Mitsui Sumitomo to Buy 50% stake of Sinarmas Life

Mitsui Sumitomo Insurance Co. will buy a 50% stake in the life insurance unit of Indonesia's conglomerate Sinar Mas, as parts of its efforts to ramp up business in Asia, a person familiar with the matter said on Friday.

Insurance life that will acquired by Mitsui Sumitomo is Sinarmas Life. PT Sinar Mas Multiartha Tbk (SMMA) owned 99,99 percent of Sinarmas Life shares.

Japan's second largest life insurer by premium revenue is likely to spend about ¥70 billion ($858.5 million) on the deal and is expected to reach an agreement as early as Monday, the person said. 

The deal would be one of the biggest acquisitions made by a Japanese nonlife insurer targeting emerging markets. Mitsui Sumitomo's move is the latest in a string of Japanese life and non-life insurers' overseas shopping sprees. 

In recent years, major insurance companies have been aggressively looking for acquisition or investment targets to further growth, as Japan's population is shrinking and its life-insurance industry is seen as saturated. 

Japan's largest life insurer, Nippon Life Insurance Co. last month agreed to buy about a 26% stake in India's Relianace Life. Dai-ichi Life Insurance Co. in December agreed to buy Tower Australia Group Ltd. for about ¥99.6 billion, making the insurer a wholly-owned unit. 

Non-life insurers are even more active in overseas acquisitions. Mitsui Sumitomo Insurance bought a 30% stake in Hong Leong Assurance Bhd., the sixth-largest life insurer in Malaysia, while smaller rival Sompo Japan Insurance Inc. acquired a 94% stake in midsize Turkish firm Fiba Sigorta Anonim Sirketi for ¥28.1 billion last year.

Japan's MS&AD to buy Sinar Mas Multiartha $860 mln-source

Japan's largest property and casualty insurer Mitsui Sumitomo Insurance Co will pay about 70 billion yen ($860 million) to acquire a 50 pct stake in the life insurance unit of Indonesian conglomerate Sinar Mas, a source with direct knowledge of the deal said on Friday.

Japanese insurers have been stepping up overseas expansion, with a focus on emerging economies in Asia, as they see weak growth prospects at home given the country's ageing population.

The deal is scheduled to be announced on Monday, said the source, who did not want to be identified because he was not authorised to talk publicly about the matter.

Mitsui Sumitomo Insurance, the core unit of MS&AD, would acquire the stake in Sinar Mas Multiartha through a private placement of shares, said the source.

Sinar Mas Multiartha shares jumped 23 percent on Friday. Japan's markets were closed on Friday for a national holiday.

The deal was first reported by the Nikkei business daily on Friday.

MS&AD was created in April last year through the merger of three insurance companies, becoming Japan's top property-casualty firm in terms of net premiums written.

The company has been most aggressive in expanding in Asia. It bought Aviva's property-casualty insurance operations in Asia for 65 billion yen in 2004, which propelled the Japanese company into the league of major non-local players in many of the region's markets.

Last year, it acquired a 30 percent stake in the life insurance business of Malaysia's Hong Leong Financial Group for 940 million ringgit ($304 million) and merged their non-life operations in the country. ($1 = 81.510 Japanese Yen). Source: Reuters

Bank Central Asia Cut to Neutral by Credit Suisse

PT Bank Central Asia Tbk (BBCA) rating's was lowered to “neutral” from “overweight” at Credit Suisse Group AG, which said the company’s stock valuation was “demanding.” 

BBCA shares, Indonesia’s biggest bank by market value, declined 2.6 percent to 7,400 rupiah, the steepest drop since Feb. 10. 

JP Morgan Upgrade Bumi Price to IDR 4,500

JP Morgan Chase & Co raised PT Bumi Resources (BUMI) share-price estimate to 4,500 rupiah from 4,000 rupiah. 

BUMI, Indonesia’s largest coal producer, rose 2.2 percent to 3,425 rupiah today, the highest close since Sept. 25, 2008.

Krakatau Steel Q1 net profit down 76 pct

Krakatau Steel (KRAS), Southeast Asia's biggest steelmaker, said on Friday that its unaudited first quarter net profit fell 76 percent on lower sales and higher costs. Its first quarter net profit fell to 113.52 billion rupiah, from 468.06 billion rupiah in the same period in 2010. Source: Reuters Africa

Telkom Q1 net profit flat due to higher costs

Telekomunikasi Indonesia , Indonesia's biggest telecommunications firm, said on Friday its first-quarter 2011 net profit rose just 1.4 percent due to higher marketing and operating costs.

