Palladium, Copper, Tin may be top metals in 2011

Palladium may fare better than other precious metals in 2011 due to continued strength in the automobile sector in emerging-market nations at a time of tight supplies, said “The Metals Monthly” report released by ABN AMRO Bank and VM Group Thursday.

Analysts described copper and tin as the base metals that may fare best.

However, while they that while sentiment for metals is bullish for now, there are potential headwinds that could derail expected rises in both base and precious metals. In particular, analysts cited any strength in the U.S. dollar due to economic recovery, potential interest-rate hikes, euro-zone debt distress and attempts to mitigate inflation in China.

VM Group looks for palladium to average $798 an ounce in 2011, compared to an average of $525 for 2010. The metal rose strongly last year due to growth in sales of new vehicles in China, India and other parts of the emerging world. The main industrial use for palladium is auto catalysts.

“There appears little reason for this growth to slow appreciably in 2011 and thus the prospects for the palladium price in 2011 are just as compelling,” the report said. “With auto-catalyst demand therefore likely to grow strongly in 2011, a small market deficit will develop as supply fails to keep pace. This will be compounded by dwindling sales from Russian state stockpiles.”

For other precious metals, the average 2011 forecasts are gold, $1,457 ($1,225 in 2010); silver, $29.63 ($20.13); and platinum, $1,783 ($1,609).

VM Group looks for the average gold price to rise but also anticipates a “bumpy ride” in which investment demand will be critical. Analysts look for the “near-zero interest-rate environment” to persist in the U.S. and Europe for much of the year, which should benefit gold as well as equities.

“The rise in the Chinese and Indian middle class will continue to support demand, while political uncertainty in the Middle East and North Korea and potential currency conflicts might lead to price spikes,” the report said. “There will–unsurprisingly–also be periods where euro-zone debt issues resurface, momentarily increasing gold’s allure as a hedge against sovereign risk.”

However, an offsetting factor would be a stronger dollar as signs of a U.S. economic recovery become more evident, VM Group said. The end to major dehedging by gold miners also takes away a source of buying, and government austerity measures in some nations could have the impact of suppressing jewelry demand.

Three-months copper is forecast by VM Group to average $9,150 a metric ton in 2011, compared to $7,537 last year. Tin is forecast to average $26,523 a metric ton in 2011, up from $20,401 for 2010.

“Copper looks likely to be the star performer of the base metals in 2011,” said the report, citing sentiment that “demand growth in China will be coupled with greater appetite in the U.S. and elsewhere.” Meanwhile, supply has not kept pace with demand, which should mean a market deficit of some 450,000 metric tons, VM Group said.

Analysts also describe themselves as bullish on tin, anticipating further supply disruptions but demand from the electronics sector to grow, with a potential deficit of 20,000 tons.

Other 2011 base metals forecasts include nickel, $23,625 (compared to $21,844 for 2010); zinc, $2,348 ($2,187); aluminum, $2,331 ($2,176); and lead, $2,329 ($2,190). Source: Commodityonline

Mitsubishi decides on $2.8 bln Indonesia LNG project

Mitsubishi Corp (8058.T) said on Monday it will invest in a liquefied gas development project worth $2.8 billion in Indonesia via a joint venture with companies including Korea Gas Corp (036460.KS). Source: Reuters

Riset Bank Rakyat Indonesia oleh AAA Sekuritas

Riset Bank Rakyat Indonesia oleh AAA Sekuritas. Menurut AAA Sekuritas, manajemen BBRI fokus pada upaya meningkatkan ROE dan bukan pada NIM. Berdasarkan perhitungan, kenaikan suku bunga pada 2011 hanya memberikan efek minimum terhadap peningkatan laba bersih yakni hanya sebesar 0,5% dibanding bank-bank lain sebesar 1,3%.


Berdasarkan analisa AAA Sekuritas, rencana penurunan bunga kredit mikro yang berujung pada pemangkasan NIM sejak kuartal I 2005 tidak membuat ROE BBRI turun. Bahkan, ROE bank ini tetap stabil di level rata-rata 33% (tertinggi kedua setelah BTPN).


Saat ini, BBRI diperdagangkan pada valuasi 2,8 kali PBV, sehingga target harga setelah stock split adalah Rp 6.500.
 
Riset Bank Rakyat Indonesia Oleh AAA Sekuritas

Riset Bank Rakyat Indonesia oleh Kim Eng Sekuritas

Riset Bank Rakyat Indonesia oleh Kim Eng Sekuritas. Menurut Kim Eng, target penyaluran kredit BRI pada 2011 diproyeksikan tumbuh 20-22% atau melampaui tahun 2010. Kualitas kredit juga masih bagus dan tidak menjadi hal yang merisaukan bagi BBRI. Dalam sejarahnya, Kim Eng melihat rasio kredit bermasalah (non performing loan/NPL) akan tinggi pada kuartal III sebelum dilakukan hapus buku pada kuartal empat.

Kim Eng juga menyesuaikan perhitungan earning per share (EPS) BBRI untuk tahun ini turun sebesar 4,3% menjadi Rp 443,7. Namun meski turun, angka EPS ini masih mencerminkan kenaikan 13,4% dari EPS 2010 yang diproyeksikan sebesar Rp 391,2.

Menurut Kim Eng, saham BBRI sangat aktraktif. Dengan perolehan ROE 28,3% masih merupakan yang tertinggi di industri perbankan pada 2011. Rekomendasi beli dengan target harga Rp 6.200 pasca stock split.



Riset Bank Rakyat Indonesia oleh Kim Eng Sekuritas

Riset Kalbe Farma oleh NISP Sekuritas

Riset Kalbe Farma oleh NISP Sekuritas. Pendapatan Kalbe Farma diproyeksikan tahun ini tumbuh 13,6% menjadi Rp 11,69 triliun dan laba bersih tumbuh 25,4% menjadi Rp 1,6 triliun. DDivisi farmasi dan nutrisi masih menjadi kontributor utama bagi pendapatan Kalbe Farma.

NISP Sekuritas memasang target harga Rp 3.350.


Riset Kalbe Farma Oleh NISP Sekuritas

Riset IPO Garuda Indonesia oleh Valbury Sekuritas

Riset IPO Garuda Indonesia oleh Valbury Sekuritas.

