had said the company was selling a stake of up to 40 percent, but sources with knowledge of the deal said the whole company is for sale.

Sulfindo's sale plan comes after it did not issue a five-year fixed-rate dollar bond in January because of weak investor interest.
Sulfindo did not respond to Reuters queries seeking comment.

Standard & Poor's on May 16 downgraded Sulfindo's credit rating to CCC from B-, saying it faced a prolonged delay in obtaining sufficient external financing.
Sulfindo produces caustic soda, chlorine, ethylene dichloride, vinyl chloride and polyvinyl chloride (PVC), products used in the pulp and paper industry, water treatment and for pipes, according to the company's website. Source: Reuters

Tritunggal Borong 4,78 Juta Saham Indomobil

PT Tritunggal Intipermata (TIP) membeli 4.780.000 saham PT Indomobil Sukses Internasional Tbk (IMAS) pada 29 Juli 2011. Pembelian itu menambah kepemilikan saham IMAS oleh TIP dari 17,71% menjadi 18,05%.

TIP membeli 4,78 juta saham IMAS pada harga Rp 12.000/saham untuk tujuan investasi jangka panjang. Dengan demikian, TIP menjadi pemilik 18,05% saham IMAS, selain PT Cipta Sarana Duta Perkasa yang menguasai 52,35% saham IMAS.

Rekomendasi HD Capital, 4 Agustus 2011

Rekomendasi HD Capital untuk perdagangan Kamis, 4 Agustus 2011.
BUY: (BUMI, BBRI, ADRO, BMRI)

  • Walaupun terimbas efek koreksi besar di Dow Jones, namun IHSG berhasil ditutup di atas dari titik terendah (-80pt) hingga berakhir setengahnya (-41pt), sehingga terlihat mulai ada upaya bargain hunting untuk memicu technical rebound nantinya. 

  • IHSG close (03-08) 4.136.44 (-41.34/-0.99%) (Val.Rp.3.8T)

  • Support: 4.125-4.025-3.996, Resistance: -4.175-4.250-4.300

 

Stock picks:

1.     Bumi Resources (BUMI) (BUY) (Target Rp.3.350) (Close 03/08 Rp.3.200)

  • Momentum kenaikan mulai terbangun diantara konsolidasi pendek, kelihatannya jalan menuju target pertama di Rp 3.350 mulai terlihat seiring dengan berbagai berita dan aksi korporasi yang positif keluar.

  • Entry (1) Rp 3.150, Entry(2) Rp 3.050, Cutloss point: Rp 2.950

 

2.    Bank BRI (BRI) (BUY): (Target: Rp 7.450) (Close 03/08 Rp 7.200)

  • Seperti diramalkan sebelumnya profit taking telah tidak sanggup membawa saham ini terkoreksi jauh sehingga momentum kenaikan masih ada.

  • Secara fundamental masih mempunyai prospek positif, diperkirakan pertumbuhan kredit untuk 2H 2011 akan sesuai atau di atas target yang ditetapkan 

  • Entry: (1) Rp 7.150, Entry (2) Rp 7.050, Cut loss point: Rp 6.950

 

3.   Adaro Energy (ADRO) (BUY): (Target: Rp 2.750) (Close 03/08 Rp 2.600)

  • Membaiknya cuaca dapat membuat produksi batubara untuk 6-bulan kedepan tercapai target, dilihat dari kacamata earnings recovery, sector yang export oriented terlihat berpotensi besar terutama karena harga sahamnya belum price in factor adjustement ke proyeksi laba.

  • Entry (1) Rp 2.600, Entry (2) Rp 2.500, Cut loss point: Rp 2.400

 

4.       Bank Mandiri (BMRI) (BUY): (Target: Rp 7.900) (Close 03/08 Rp 7.650)

  • Outlook suku bunga tetap pasca inflasi yang terkendali bulan Juli lalu dapat mendorong scenario pertumbuhan kredit tercapai, maka rekomen akumulasi pasca koreksi berlebihan yang telah terjadi.

  • Menguatnya rupiah membuat biaya kredit dan permintaan untuk kebutuhan dana korporasi lebih murah. 

  • Entry: (1) Rp 7.650, Entry (2) Rp 7.550, Cut loss point: Rp 7.450

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 4 Agustus 2011




Rekomendasi beberapa sekuritas untuk perdagangan Kamis, 4 Agustus 2011.
1. E-Trading Securities
IHSG kemarin turun 41 poin (-0,98%) ke level 4.136,51 mengikuti sentimen negatif dari bursa global yang juga menerpa sejumlah bursa regional. Pemodal asing melakukan net selling Rp 516 miliar. Hari ini, indeks diperkirakan bergerak pada range 4.107-4.161. Cermati GJTL, JPFA, dan CPIN.