The firm's first-quarter net profit was 2.83 trillion Indonesian rupiah ($329.7 million), compared with 2.79 trillion rupiah in the same period a year earlier, it said in a statement.
Telkom, which expects subscribers to grow by 10 to 12 million this year, breached the 100 million subscribers level this month. It said earlier this month that it expects revenue to grow about 10 percent this year as the domestic market is maturing.

It reported first-quarter revenue of 16.71 trillion rupiah. That compared with revenue of 16.36 trillion rupiah in the year-ago period.
Analysts forecast Telkom's 2011 net profit to rise 7 percent to 12.34 trillion rupiah, according to Thomson Reuters data.

Shares in Telkom were up 0.7 percent ahead of the results, and have fallen more than 7 percent in the first quarter to underperform a Jakarta index down around 0.7 percent in the same period. Source: Reuters

Bank Mandiri says Q1 net profit up 89 pct

Bank Mandiri , Indonesia's biggest lender, said on Friday its first-quarter net profit rose 89 percent, driven mostly by a one-time gain from the stake sale in Garuda Indonesia's public offering earlier this year.

The firm's first-quarter net profit was 3.8 trillion Indonesian rupiah, compared with 2 trillion rupiah in the same period a year earlier, said Pahala Mansury, Mandiri's director for finance and strategy.

It reported a first-quarter net interest income of 5.8 trillion rupiah. That compared with net interest income of 4.63 trillion rupiah in the year-ago period.
The one-time gain was estimated at about 1.3 trillion rupiah when it sold its stake in flag carrier Garuda in February.

Analysts forecast Mandiri's 2011 net profit to rise 28 percent to 11.79 trillion rupiah, according to Thomson Reuters data.
Shares in Mandiri rose 1.4 percent ahead of the results, and have gained more than 6 percent in the first quarter to outperform a Jakarta index that was down around 0.7 percent in the same period. Source: Reuters

Laba Bersih Aneka Tambang Melonjak 71%

PT Aneka Tambang Tbk (ANTM) membukukan lonjakan laba bersih kuartal I-2011 sebesar 71%, yakni dari Rp 201,9 miliar tahun 2009 menjadi Rp 346,6 miliar. Pertumbuhan ini membuat laba bersih per saham (earning per share/EPS) perseroan turut naik dari Rp 21,20 menjadi Rp 36,39.

Sekretaris Perusahaan Bimo Budi Satrio dalam siaran persnya, di Jakarta, Jumat (29/4), mengatakan, peningkatan laba bersih terjadi terutama disebabkan oleh kenaikan volume penjualan komoditas feronikel dan harga jual.

"Menyusul peningkatan permintaan komoditas nikel yang mendorong peningkatan volume penjualan, pendapatan tidak diaudit Antam pada kuartal pertama tahun ini melonjak 20% dibandingkan periode yang sama 2010 menjadi Rp 1,99 triliun," kata dia.

Pada kuartal pertama, papar dia, volume penjualan feronikel naik 33% menjadi 2.209 TNi seiring dengan kenaikan permintaan pada kuartal pertama 2011 dibandingkan periode yang sama tahun 2010. "Meski demikian, volume penjualan feronikel seharusnya dapat lebih tinggi mengingat masih adanya pengiriman feronikel dalam perjalanan," kata dia.

Kegiatan pengapalan feronikel ke konsumen Antam di Eropa tertunda karena pada 16 Maret 2011, kapal kargo MV Sinar Kudus milik PT Samudera Indonesia Tbk (SMDR) yang mengangkut komoditas feronikel dibajak di sekitar perairan Somalia. "Meski terjadi pembajakan yang menyebabkan tertundanya pengiriman feronikel ke konsumen di Eropa, komoditas feronikel Perusahaan telah dilindungi dengan asuransi kerugian secara penuh terhadap kemungkinan kehilangan dan kerusakan kargo," paparnya.

Volume penjualan emas ANTM mencapai 1.730 kg atau turun 16% dibandingkan kuartal I tahun 2010. Sedangkan volume produksi emas baru mencapai 15% dari target tahun ini atau sebanyak 588 kg. Realisasi produksi emas pada kuartal I 2011 ini turun 14% dibandingkan kuartal I 2010 karena penurunan kadar bijih dibandingkan dengan 2010 di Pongkor serta belum dilakukannya penambangan yang diinginkan di Cibaliung.

"Meski terjadi penurunan volume penjualan, peningkatan harga sebesar 26% menjadi 1.411,24 dolar AS per toz menjadikan pendapatan dari emas naik tipis 1% menjadi Rp 698 miliar," papar Bimo.