Riset IPO Garuda Indonesia oleh Valbury Sekuritas

Riset Astra International oleh Valbury Sekuritas

Riset Astra International oleh Valbury Sekuritas. Target harga hingga akhir 2011 diproyeksikan sebesar Rp 63.000. Valbury melihat pada 2011 akan ada kenaikan harga-harga komoditas seperti batubara dan CPO yang akan menguntungkan ASII karena memiliki dua anak perusahaan, yakni Astra Agro Lestari (AALI di bisnis CPO) dan United Tractor (UNTR di bidang batubara). Selain itu, ekspansi strategis ASII di lini alat berat, kontraktor pertambangan, perkebunan, otomotif, akan menjadi katalis harga saham ASII pada 2011.

Namun, outlook bisnis 2011 juga akan dipengaruhi berbagai tantangan, seperti penerapan kenaikan tarif pajak kendaraan bermotor, rencana pembatasan penggunaan BBM bersubsidi, tekanan inflasi, dan proyeksi kenaikan suku bunga.

Riset Astra International oleh Valbury Sekuritas

Rekomendasi HD Capital, 24 Januari 2011

Berikut rekomendasi HD Capital untuk perdagangan Senin, 24 Januari 2011, dengan rekomendasi beli Bumi Resources (BUMI), Adaro Energy (ADRO), Indo Tambang Megaraya (ITMG), dan Bank Mandiri (BMRI).

BUY: (BUMI, ADRO, ITMG, BMRI)

• Menguatnya rupiah dari 9,100 ke 9,060 di saat IHSG terjun bebas hingga 140 pt (kemudian rebound menutup -74pt) menandakan bahwa capital outflow tidak terjadi dan potensi technical rebound bisa terjadi Senin ini.

• Rekomen melirik sektor batubara yang memiliki potensi EPS growth projection paling aggressive di 2010 (45%), dan emiten perbankan big cap selektif.

• IHSG close (24-01) 3,379.54 (-74.340/+2.16%) (Val.Rp.4.7T)

• Support: 3.320-3.280-3.200, Resistance: 3.450-3.550-3.610

 

Stock picks:

 

1.    Bumi Resources (BUMI): (BUY) (Target: Rp 3.200) (close 24/01 Rp 3.000)

• Beberapa sentimen positif dari restrukturisasi utang akibat aliansi dengan Vallar-Rothschild, sensitivas tinggi terhadap kenaikan harga batubara dan valuasi PER/PBV termurah di sektornya membuat harga BUMI tidak tertekan signifikan selama koreksi Jumat sehingga berhasil ditutup di atas level psikologis Rp 3.000.

• Rally dapat berlanjut rekomen akumulasi

• Entry: (1) Rp 2.950, Entry (2) Rp 2.825, cut-loss point: Rp 2.775

 

2.    Adaro Energy (ADRO) (BUY): (Target: Rp 2.600) (Close 24/02 Rp 2.350)

• Kapasitas produksi terbesar kedua setelah BUMI untuk mengikuti tren kenaikan batubara (ASP- average selling price) & proyeksi EPS yang optimistis pada 2011 dapat offset sentiment negative dari penurunan produksi di Q4 2010 akibat cuaca buruk yang kelihatannya efek negatifnya sudah tercermin dalam koreksi harga.

• Entry (1) Rp 2.350, (2) Rp 2.250, Cut loss point: Rp 2.150

 

3.   Indo Tambang Raya (ITMG) (BUY): (Target: Rp 50.510) (Close 24/07 Rp 47.900)

• Spesialisasi khusus di high calorie coal yang biasanya dipakai untuk industry baja membuatnya immune terhadap peraturan pemerintah mengenai pembatasan export low calorie coal.

• Koreksi yang terjadi dapat digunakan sebagai kesempatan akumulasi karena bila dilihat dari sisi fundamental seharusnya emiten ini diperdagangkan di valuasi yang lebih tinggi (premium).

• Entry: (1) Rp 46.500, Entry: (2) 45.000, Cut loss point: Rp 43.000

 

4.   Bank Mandiri (BMRI): (BUY) (Target: Rp 5.950) (close 24/01 Rp 5.600)

• Valuasi PER/PBV 2011F yang menarik (11.5x/2.4x), keadaan oversold pasca koreksi seminggu lebih dengan divergensi di stochastic buy signal membuatnya menjadi trading pilihan tepat untuk momentum player.

• Entry: (1) Rp 5.500, Exit (2) Rp 5.300, Cut-loss point: Rp 5.100

 

Dibuat oleh: 

Yuganur Wijanarko

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

Trisetijo Manunggal Beli 101 Juta Saham Pan Brothers

PT Trisetijo Manunggal Utama (TMU) membeli 101.527.580 saham Pan Brothers. Akibatnya, kepemilikan TMU bertambah dari 101.527.580 (22,793%) menjadi 203.055.160 saham Pan Brothers.

Penambahan saham Pan Brothers oleh TMU ini karena adanya transaksi pembelian exercise rights issue yang dilakukan sebanyak tiga kali. Pertama, 13 Januari 2011 sebanyak 22 juta di harga Rp 1.350 melalui PT Pacific Capital.

Kedua, 13 Januari 2011 melalui PT Sinarmas Sekuritas sebanyak 78.836.222 saham dan terakhir masih pada tanggal yang sama sebanyak 2.691.358 melalui PT Dwidana Sakti Sekurindo.

TMU sebelumnya tercatat pernah memiliki Bank Bintang Manunggal. Namun, pada tahun 2007, oleh TMU, bank itu dijual kepada Bank Hana dan kini berganti nama menjadi Bank Hana Indonesia. TMU menjual 60,97% sahamnya kepada Bank Hana Korea Selatan dan 19,03% kepada International Finance Corporation. Saat ini, TMU dan Bambang Setijo masih memiliki masing-masing 10% saham Bank Hana Indonesia.

Pemilik Lain Pan Brothers

Selain TMU, pemilik lain Pan Brothers yang mengeksekusi rights issue adalah PT Ganda Sawit Utama. Kepemilikan saham Pan Brothers oleh Ganda Sawit bertambah dari 86.281.500 (19,37%) menjadi 172.563.000 saham.

Satu pemegang individu, yakni Darwin beralamat di 130 Tanjung Rho Road #08-03 Singapura juga bertambah dari 49.892.000 (11,2%) menjadi 99.784.000 saham.

Borneo Lumbung Energi net profit last year at $177 mln

PT Borneo Lumbung Energi and Metal , Indonesia's only listed coking coal miner, reported 2010 full year net profit at $177 million with coal sales volume of 1.65 million tonnes, said Geroad Jusuf, the firm's corporate secretary, on Friday.

