Jakarta Setiabudi Bentuk Dua Anak Usaha Baru

PT Jakarta Setiabudi Internasional Tbk (JSPT) pada 1 dan 2 Maret 2011 telah membentuk dua anak perusahaan baru melalui PT Hotel Investama Realty (HIR). HIR dimiliki oleh JSPT dengan kepemilikan sebesar 99,97%.

Dua anak usaha baru yang dibentuk oleh HIR itu adalah PT Bangun HOtel Nusantara dan PT Bumi Kelola Selaras. BHN bergerak di bidang pemilikan, pembangunan, pengelolaan, penjualan, dan persewaan bangunan hotel dan fasilitasnya baik sendiri maupun dengan bermitra. Modal ditempatkan dan disetor penuh BHN oleh HIR adalah sebesar Rp 1,499 miliar. 

Sedangkan BKS bergerak dalam bidang pemilikan, pengelolaan dan penjualan berbagai rupa bangunan baik sendiri maupun dengan bermitra. Modal ditempatkan adalah sebesar Rp 1,499 miliar. Demikian keterbukaan informasi Direktur JSPT Lim Merry kepada Bursa Efek Indonesia. (Link BEI).

Listrik Seeks $10 Billion in Financing for Capex Through 2015

PT Perusahaan Listrik Negara, Indonesia’s state utility, seeks to raise as much as 88 trillion rupiah ($10 billion) in financing through 2015 as it expands capacity to meet increasing demand for electricity. 

Listrik Negara will spend 310 trillion rupiah on capital expenditure over five years, of which 66 trillion rupiah will be spent this year, Finance Director Setio Anggoro Dewo said. 

The money will come from bond sales, new and existing loans and internal cash, he said.

“That is our mid-term plan,” Dewo said in a phone interview today in Jakarta, adding that some funding will come from the government budget. 

Indonesia, Southeast Asia’s biggest economy, is increasing domestic use of natural gas to make up for falling crude output from aging fields, which led to the country withdrawing from the Organization of Petroleum Exporting Countries in 2008. 

Listrik Negara plans to build new power plants generating 23,525 megawatts of power to increase its total capacity to 55,484 megawatts by 2019, Dewo said. The plans to increase electricity costs to consumers by 10 percent from 2012 to 2013, and by 2.7 percent from 2014 to 2015, he said. 

Listrik Negara may consume 3.5 percent more natural gas this year as it reduces the use of oil as a fuel at its power plants, Nur Pamudji, primary energy director, said Feb. 25. Gas consumption may increase to 293 trillion British thermal units this year from 283 trillion British thermal units last year, he said. 

The plan will result in 150 megawatts of power capacity being switched to gas from oil, and reduce fuel costs by as much as $120 million this year, Pamudji said. 

To support the increase in demand for the cleaner burning fuel, Listrik Negara is considering building a liquefied natural gas-receiving terminal in Bekasi, east of Jakarta, with an annual capacity of 1.5 million metric tons, Pamudji said. 

Listrik Negara plans to raise its gas-fired power capacity to 21,000 megawatts by 2019 from 9,800 megawatts currently, Planning Director Nasri Sebayang said Feb. 24. Source: Bloomberg

Indonesia petro assoc says cabotage rule losses may be $12.57 bln/y

The Indonesian Petroleum Association (IPA) told parliament on Thursday that a proposed cabotage rule which prohibits foreign-flagged vessels could cause a potential investment loss of as much as US$12.57 billion per year to the oil and gas industry.

Association President Ron Aston said the figure was the estimated potential investment loss coming from the four biggest oil and gas contractors operating in Indonesia -- Chevron, ConocoPhillips, Total E&P Indonesie, and ExxonMobil. Source: Reuters

UBS’s Nizam Says Tolerance of Inflation a Rupiah Risk

Nizam Idris, a Singapore-based currency strategist at UBS AG, the world’s second-largest foreign-exchange trader, comments on the impact of inflation on Indonesia’s rupiah. 

“We expect the rupiah to appreciate 4.5 percent next year, but this year is a harder call. The risk with the rupiah is more short-term rather than long-term, emanating primarily from inflation and the way Bank Indonesia handles it. Once you’ve passed the inflation issue toward the end of this year, then we see clearer appreciation. 

