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.