This was a turnaround from a 99.8 billion rupiah ($11 million) loss in 2009. ($1 = 9060.000 Rupiah). Source: Reuters

China’s Coal Imports at Record as Temperatures Plunge

China, the world’s biggest coal user, boosted imports of the fuel to a record last month, spurred by temperatures at a 35-year low and stockpiling, according to customs data. 

Imports in December rose 6 percent from a year earlier to 17.34 million metric tons, the General Administration of Customs said in an e-mailed report today. Purchases gained 31 percent to a record 165 million tons in 2010, according to the data. 

“Imports jumped as demand rose in the winter,” Liu Zhaoliang, a coal analyst at Qilu Securities Ltd., said by mobile phone from Shanghai. “Power companies are also ramping up imports to build stockpiles before the Chinese new year.” The Lunar New Year holiday in China starts on Feb. 2. 

Snowstorms hit central and southern China last month, increasing demand for coal used to fuel power stations. Flights were cancelled and residents advised to stay inside as heavy snow fell in Shanghai this week, with more snow predicted. 

The country paid $108 a ton for the fuel in December, and an average of $103 a ton for the year, according to the customs data. The agency didn’t break down the data by type of coal. 

Prices of power-station coal with an energy value of 6,000 kilocalories per kilogram may rise to an average 860 yuan a ton this year from 780 yuan in 2010 at China’s Qinhuangdao port, Ghee Peh, the Hong Kong-based head of Asian mining research at UBS Securities Asia Ltd., said on Jan. 18. 

Indonesia was the nation’s biggest supplier in December and accounted for 33 percent of imports last year, according to the customs data. China boosted purchases from the world’s biggest supplier of thermal coal by 81 percent in 2010 from a year earlier, according to the report. Imports from Australia, the second-biggest supplier, fell 16 percent for the full year.

Australian coking and thermal coal cost $147 a ton on a delivered basis in 2010, according to the customs data. Indonesian thermal coal cost $79 a ton on a delivered basis. 

China may increase coal purchases to 210 million tons this year, Helen Lau, a Hong Kong-based analyst at UOB Kay Hian Ltd., said on Jan. 11. Source: Bloomberg

Bumi’s 2010 Profit May Have Gained 50% as Coal Surges

PT Bumi Resources’s profit may have risen about 50 percent last year as the company, Indonesia’s biggest coal producer, sold more coal at higher prices, said Dileep Srivastava, a director. 

Bumi, based in Jakarta, posted $190.4 million in net income in 2009, Srivastava said in an e-mailed response to query, without providing last year’s figure. Profit may have risen 38 percent to $262.3 million last year, according to the average estimate of 18 analysts in a Bloomberg survey. 

Flooding in Australia, the world’s biggest coal exporter, drove Newcastle prices to the highest this month in more than two years. Power station coal price from Newcastle, an Asian benchmark, rose for a seventh week, climbing to $138.50 a ton on Jan. 14, the highest since September 2008, according to data from Petersfield, England-based IHS McCloskey. 

“Weather is something that no one can predict,” Ari Pitoyo, head of research at PT Mandiri Sekuritas, said by telephone from Jakarta. “The coal price has climbed much higher than our target of $105 a ton, that for 2011 even if there’s a downside in volume,” it won’t hurt Bumi’s earnings very much, he said. 

The unit of PT Bakrie & Brothers sold a “little over” 60 million metric tons last year at an average $70 a ton compared with 58 million tons at $63 a ton in 2009, Srivastava said.

“Assuming reasonable weather conditions, unlike the second half of 2010, Bumi thinks it should be able to increase sales by 10 percent and price by at least 10 percent as well,” Srivastava said. 

Investor Daily Indonesia reported earlier today that Bumi’s revenue may have increased 50 percent last year. 

Bumi shares fell 1.6 percent to close at 3,000 rupiah in Jakarta trading. The stock has jumped 73 percent in the past six months, outpacing the 12 percent gain in the benchmark Jakarta Composite index.  Source: Bloomberg

Tin Rises to Record on Concern Gap in Supply May Worsen; Copper Advances

Tin rose to a record in London on speculation that a shortfall of the metal used to make solders may worsen. 

Stockpiles of tin tracked by the London Metal Exchange shrank by 39 percent in 2010, declining for a fourth year in five. Production may fall for a fourth year in 2011 as bad weather disrupts mining, PT Timah, the world’s biggest supplier, said on Jan. 14. 

“Supply-and-demand fundamentals for tin are extremely positive for higher prices,” said Charles Cooper, an analyst at Oriel Securities Ltd. in London. “This will possibly trigger further investment in exchange-traded funds, and that would put further pressure on the market.” 

Tin for three-month delivery climbed as high as $27,720 a metric ton on the LME. It was up $425, or 1.6 percent, at $27,400 at 12:36 p.m. local time, leading gains among the six main metals traded on the exchange. Prices may exceed $30,000 in the next six months, Cooper said. 

“Tin has the best fundamentals among all the base metals,” said Nic Brown, an analyst at Natixis Commodity Markets Ltd. in London, citing a market “clearly in deficit” and “little prospect for higher supply or substitution.” 

The metal was last year’s best LME performer, jumping 59 percent after production was disrupted in Indonesia, China and Africa. As much as 30,000 tons of output was lost last year, according to Cooper. Prices may reach $40,000 a ton as global supply might lag behind demand until at least 2013, Malaysia Smelting Corp. said this week. 

Tin Inventories

ETF Securities Ltd. introduced the first exchange-traded product backed by tin in London last month. “This put a short- term pressure over availability of tin,” Cooper said. 

Tin stockpiles tracked by the LME rose 0.2 percent to 17,295 tons today, daily exchange figures showed. Orders to draw metal from inventories, or canceled warrants, jumped 58 percent to 475 tons. 

“LME tin stocks are still at a relatively low level,” enough for less than 20 days of use compared to an average of 24 days, while rising canceled warrants signal demand, Oriel’s Cooper said. “This suggests there is a shortage of stock metal.” 

All of the six main LME metals advanced today as German business confidence unexpectedly climbed to a record. The Munich-based Ifo institute’s business climate index gained to 110.3 from 109.8 in December. Economists predicted the gauge would hold steady, according to the median of 41 forecasts in a Bloomberg News survey.