“Bank Indonesia could afford to be a bit more aggressive, the market would like that. The point is the market dislikes a wishy-washy approach toward handling inflation. When you lose touch with inflation and then you have to catch up on hiking rates aggressively, the risk of outflows from the equity and bond markets will be massive. 

“I’m neutral on the rupiah; unless there’s some weakness and Bank Indonesia reacts with a hike, then that’s where you would want to be opportunistic.” Source: Bloomberg

PBB Group to expand flour milling business in SE Asia-media

Malaysia's PPB Group plans to spend 140 million Malaysian ringgit ($46.1 million) to double its flour production capacity in Indonesia and Vietnam over the next two years, state news agency Bernama said in a short messaging system alert on Thursday.

PPB Group is an affiliate company of Singapore-listed agribusiness Wilmar International , which has been looking to expand its wheat flour milling business.

Separately, the Edge newspaper quoted PPB Group managing director Tan Gee Sooi as saying the firm wanted to double its Indonesian plant capacity to 2,000 tonnes.
The capacity in Vietnam will also be doubled to 800 tonnes, the newspaper said. ($1 = 3.036 Ringgit). Source: Reuters

Indonesia's Air Asia picks CIMB, Credit Suisse for IPO

PT Air Asia Indonesia, a unit of Malaysia's Air Asia Berhad , has picked CIMB Securities and Credit Suisse as underwriters for its initial public offering this year, said an executive at the firm on Thursday.

The budget airline has said that it plans to raise between $150 million to $200 million in an IPO in the third or fourth quarter.Source: Reuters

Wilmar eyes Indonesia's consumer flour market in 2012

Wilmar International , the world's largest listed palm oil company, plans to enter Indonesia's consumer flour market, possibly in 2012, which will intensify the competition in the country, sources familiar with the plan told Reuters. 

Wilmar might use flour mills owned by the unit of Malaysia's PPB Group in Indonesia and use its own distribution network to sell the flour, said one of the sources, who declined to be named because of the sensitivity of the plan. 

Wilmar was not immediately available for comment. 

PPB's unit, FFM Berhad, has a milling capacity of around 1,000 tonnes per day and the group plans to spend $46 million to double its flour production capacity in Indonesia and Malaysia over the next two years, state news agency Bernama said. 

Wilmar recently bought a 20 percent stake in FFM. 

Indonesia's flour market is dominated by Bogasari Flour Mills, a unit of instant noodle maker Indofood Sukses Makmur , which has a total flour milling capacity of 15,000 tonnes per day. Source: Reuters

Shemberg moving carrageenan plant to Indonesia

Philippines’ largest carrageenan producer Shemberg Corp. is moving to Indonesia as part of a P1.5-billion repositioning to locations that are more abundant with seaweed raw materials.

The prospective plant in Makassar, Indonesia will be the new site for its 7,000 metric ton (MT) capacity semi-refined carrageenan plant. It wiill source cottonii seaweed variety in Makassar which is known to grow this abundant variety.

“We expect Indonesia to produce 200,000 tons (of cottonii seaweed by 2011). Our cottonii production dropped from 150,000 to 80,000 tons. Indonesia is financing its farmers.

They don't have an option, but to plant seaweeds while we have (an option to send our people abroad as) OFWs (overseas Filipino workers)," said Benson U. Dakay, Shemberg president, in a press briefing.

Shemberg is also moving out from its existing 25-hectare carrageenan manufacturing plant in Mandaue City to two other locations – Maasin, Zamboanga and Carmen, also in Cebu.

It will relocate its 2,000 MT gel fresh carrageenan plant to Zamboanga and its 1,000 MT refined iota spinossum to Carmen.

"It will be P500 million for each movement. We need to go where the raw materials are," said Dakay.

Shemberg's plant in Mandaue City has just actually received an environmental award under Nestle's "Greening the Supply Chain Program."

This is for compliance with the Department of Environment and Natural Resources' regulations specifically for wastewater treatment facility efficiency, efficient flue gas scrubbers for coal-fired boilers, energy reduction, water conservation, chemical reduction, solid waste and packaging materials reduction and recycling, and environmental protection (mangrove planting).