2. Reliance Securities
Indikator Bill William menunjukan IHSG mulai bergerak dengan momentum negatif dengan range 4.102-4.177. Stoploss berada di level 4.106, sementara support menurut fibonacci di 4.006, dan resistance terdekat di level 4.195. BBCA BBRI dan TLKM masih rawan melemah.
3. Sinarmas Sekuritas
Pada perdagangan Kamis (4/8), secara teknikal, indeks cenderung bergerak melemah pada kisaran 4.080-4.156. Saham-saham yang dapat diperhatikan UNVR, BUMI, JPFA, MASA.

Saham-saham yang dominan dibeli asing, 3 Agustus 2011

Saham-saham yang dominan dibeli asing, Rabu 3 Agustus 2011.
Kode saham                          Volume                Jual                    Beli
AISA 7,830,000 137,500 1,731,500
AKRA 11,220,000 1,222,000 1,519,500
AMFG 446,000 195,500 207,000
ANTM 17,037,500 1,582,500 5,258,000
APLN 25,024,500 3,873,500 10,950,000
BBCA 8,682,500 4,673,000 6,598,000
BBKP 16,598,000 667,500 5,944,000
BBLD 1,828,000 0 500,000
BBRI 29,073,000 8,619,000 15,846,500
BDMN 1,885,500 471,500 738,500
BHIT 82,382,000 10,798,000 23,560,500
BJBR 10,786,000 62,000 1,615,000
BKSL 192,423,000 834,500 25,845,500
BLTA 25,328,500 6,629,000 11,783,000
BMTR 9,637,500 3,634,500 4,807,500
BNBA 657,500 0 225,500
BNBR 289,027,000 2,056,500 13,100,500
BNII 999,500 30,000 211,000
BRAU 4,825,500 0 988,000
BULL 31,139,500 0 5,000,000
BUMI 111,129,500 12,546,500 23,146,500
BVIC 276,391,500 4,327,000 10,631,000
BWPT 13,759,000 371,500 1,928,500
BYAN 227,500 132,500 172,000
CMNP 32,392,000 82,500 7,550,000
COWL 44,361,500 0 1,600,000
CPIN 40,270,000 3,978,000 6,636,500
CTRP 5,337,000 254,000 1,800,000
DOID 43,981,000 4,271,000 8,461,500
ELTY 697,934,500 1,779,500 3,229,500
EXCL 2,592,000 354,000 1,089,000
GIAA 19,870,500 88,000 759,500
GPRA 25,114,500 0 100,000
GZCO 11,360,500 0 9,388,000
ICBP 3,381,000 853,000 1,943,000
IGAR 1,605,000 0 87,000
IMAS 2,638,500 586,500 597,500
INDF 16,920,000 2,726,500 4,555,500
INDY 9,754,000 2,663,500 2,852,000
INRU 156,000 51,000 156,000
INTA 34,572,000 50,000 1,250,000
INVS 391,000 141,000 258,500
ISAT 2,741,000 968,500 2,199,000
JAWA 3,617,000 0 600,000
JPFA 4,790,500 1,033,000 1,177,500
KAEF 2,480,500 0 447,000
LSIP 9,011,500 245,000 7,213,000
MAIN 11,226,500 100,000 122,500
MBTO 1,047,500 0 300,000
MEDC 2,186,500 69,500 386,000
META 5,502,500 0 1,000,000
MRAT 1,089,500 0 115,000
MTLA 1,819,000 0 1,500,000
PJAA 350,000 1,500 300,000
PNBN 4,227,500 27,000 400,000
PNLF 10,348,000 840,000 900,000
PTBA 2,307,500 376,500 703,500
PTPP 7,615,500 170,500 2,252,500
SGRO 7,459,500 323,500 3,322,500
SMRA 9,702,000 1,829,500 6,312,000
TBIG 1,021,500 642,500 801,500
TKIM 965,000 0 69,500
TLKM 28,151,000 6,524,500 21,488,500
TOTL 1,069,000 0 408,000
TSPC 775,500 0 402,000
WICO 223,500 28,500 36,500
WIKA 10,706,500 623,500 5,443,000
WOMF 222,000 0 11,000