Copper, Aluminum

“A strong Ifo suggests a strong global economy,” said Jesper Dannesboe, a strategist at Societe Generale SA in London. “Historically there has been a close relationship between the leading Ifo survey and base metals.” 

Copper for three-month delivery on the LME rose 1.1 percent to $9,457 a ton. Stockpiles monitored by the Shanghai Futures Exchange fell for the first time in four weeks, according to figures released today. 

Aluminum gained 0.2 percent to $2,414 a ton and nickel climbed 1.1 percent to $26,049 a ton. Zinc added 0.9 percent to $2,350 a ton and lead advanced 1.2 percent to $2,466 a ton. Source: Bloomberg

Matahari eyes Indonesia hypermarket top spot in 2012

* Aims to open at least 60 new stores in 5 years; invest 1.8 trln rph

* Sees 2011 revenue growing 20 pct from 2010's 15 trln rupiah

* Matahari's stock down 9 pct vs Jakarta Index down 8 pct this year

PT Matahari Putra Prima , Indonesia's biggest retailer by market value, aims to expand aggressively across the archipelago to keep pace with a burgeoning and free-spending middle-class as it eyes top spot in the hypermarket sector by 2012.

Indonesian salaries have risen over 25 percent in the last three years, the stock market is booming despite a recent sell off, and the government aims to build much needed ports and roads to improve connectivity between the 17,000 islands.

"Shopping demand is increasing outside Java -- mainly in Kalimantan and Sulawesi -- as some cities in the islands are the center for mining and agricultural businesses," said Carmelito Regalado, Matahari's chief operating officer, in an interview with Reuters on Thursday.

"People there have a lot of money, but they don't have access to modern retail because the penetration there is still low. That's where we're going to grow."

Matahari, which has a market capitalisation of $1 billion, expects revenues to grow by around 20 percent in 2011 as consumption increases, said Regalado, who is also president of the Matahari Food Business that operates its Hypermart chain of hypermarkets.

The company is expected to record 15 trillion rupiah revenue in 2010, according to ThomsonReuters I/B/ES.

The firm, which is controlled by the Riady family through the Lippo Group, scrapped plans to sell the Hypermart chain because of low offers and instead opted to seek a global partner and expand.

Talks between Matahari's major shareholders and potential global partners are still ongoing, but "they want a controlling stake in the firm and are looking to focus only on Hypermart", said Danny Kojongian, another Matahari director.

Hypermart is Indonesia's second-biggest hypermarket chain after PT Carrefour Indonesia, a unit of French retailer Carrefour , and has 51 outlets in the world's fourth most populous nation.

But the company is now looking to overtake Carrefour by next year as it expands.

"Every year until 2015, we're going to add 12 new Hypermart stores across Indonesia -- especially in places outside Java," Regalado said, adding that with a global partner the expansion plan will be even more aggressive. Source: Reuters

Rekomendasi Beberapa Sekuritas, 21 Januari 2011

Berikut rekomendasi dari empat sekuritas ternama untuk Jumat, 21 Januari 2011.

1. E-Trading Securities

Pada perdagangan kemarin, IHSG masih ditutup melemah 80 poin (-2,27%)
ke level 3.454,12, karena kekhawatiran lonjakan harga pangan, pembatasan BBM, dan kebijakan moneter yang dinilai terlalu lambat ditanggapi oleh pemerintah. Ini membuat berita positif dari regional tidak mampu mengangkat indeks.

Sektor paling banyak menurun adalah pertambangan dan agriculture. Asing melakukan net selling Rp 35 milliar dengan saham yang banyak dilepas tambang batubara dan semen. Secara teknikal indeks masih berada di fase konsolidasi dengan menguji level support kuatnya di 3.483. Hari ini indeks akan bergerak di kisaran 3.433-3.569 dengan saham-saham pilihan BMRI, ASII dan ITMG.

2. Sucorinvest Central Gani

Kemarin, IHSG melemah dan sempat menyentuh level 3.441,63 sebelum ditutup anjlok 80,17 poin di 3.454,12. Hampir seluruh sektor melemah, terutama komoditas, industri dasar, barang konsumsi, manufaktur di tengah-tengah penurunan indeks bursa global, penurunan harga komoditas, kekhawatiran pemulihan ekonomi Amerika Serikat, kekhawatiran kenaikan suku bunga di Tiongkok dan Indonesia. Indeks hari ini diperkirakan melemah pada kisaran 3.406-3.501.

3. Erdhika Sekuritas

Seluruh sektor melemah kemarin, khususnya sektor pertambangan dan perkebunan masing-masing -3,8% dan -3,2%. Indeks hari ini akan berada pada kisaran 3.419-3.512.   Buy on weakness ITMG dan ANTM.

4. Reliance Securities 

Indeks saham di Asia kemarin ditutup pada teritori negatif. Soalnya, pertumbuhan ekonomi Tiongkok pada 2010 masih double digit, sehingga memicu Pemerintah Tiongkok mengetatkan kebijakan moneter. IHSG hari ini masih akan melanjutkan tren penurunan dan bergerak di kisaran 3.417–3.475 dengan saham pilihan ADRO, AALI, SMCB, BBRI, dan INCO.

Rekomendasi HD Capital, 21 Januari 2011

Berikut rekomendasi dari HD Capital untuk perdagangan saham Jumat, 21 Januari 2011. HD Capital merekomendasikan opsi beli terhadap saham Bank Mandiri (BMRI), Indo Tambang Megaraya (ITMG), Adaro Energy (ADRO), dan Bank Rakyat Indonesia (BBRI).

BUY: (BMRI, ITMG, ADRO, BBRI)

• Koreksi dalam di IHSG membuat beberapa saham big cap menarik untuk akumulasi.
   
• Kelihatannya beberapa saham berkapitalisasi besar terutama perbankan dan batubara dapat beranjak naik dari keadaan oversold (jenuh jual)
   
• IHSG close (20-01) 3.451.020(-81.280/-2.35%) (Val.Rp.4.7T)

• Support: 3.420-3.320, Resistance: 3.550-3.590-3.650

 

Stock picks:

1.    Bank Mandiri (BMRI): (BUY) (Target: Rp 6.000) (close 20/01 Rp 5.750)

• Saham ini menyimpan potensi technical rebound karena bersifat counter-siklus dan turun jauh lebih dalam dari IHSG.
   
• Technically signal beli dari stochastic di confirm oleh keadaan oversold dan slope ADX yang menurun
   
• Pasca rights issue tersedianya dana tambahan buat expansi penyaluran kredit yang dapat mendongkrak proyeksi laba kedepan.