However, the company needs to relocate its plant to Indonesia since Indonesia is set to ban seaweed export by 2012.

Indonesia has been the source of the Philippines for cottonii seaweeds since the country's production has declined over the past few years. The country imported around 80,000 MT of cottonii from Indonesia last year.

"It's advisable for us to move a portion of our factory there (because) they will ban export by 2012," he said. It takes around two years to build a carrageenan plant. Cottonii seaweeds are the raw materials for carrageenan which in turn is an input for other food-based products particularly as a binder or extender in meat products, ice cream, and gelatines. Cottonii-carrageenan producers need to keep price competitiveness since this semi-refined product may be substituted with other starch-based inputs.

The company is relocating to Indonesia as soon as it is able to sell its entire 25-hectare plant in Mandaue City as it will finance its relocations from the sale of this property. The 25-hectare plant is in the South Reclamation Project which has already become urbanized. At a P30,000 per square meter prevailing market price, the property will generate P7.5 billion that it can use for the relocations.

The company will also use the proceeds of the property's sale to pay for the retirement of some workers, estimated at around 1,000, that will be displaced from the relocation. Some of the workers may also choose to relocate to Indonesia, Zamboanga, or Carmen. Estimated retirement payment is at P200 million while the company will also allocate P500 million to pay off debts. Source: Manila Bulletin

Jasa Marga to Acquire Three Toll Roads Concessions

Toll road operator PT Jasa Marga aims to invest
11.89 trillion rupiah ($1.35 billion) to acquire and develop
three toll road concessions, said Reynaldi Hermansjah, the
company's finance director. 

The three toll roads include the
14.5 km Cinere - Jagorawi toll road with total investment of 2.1
trillion rupiah, the 18.6 km Waru - Tanjung Perak road worth 6.5
trillion rupiah and the 10.4 km Serpong - Cinere road worth 3
trillion rupiah. The company has also increased capital
expenditure to 7.4 trillion rupiah from an earlier target of 6.2
trillion.

EMTK Akuisisi 27,24% saham Indosiar

PT Elang Mahkota teknologi Tbk (EMTK), induk usaha Surya Media Media (SCMA) operator televisi SCTV, mengakuisisi 27,24% saham Indosiar Karya Media Tbk (IDKM) milik PT Prima Visualindo. Harga akuisisi adalah Rp 900/saham.

Dalam keterbukaan informasinya, Direktur Utama EMTK Susanto Suwarto menjelaskan, perjanjian jual beli bersyarat saham IDKM dilakukan pada 1 Maret 2011. Nilai akuisisi 551.708.684 saham IDKM (setara dengan 27,24%) itu adalah Rp 496,54 miliar. Tujuannya untuk mengendalikan IDKM.

Terhitung sejak saat penyelesaian rencana pengambilalihan saham IDKM itu, EMTK akan melakukan penawaran tender saham-saham IDKM yang masih ada di publik. Jumlah nilai dari rencana pengambilalihan saham IDKM dan tender offer akan dibiayai dari sumber internal dan peminjaman.

BUMI Eksekusi Convertible Note Bumi Resources Mineral 9 Maret 2011

PT Bumi Resources Tbk (BUMI) akan mengonversi mandatory convertible note PT Bumi Resources Mineral Tbk (BRMS) menjadi saham pada 9 Maret 2011.

Jumlah convertible saham yang dikonversi menjadi saham setara dengan Rp 4,96 triliun dengan harga konversi Rp 670/saham. Jumlah saham yang diterbitkan mencapai 7.401.541.000 saham baru yang akan dicatat atas nama PT Bumi Resources Tbk selaku pelaksana konversi.

"Sehubungan dengan eksekusi ini, kami mohon kesediaan Bursa Efek Indonesia untuk mencatat saham-saham hasil konversi convertible note tersebut," jelas Corsec BRMS Muhammad Sulthon kepada otoritas BEI, di Jakarta, Rabu (2/3).