• Entry: (1) Rp 5.750, Entry (2) Rp 5.600, Cut loss point: Rp 5.400

 

2.   Indo Tambang Raya (ITMG) (BUY): (Target: Rp 51.600) (Close 20/01 Rp 48.950)

• Peraturan pembatasan pemerintah terhadap export low calorie batubara di bawah 5600 ka tidak akan mempengaruhi ITMG karena lebih bermain di high calorie coal.
   
• Keadaan yang cukup jenuh jual (oversold) pasca koreksi kemarin juga membuat scenario technical rebound dapat terjadi
   
• Entry (1) Rp 48.700, Entry (2) Rp 47.500, Cut loss point: Rp 46.300

 

3.   Adaro Energy (ADRO) (BUY): (Target: Rp 2.625) (Close 20/01 Rp 2.475)

• Spesialisi bermain di medium-high end calorie coal membuatnya tidak akan berpengaruh terhadap larangan pemerintah terhadap export low calorie coal
   
• Secara technical dapat terjadi percobaan untuk memasuki daerah diatas 50-ma (2.500) guna resume uptrend kembali 
   
• Entry: (1) Rp 2.450, Entry (2) 2.350, Cut loss point: Rp 2.250

 

4.   Bank BRI (BBRI) (BUY) (Target: Rp 4.800) (close 20/01 Rp 4.800)

• Valuasi 2011F PER/PBV (11.2x/2.7x) yang cukup murah dan profitabilitas tinggi (ROE 27% & NPM 21%) menjadikan ini kandidat untuk rebound dari keadaan jenuh jual (oversold).

• Entry: (1) Rp 4.750, Entry (2) Rp 4.650, Cut-loss point: Rp 4.500

 

Dibuat oleh:

Yuganur Wijanarko

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

Indonesia says sees m/m inflation for January around 0.5 pct

Indonesia's statistic agency said on Thursday it expects inflation in January will be around 0.5 percent m/m and core inflation will be around 4 percent y/y. Source: Reuters

Indonesia may require coal firms to upgrade quality for exports

The Indonesian government plans to issue a decree which will require producers of low quality coal to upgrade quality to a minimum of 5,600 kcal/kg air-dried-basis (adb) before export, a senior official said on Thursday.

The regulation is expected to be issued in February, said Witoro Soelarno, the official at the energy ministry. Source: Reuters

Listrik to Ask Bukit, Indika, Adaro to Cut Coal Price

PT Perusahaan Listrik Negara, Indonesia’s state utility company, will ask seven coal suppliers including PT Tambang Batubara Bukit Asam and PT Adaro Energy to reduce prices of the fuel for this year, Listrik Negara Primary Energy Director Nur Pamudji said.

Listrik Negara will meet its suppliers next week, and expects to agree on a lower price by end of the month, Pamudji said in a telephone interview from Jakarta today. Other companies that supply coal to Listrik Negara are PT Berau Coal, PT Kideco Jaya Agung, a unit of PT Indika Energy, and PT Kaltim Prima Coal, a unit of PT Bumi Resources, he said. 

“We want to use the average benchmark price in the fourth quarter as a base to set this year’s coal price, while they want to use the January price,” Pamudji said. 

The reference coal prices in the fourth quarter averaged $97.2 a metric ton, while January price was set at $112.4 a ton, according to data compiled by Bloomberg News. Source: Reuters

Rekomendasi HD Capital, 20 Januari 2011

HD Capital merekomendasikan opsi beli untuk saham Bank Mandiri (BMRI), Bank Central Asia (BBCA), Semen Gresik (SMGR), dan Bank BJB (BJBR).

BUY: (BMRI, BBCA, SMGR, BJBR)

• IHSG masih berada dalam kisaran sempit (trading range) untuk proses menghentikan penurunan lebih dalam lagi.
   
• Kelihatannya beberapa saham berkapitalisasi besar terutama perbankan mulai menunjukan potensi reversal dari keadaan sideways tren
   
• IHSG close (19-01) 3.524.700(-21.280/-0.45%) (Val.Rp.2.7T)

• Support: 3.510-3.450, Resistance: 3.590-3.650-3.720

 

Stock picks:

1.    Bank Mandiri (BMRI): (BUY) (Target: Rp 6.000) (close 18/01 Rp 5.700)

• Skenario rights issue sudah keluar serta potensi dilusi sudah dicerna sepenuhnya oleh pasar dalam penurunan sebelumnya
   
• Sekarang tinggal melihat efek positif dari rights yaitu tersedianya dana tambahan buat ekspansi penyaluran kredit yang dapat mendongkrak proyeksi laba kedepan.

   

2.   Bank BCA (BBCA) (BUY): (Target: Rp 6.000) (Close 19/01 Rp 5.700)

• Ketakutan pasar akibat kompetisi dari bank asing dan BUMN lainnya dalam bisnis penyaluran kredit dan deposit sudah cukup tecermin dalam koreksi tajam sebelumnya yang membuat valuasi 2011 PER BBCA 16x dari sebelumnya 20'an beberapa minggu lalu.
   
• Keadaan yang cukup jenuh jual (oversold) pasca koreksi kemarin juga membuat scenario technical rebound dapat terjadi
   
• Entry (1) Rp 5.700, Entry (2) Rp 5.500, Cut loss point: Rp 5.300

 

3.   Semen Gresik (SMGR) (BUY): (Target: Rp 8.750) (Close 19/01 Rp 8.400)

• Koreksi berlebihan akibat penurunan proyeksi laba 2011 sebesar 5% terlihat berlebihan, seharusnya investor rmelihat bahwa beberapa katalis positif seperti ekspansi 30% di 2012, pajak yang lebih murah ke pemerintah (5%) serta potensi menaikan harga jual semen lagi di Q1 2011 dapat menarik akumulasi untuk teknikal rebound.
   
• Entry: (1) Rp 8.350, Entry (2) 8.150, Cut loss point: Rp 7.850

 

4.   Bank Jawa Barat (BJBR) (BUY) (Target: Rp 1.350) (close 19/01 Rp 1.190)

• Rencana placement saham sebesar 5% ke Jamsostek dapat mendongkrak harga karena terakhir kali dilakukan placement ke pihak luar di Malaysia terjadi di atas harga Rp 1.500 sehingga pasar berspekulasi penjualan dilakukan di atas harga pasar saat ini

• Entry: (1) Rp 1.180, Entry (2) Rp 1.160, Cut-loss point: Rp 1.120

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Bumi Resources sees 2011 revenue at $5.1 bln

PT Bumi Resources , Asia's largest thermal coal exporter, sees 2011 full year revenue at about $5.1 billion as its selling price is expected to rise at least 10 percent from 2010, said Bumi director Dileep Srivastava on Wednesday.

Srivastava told Reuters the company expect to produce 67 million tonnes this year and sell 66 million tonnes, up from 60 to 61 million in 2010.

"Our average sale price is expected to reach at least $77 per tonne this year," said Srivastava, adding that it is higher than last year's average selling price of $70 per tonne. Source: Reuters

SK Telecom, KDDI bidding for Indonesia's First Media-sources

* SK Telecom, KDDI keen to expand overseas

* First Media being sold for $400-$500 mln-sources

* SK Telecom says interested in First Media

* KDDI declines to comment; keen on M&A 

SK Telecom Co and KDDI Corp are bidding for Indonesian cable TV and internet firm First Media which its parent Lippo Group is trying to sell for $400-$500 million, sources said. 

The South Korean and Japanese telecom companies have been looking for opportunities to invest overseas to offset saturated domestic markets and growing competition at home. 

KDDI, which lags industry leader NTT DoCoMo by a wide margin and has seen tough competition from smaller rival Softbank Corp , told Reuters last month it was in talks with several Asian internet service and content firms about mergers and acquisitions. 

"SK Telecom and KDDI have submitted bids along with local telcos," said one of the sources with knowledge of the deal. The sources declined to be named because the deal is not public. 

A KDDI spokesman in Tokyo declined to comment. Merrill and Deutsche also declined to comment. 

Indonesian conglomerate Lippo Group had hired Bank of America's Merrill Lynch to advise on the sale of First Media, sources had earlier said. Deutsche Bank is advising SK Telecom, sources said. 

First Media, which has a market value of about $230 million, competes against Indovision, a unit of  Indonesian media company Global Mediacom in pay TV  business. The company also runs broadband internet services  which compete with PT Telekomunikasi Indonesia   and Indosat .    First Media declined to comment. 

Lippo -- which owns property, healthcare, media and retail  assets in Indonesia, Hong Kong and Singapore -- has been restructuring its portfolio through either stake sales or outright sales. 

For an earlier story on Lippo, click    SK Telecom said it is interested in First Media, but had not made any decision. It declined to comment on the bid.     "We are looking at various (investment) opportunities overseas, and it (First Media) is just one of the options under consideration," a company official said.     SK Telecom, which controls around 50 percent of the South Korean telecom market, is seeking to expand overseas to generate new revenue streams. 

"I expect SK Telecom to continue to invest overseas, but more focus on emerging markets rather than advanced countries, and to make small-scale investments," said Jonathan Park, an analyst at Hanhwa Securities in Seoul. 

The carrier said in May last year it would invest $100 million to acquire an about 25 percent stake in Malaysian wireless broadband firm Packet One Networks, a unit of Green Packet Bhd. Source: Reuters

Indonesia says Mitsubishi wants to build coal gasification plant

Japan's Mitsubishi Heavy Industries Ltd's is interested in building a coal gasification plant on Indonesia's Sumatra island, and could start construction by the end of 2012, an Indonesian official said on Wednesday.

"The output from the plant is expected to replace gas which is supplied by Conoco Phillips to Chevron operations in Sumatra," said Evita Legowo, director general of oil and gas at the energy and mineral resources ministry.

She told reporters she expects a deal with Mitsubishi will be reached this year, and the coal-to-gas plant could be operational within 2-3 years of construction starting.

The South Africa petrochemical group Sasol said on Tuesday it would not continue with a planned coal-to-liquids plant project in Indonesia as it was more focused on gas-to-liquid opportunities.

Chevron, the U.S. oil major is the biggest producer of crude oil in Indonesia.
Indonesia hopes to produce 970,000 barrels per day (bpd) of oil and condensate in 2011. Source: Reuters

Japan's Kyushu Electric to buy LNG from Indonesia

Japan's Kyushu Electric Power Co (9508.T) said on Wednesday it has agreed with PT Donggi-Senoro LNG of Indonesia to buy 300,000 tonnes of liquefied natural gas annually for 13 years, starting in the second half of 2014.

Donggi-Senoro LNG, a joint venture between Indonesian state energy firm Pertamina, together with Indonesia's PT Medco Energi International (MEDC.JK) and Japan's Mitsubishi Corp (8058.T), plans to produce LNG at a plant in Sulawesi with a capacity of 2 million tonnes per year. Source: Reuters

Permata Jual 31% Saham Asuransi Permata Nipponkoa Indonesia

PT Bank Permata Tbk (BNLI) menjual 31% saham PT Asuransi Permata Nipponkoa Indonesia (APNI) kepada Nipponkoa Insurance Company Limited. Penjualan ini mengakibatkan kepemilikan Permata berkurang dari 51% menjadi tinggal 20%.

Wakil Direktur Utama Permata Herwidayatmo menuturkan, transaksi jual beli saham perusahaan asuransi tersebut telah dilakukan pada 17 Januari 2011 di hadapan Notaris Kun Hidayat.

Berdasarkan laporan keuangan Permata pada kuartal III-2010, aset Asuransi Permata Nipponkoa Indonesia adalah sebesar Rp 213,54 miliar dari tahun 2009 sebesar Rp 203,46 miliar.

Bhakti Investama Kembali Jual 9 Juta Saham CMNP

Bhakti Investama (BHIT) kembali menjual saham Citra Marga Nusaphala Persada (CMNP) yang dimilikinya. Kali ini BHIT menjual 9 juta saham CMNP di harga Rp 1.250/saham pada 14 Januari 2011.

Demikian disampaikan Direktur BHIT Darma Putra kepada Bursa Efek Indonesia, hari ini. Pasca-penjualan tersebut, BHIT masih memiliki 3,15% saham CMNP.

Selama kuartal IV-2010, BHIT juga secara terus-menerus menjual saham CMNP. Penjualan ini dipastikan akan memperbesar perolehan laba perusahaan miliki Harry Tanoesoedibjo itu.

Berikut detail rincian transaksi penjualan saham CMNP oleh BHIT.