 

Laba Petrosea Melonjak Hingga 2.557%

Perolehan laba bersih PT Petrosea Tbk (PTRO) 2010 melonjak hingga 2.557% dari sebelumnya US$ 1,59 juta menjadi US$ 42,25 juta. Peningkatan laba dipicu naiknya pendapatan dan turunnya beban lain-lain.

Berdasarkan laporan keuangan Petrosea yang dipublikasikan di situs Bursa Efek Indonesia (BEI), Rabu (2/3), beban lain-lain turun dari US$ 35,3 juta menjadi US$ 1,08 juta. Perseroan juga berhasil mencetak keuntungan selisih kurs sebesar US$ 1,36 juta dari sebelumnya rugi US$ 4,5 juta.

Perseroan membukukan pendapatan sebesar US$ 186,9 juta, naik dibanding 2009 US$ 171,8 juta. Laba usaha turun dari US$ 39,4 juta menjadi US$ 38,2 juta.

Di sisi lain, kewajiban lancar perseroan mencapai US$ 66,32 juta mencapai US$ 120,67 juta. Laba bersih per saham mencapai US$ 0,42 per saham.

“Adapun ekuitas naik 50% menjadi US$ 120 juta, dari sebelumnya US$ 80 juta,” ujar Wakil Direktur Utama Petrosea Wadyono Suliantoro.

Petrosea adalah perusahaan kontraktor pertambangan yang 98,5% sahamnya dimiliki PT Indika Energy Tbk (INDY). Indika mengakuisisi 81,95% saham Petrosea milik Clough International Singapore Ltd pada Juli 2010. Sementara sisanya sisanya merupakan saham publik. Proses akuisisi dan penawaran tender saham publik pada waktu itu dilakukan pada harga Rp 11.550 per saham.

Total nilai kontrak Petrosea hingga pertengahan Oktober 2010 mencapai US$ 600 juta. Pada September 2010, perseroan memperoleh tambahan kontrak sebesar US$ 18,5 juta. Kontrak itu berupa penyediaan jasa suplai based sebagai kontraktor pertambangan batubara di Kalimantan Timur yang berada Total E&P.

Indonesia's Angkasa Pura, India's GVK to develop new $500mln Java airport

Indonesian airport operator PT Angkasa Pura I plans to build new airport in Yogyakarta with India's GVK Power & Infrastructure Ltd worth 5 trillion rupiah ($567.4 million), an Angkasa Pura's executive said on Tuesday.

The project is a part of preliminary agreement signed by both parties in January this year to invest between $3 - $5 billion over the next four years to build international airports in Bali and Java.

"We're going to set up a joint-venture for the purpose next year," said Tommy Suetomo, Angkasa Pura's chief executive officer.

Inadequate infrastructure in Southeast Asia's largest economy is seen as both a hurdle to growth and a cash-making opportunity, with the government looking for the private sector to fund two-thirds of its needs.

Indonesia is India's third-largest trading partner in South East Asia and bilateral trade was $10 billion in 2008, according to the Ministry of External Affairs. ($1 = 8,812.500 Indonesian Rupiah). Source: Reuters

Rekomendasi HD Capital, 3 Maret 2011

Berikut rekomendasi dari HD Capital untuk Kamis, 3 Maret 2011, dengan opsi beli terhadap saham Astra International (ASII), Bank Rakyat Indonesia (BBRI), Indofood Sukses Makmur (INDF), dan Bank Mandiri (BMRI).

BUY: (ASII, BBRI, INDF, BMRI)

• Koreksi yang terjadi akibat tekanan regional membuat beberapa saham big cap index movers menarik lagi untuk diakumulasi 

• Asing masih terlihat melakukan net buy di beberapa big cap movers dalam sektor consumer dan perbankan seperti ASII, INDF, BBRI, & BMRI karena saham2 tersebut memang masih murah secara valuasi (diperdagangkan dibawah PER 15x 2011) dan akan diuntungkan dari BI rate tetap untuk bulan Maret ini.