25 Oktober 2010    1.481.500         Rp 1.350       Hasil: Rp 2.000.025.000

19 Oktober 2010    11.000.000       Rp 1.270       Hasil: Rp 13.970.000.000

5 November 2010   1.343.000        Rp 1.490       Hasil: Rp 2.001.070.000

23 November 2010 1.500.000        Rp 1.460       Hasil: Rp 2.190.000.000

27 Desember 2010  243.176.000    Rp 2.100       Hasil: Rp 510.669.600.000

                                                                    Total: Rp 530.830.695.000

Dengan demikian, dari hasil divestasi saham CMNP sejauh ini, BHIT telah mengantungi pendapatan Rp 530,83 miliar.

Japan thermal coal contract may reach $145/T in 2011- Macquarie

Major Japanese utilities may be forced to pay nearly 50 percent more than a year ago for their largest annual thermal coal contracts as floods in Queensland push prices higher, according to an analyst report released Tuesday.

The price for the key Japanese fiscal year thermal coal contract could settle at $145 per tonne, up from $98 per tonne for the same contract last year, Macquarie Research said in the report.

A $145 per tonne price would be well over the record seen in 2008, when prices spiked due to flooding in Queensland and the annual contract settled at $125 per tonne.

"The supply disruptions are severe ... by the end of February, we think spot pricing will be quite a bit higher and that's when contracts will be negotiated," Hayden Atkins, an analyst with Macquarie Research said.

Contracts generally settle around spot price levels, often with some premium built in for supply security.

The Japanese thermal coal contract, which runs from April 1 through March 31 of the following year, is a benchmark for other coal deals and is typically negotiated between Xstrata and large Japanese utilities including Tokyo Electric Power Co (TEPCO), Tohoku Electric Power Co Inc , and Chubu Electric .

Supply issues are not limited to Australia, with other major coal producers also hit by weather that has disrupted production.
"There are problems in Colombia, Richards Bay (in South Africa) is running low on stocks, and it's still rainy season in Indonesia," Atkins said.

Many coal analysts are still in the process of updating their forecasts for the Japanese fiscal year contract, with informal estimates varying widely from $120 per tonne to $140 per tonne. Morgan Stanley updated their Japanese fiscal year forecast to $130 per tonne in a report released on Tuesday.

Japan is Australia's largest thermal coal buyer as well as the country with the largest demand for seaborne thermal coal globally. Source: Reuters

Rekomendasi HD Capital, 19 Januari 2011

Berikut rekomendasi dari HD Capital untuk perdagangan Rabu, 19 Januari 2011.

BUY: (ITMG, ADRO, BUMI, BJBR)

• Optimisme terhadap laporan kinerja keuangan 2010 diharapkan dapat mengangkat IHSG dari trading range ini
   
• Kelihatannya penjualan asing mereda di level IHSG ini dan bila masih ada order besar yang belum dipenuhi akan dilakukan di posisi pasar naik mendekati high lama (diatas 3.770)
   
• Sektor batubara dan perbankan layak dilirik untuk akumulasi

• IHSG close (18-01) 3.522.717(-12.280/-0.35%) (Val.Rp.2.7T)

• Support: 3.510-3.450, Resistance: 3.590-3.650-3.720

 

Stock picks:

1.    Indo Tambang Raya (ITMG): (BUY) (Target: Rp 54.600) (close 18/01 Rp 51.550)

• Kenaikan harga batubara membuat asumsi pertumbuhan laba untuk 2011 dinaikkan ke 20% dengan asumsi harga penjualan rata-rata (ASP-average selling prices) naik dari US$ 70/ton ke US$ 91/ton
   
• Reserve yang cukup memberikan umur hingga 4-6 tahun dan kas sekitar US$ 350 juta dapat digunakan untuk aquisisi tambang tambahan bila diperlukan
   
• Valuasi 2011F PER 12x cukup menarik versus regional average 14x

• Entry: (1) Rp 51.200, Entry (2) Rp 49.500, Cut loss point: Rp 48.700

 

2.   Adaro Energy (ADRO) (BUY): (Target: Rp 2.800) (Close 18/01 Rp 2.625)

• Optimisme pasar bahwa harga batubara dapat terkerek hingga US$ 500/ton tahun ini pasca terjadinya banjir di Australia membuat asumsi spot price 2012 dinaikkan hingga US$ 134/ton.
   
• Diperkirakan laba emiten dapat tumbuh dua kali lipat tahun ini versus tahun sebelumnya (2010) dan 3 x lipat versus 2009 pasca kenaikan permintaan batubara
   
• Entry (1) Rp 2.600, Entry (2) Rp 2.500, Cut loss point: Rp 2.450

3.   Bumi Resources (BUMI) (BUY): (Target: Rp 3.400) (Close 18/01 Rp 3.125)

• Sensitivitas laba terhadap kenaikan batubara, dan berbagai skema restrukturisasi utang persero melalui alliansi dengan Rothschild-Vallar yang dapat terlaksana tahun ini memberikan stamina untuk BUMI meneruskan perjalanan mengetes resistance target di Rp 3.400.
   
• Proyeksi keuntungan perusahaan atau CAGR (compound annual growth rate) 2010-2012 diperkirakan tumbuh 80%, tertinggi di sektornya

• Entry: (1) Rp 3.025, Entry (2) 2.975, Cut loss point: Rp 2.850

 

4.   Bank Jawa Barat (BJBR) (BUY) (Target: Rp 1.350) (close 18/01 Rp 1.180)

• Valuasi yang sangat menarik (2011F PER 10.2x & PBV 1.9x) dengan ROE di atas 20% membuat emiten pemain mikro UKM-koperasi ini layak diakumulasi untuk antisipasi oversold rally dalam proses tren recovery pembalikan arah ini pasca koreksi berlebihan.

• Entry: (1) Rp 1.160, Entry (2) Rp 1.130, Cut-loss point: Rp 1.100

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 19 Januari 2011

Berikut rekomendasi dari tiga sekuritas ternama untuk perdagangan Rabu, 19 Januari 2011.

 

1. E-Trading Securities

Pada perdagangan Selasa (18/1) IHSG ditutup naik 12 poin (0,37%) ke level 3.548,65 mengikuti kenaikan sebagian besar indeks di Asia. Nilai transaksi mencapai Rp 4,2 triliun. Peningkatan indeks masih ditopang oleh sektor pertambangan dan perbankan. Asing kemarin melakukan net buying Rp 38 miliar dengan sektor yang paling banyak dimasuki adalah perbankan dan telekomunikasi. Secara teknikal, IHSG masih terlihat bergerak mixed dengan tekanan jual pada sesi pertama, meski akhirnya ditutup positif. Hari ini indeks diperkirakan akan bergerak di kisaran 3.509-3.584 dengan saham-saham yang dapat diperhatikan antara lain BDMN, ADRO, dan INCO.

2. Erdhika Sekuritas

IHSG bergerak mixed pada perdagangan kemarin dan ditutup pada level 3.548.65, menguat 12,92 poin (0,36%). Penguatan terbesar dicetak sejumlah saham sektor pertambangan sebesar 1,82%. Indeks hari ini berpotensi menguat terbatas pada kisaran 3.521-3.563 dengan saham-saham pilihan ADRO, BJBR, dan BORN.  

3. Waterfont Securities

Indeks harga saham gabungan (IHSG) hari ini diperkirakan menguat terbatas di kisaran 3.535-3.575. Indeks kemarin ditutup naik 12,92 poin (0,37%) menjadi 3.548,65. Penguatan indeks didukung oleh faktor teknikal dan peningkatan (rating) Moody’s atas Indonesia. Secara teknikal, IHSG sudah oversold dan investor asing sudah melakukan aksi jual besar-besaran. 

Only 15 pct of Australia Queensland coal mines fully operating

* Twenty-five percent of Queensland mines still offline
* Recovery likely to take longer than for 2008 floods
* Cost to industry seen at A$2.3 billion

Only 15 percent of the 57 coal mines in Australia's Queensland state are fully operational after devastating floods, with damage to the industry estimated at A$2.3 billion, an industry body said on Tuesday.

Australia accounts for about two-thirds of global coking coal trade, with around 90 percent of that coming from Queensland, and the disruptions have pushed global prices sharply higher as buyers scramble for alternative supplies.

About 60 percent of Queensland mines are operating under restrictions and 25 percent are yet to resume operations after waters flooded coal pits, damaged rail lines and closed ports over the past few months, the Queensland Resources Council said.

Rio Tinto , BHP Billiton and Xstrata are among the companies involved in coal mining in Queensland.

While the majority of coal mines in the region are already either fully or partially back to production, it will still take months until operations return to normal, industry experts say.
"Recovery work has started now for most companies, but it will probably be several months before things are at full capacity. Being up and running is one thing, being at full capacity is another," said Andrew Harrington, an analyst at Patersons Securities in Sydney.


Catching up on lost production will likely be more difficult than in 2008, the last year major flooding hit the Queensland coal industry, when companies swiftly made up about half of the production they had lost during the flooding.

"It's going to be a lot more difficult this time. The rail disruptions are much bigger, the duration and extent of this has been much longer and wider, so it's going to be harder for the total production catch-up to get close to what it achieved in 2008," Harrington said.

Rio Tinto said force majeure declarations put in place at four of its Queensland coal mines due to flooding in December are still in place.

While Rio's Australian hard coking coal output was up by a fifth in 2010, it slid from the third to the fourth quarter and is likely to drop further as the full impact of the Queensland floods is felt.

If coal mines take time to resume output following the Australian floods, leaving steelmakers short of the material, iron ore demand , one of Rio's other major products could suffer as well.

But some say lessons learned in 2008 will help mines get back to full production faster.

"Slightly better prepared assets suggest that they might be back on their feet quicker than expected. There is also the push from the government to make sure the industry is up on its feet as quickly as possible," said Mark Pervan, an analyst with ANZ Bank in Sydney. 

Lost production has already pushed spot prices for hard coking coal above $300 per tonne, and prices are likely to remain at that level or continue to climb for a prolonged period due to the flooding, Morgan Stanley analysts said in a note on Tuesday. 

Hard coking prices could reach as high as $500 per tonne, energy consultancy Wood Mackenzie said last week.

Rail firm QR National , the biggest coal freight firm in the state, has been working around the clock to reopen rail lines and said some key lines would be back in service this week.

"However, it is also clear that the restoration of rail services to mines west of Brisbane and in the Surat Basin are going to take much longer," Queensland Resources Council Chief Executive Michael Roche said. 

Roche also said that environmental regulations, which require treatment of water removed from mines, were hampering efforts to return to normal operation and the Council, which represents mining and exploration firms in the state, has requested an exemption, seeking permission to dump water pumped from mines into creeks. 

Queensland's environmental regulatory body said on Tuesday it had granted temporary permission to 20 coal mines to pump out excess floodwater and is considering applications from another 16 mines.

STEEL MILLS HIT

The surge in coking or metallurgical coal prices is likely to hit steel mills, pushing up prices for steel globally and forcing steelmakers to look elsewhere for coking coal supplies. 

JFE Steel Corp , the world fifth-biggest steelmaker, said it is increasing purchases of coking coal from countries other than Australia, like the United States, China, Russia and Indonesia. JFE relies on Australia for about 80 percent of the 17 million tonnes coking coal it uses per year. 

Steel prices are likely to climb to $780 per tonne in 2011, an increase of 11 percent from the previous forecast of $705 per tonne, according to Morgan Stanley estimates, mostly due to higher input costs as the coking coal market grows tighter. 

But it is a difficult time for steelmakers to be lifting prices given thin demand and some steel mills, particularly in top producer and consumer China, are probably not sticking to planned price hikes. 

"If steelmakers tell the market we're raising our prices to cover out cost, that doesn't mean that they get that," said Scott Laprise, steel analyst at CLSA in Beijing. "In this kind of market I would say the pricing power is not good for steelmakers in general."

 

South Korea's POSCO, the world's No.3 steel producer, last week warned it would be difficult to fully pass on rising costs to customers as it tries to secure its coal needs from regions other than Queensland. ($1 = 1.006 Australian dollars). Source: Reuters

Indonesia's motorcycle sales in 2010 rise 26 pct

Indonesia's 2010 domestic motorcycle sales, an indicator of consumer demand, rose 26 percent from a year earlier to 7,369,249 units, industry data showed on Tuesday.

Sales volumes last year were led by Honda , Yamaha , and Suzuki , according to data from Indonesia's Motorcycle Industry (AISI).

The association said total sales volumes for two-wheel vehicles in December 2010 were 513,343 units.

Indonesia's motorcycle sales this year may reach eight million units, the chairman of the association was quoted as saying by local media.

The Indonesian government plans to stop the use of subsidised fuel for private cars in the Jakarta region after the first quarter, but not for motorcycles, which is seen helping support sales growth for two-wheelers. Source: Reuters