• IHSG close (02-01) 3.486.306(-26.769/-1.01%) (Val.Rp.3.04T) 

• Support: 3.430-3.350, Resistance: 3,530-3.560-3,650

 

Stock picks:

1.      Astra International (ASII): (BUY) (target: Rp 56.000) (close 02/03 Rp 54.000)

• Semua ketakutan pasar mengenai pajak progressif, kenaikan suku bunga BI rate, rencana pembatasan BI rate di bulan Juli tidak mempengaruhi minat investor untuk akumulasi saham ini, yang kelihatannya akan mencoba megetes resistance berikutnya di garis downtrendline Rp 56.000.

• Walalupun terimbas profit taking, namun net buy asing berhasil menutup ASII di atas level support Rp 53.300 sehingga misi untuk mencoba melewati Rp 54.200 dan menuju ke Rp 56.000 akan tetatp berlanjut

• Entry (1) Rp 53.800, Entry (2) Rp 53.500, Cut loss point: Rp 53.200

   

2.   Bank BRI  (BBRI) (BUY): (Target: Rp 5.150) (Close 02/03 Rp 4.900)

• Inflasi Februari 0.40% yang lebih rendah dari Januari (0.80%) membuat BI rate akan stabil di 6.75% sehigga struktur sumber pendanaan BBRI yang murah masih dapat dipertahankan untuk medukung proyeksi pertumbuhan kredit di atas 23% tahun ini.

• Riset fundamental HD capital mempunyai target 12-bulan di Rp 6.000 dengan asumsi PER 2011 18x/PBV 3.7x

• Entry (1) Rp 4.850, Entry (2) Rp 4.700, Cut loss point: Rp 4.625

  

3.   Indofood Sukses Makmur (INDF) (BUY): (Target: Rp 4.950) (Close 02/03 Rp 4.825)

• Secara valuasi PER 2011F 12x/PBV 2.3x dan dengan ROE 2011 di atas 25%, emiten consumer ini sangat menarik untuk dilirik investor asing yang melihat ada potensi keuntungan arbitrase dari upside adjustement yang dapat terjadi

• Entry: (1) Rp 4.800, Entry (2) Rp 4.600, Cut loss point: Rp 4.600

 

4.  Bank Mandiri (BMRI) (BUY) (Target: Rp 6.150) (close 02/03 Rp 5.900)

• Selain dana ekspansi yang cukup pasca rights issue untuk melanjutkan
  pertumbuhan kredit agresif dan suku bunga BI rate tetap Maret, penguatan rupiah juga meringankan beban debitur yang berutang dalam US$ 

• Entry (1) Rp 5.800, Entry (2) Rp 5.700, Cut loss point: Rp 5.550

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 3 Maret 2011

Berikut rekomendasi dari tiga sekuritas ternama untuk perdagangan Kamis, 3 Maret 2011.

 

1. E-Trading Securities

Pada perdagangan kemarin, indeks turun 26 poin (-0,75%) ke level 3.486,20, menyusul kembali naiknya harga minyak yang menjadi sentimen negatif bagi kebanyakan bursa global. Asing melakukan net selling Rp 17 miliar dengan sektor yang paling banyak keluar adalah sektor energi dan pertambangan. Secara teknikal, indeks terlihat masih dalam fase konsolidasi dengan indikator stochastic dan MACD menunjukan kecenderungan menguat. Untuk hari ini, indeks diperkirakan bergerak di kisaran 3.432–3.547. Cermati BBTN, LSIP, dan JSMR.

2. Kresna Sekurindo

Sentimen global yang kurang kondusif terkait kenaikan harga minyak membuat IHSG masih belum berhasil menembus resistance 3.530. Dengan demikian, hari ini indeks diperkirakan masih cenderung berkonsolidasi di kisaran 3.433-3.510. BBTN dan TLKM menjadi saham pilihan kami.

3. Sucorinvest Central Gani

Saham-saham sektor industri dasar, infrastruktur, dan tambang menyeret indeks ke zona merah kemarin, seiring anjloknya indeks bursa global. Hal ini tak lepas kenaikan harga minyak mentah yang kembali menembus US$ 100 per barel, akibat pergolakan sosial politik di Timur Tengah dan Afrika Utara, serta kekhawatiran pemulihan ekonomi global. Hari ini, indeks diperkirakan mixed melemah pada kisaran 3.455-3.508.