Harga pokok penjualan Antam tercatat naik 16% menjadi Rp 1,4 triliun terutama didorong kenaikan biaya pemakaian bahan bakar sebesar 26% menjadi Rp 284 miliar dan biaya pemakaian bahan sebesar 47% menjadi Rp 148 miliar. Peningkatan kedua komponen biaya ini, lanjut Bimo, seiring dengan peningkatan produksi feronikel.

Indofood Sukses Makmur Q1 net profit up to 16 percent

Indofood Sukses Makmur (INDF), Indonesia's leading consumer firm, said on Friday that its first quarter net profit in 2011 rose 16 percent to 735.61 billion Indonesian rupiah ($85.4 million) on higher sales.

Its unit, Indofood CBP (ICBP), the world's biggest noodle maker, posted an 18 percent increase in net profit to 433.50 billion rupiah on strong consumption growth.
($1 = 8,627.500 Indonesian Rupiahs). Source: Reuters

DBS says Indonesia stops banks from acquiring new wealthy customers for a month

Indonesia's central bank has asked all banks to stop acquisition of new high net worth customers for a month starting May 2, which may affect business in the near-term, Singapore DBS CEO said on Friday.

"I think actually what the Bank Indonesia did was industry wide exercise, so they asked all banks to stop acquiring any premium or high value customers for the next month," Piyush Gupta told reporters in Singapore.

The move comes a few week after Indonesia's chief banking regulator suspended Citibank Indonesia from recruiting new customers to its Citigold premium service after police launched an investigation into suspected embezzlement.

Gupta, who was briefing reporters on the bank's first quarter earnings, said he sees erosion on interest rate margins coming to an end. Source: Reuters

Siam Cement Akuisisi Mayoritas Saham KIAS dan KOIN

Konglomerat industrial ternama Thailand, Siam Cement Pcl, melalui anak usahanya mengakuisisi mayoritas saham PT Keramika Indonesia Asosiasi Tbk (KIAS) dan PT Kokoh Inti Arebama Tbk (KOIN).

Akuisisi dilakukan oleh anak usaha Siam Cement Public Company Limited, yakni SCG Building Materials Company Limited dan SCB Distribution Company Limited. SCG Building Materials Company telah menandatangani CSPA jual beli 93,47% atau 7.875.000.000 saham KIAS pada 27 April 2011. KIAS adalah produsen keramik dengan pangsa pasasr 10%.

KIAS memiliki 3 pabrik di Jawa Barat dan Jawa Timur dengan total kapasitas produksi 27 jutameter kubik keramik dinding/lantai dan 23 juta lembar keramik atap. Melalui akuisisi ini SCG akan memiliki total kapasitas produksi keramik sebanyak 149 juta meter kubik sehingga megamankan posisinya sebagai produsen keramik terbesar.

SCG berencana meningkatkan kapasitas produksi KIAS dari saat ini 4 juta menjadi 31 juta meter kubik.

Sedangkan KOIN diakuisisi oleh SCG Distribution Company Limited, yang akta jual belinya ditandatangani 28 April 2011. Saham KOIN yang diakuisisi sebanyak 690 juta atau setara 70,35%. Baik SCG Distribution maupun KOIN merupakan perusahaan distributor bahan bangunan.

Belum ada penjelasan di harga berapa akuisisi KIAS dan KOIN dilakukan.Lihat berita resminya di sini.

Bank Rakyat says Q1 net profit jumps to 52 percent

Bank Rakyat Indonesia (BBRI.JK), Indonesia's second biggest lender by assets, said first quarter net profit rose 52 percent, driven by strong loan growth in Southeast Asia's biggest economy.

The firm's first quarter net profit was 3.26 trillion Indonesian rupiah ($377.86 million), compared with 2.15 trillion rupiah in the same period a year earlier, the bank said in a statement.

Analysts had forecast BRI's 2011 net profit would rise 13 percent to 12.91 trillion rupiah, according to Thomson Reuters' Starmine SmartEstimate.
BRI, the world's largest micro-lender, said the government asked it to pay a 20 percent dividend payout ratio from 2010 profits, or higher than the 5 percent it originally expected.

It reported first quarter 2011 net interest income rose 22 percent to 8.17 trillion rupiah from only 6.70 trillion rupiah in the year-ago period.
Its shares gained 9.5 percent in the first quarter, outperforming a 6.4 percent gain in top state lender Bank Mandiri (BMRI.JK) and the broader Jakarta index's .JKSE 0.7 percent fall. ($1 = 8627.500 Indonesian Rupiahs). Source: Reuters

Laba Bersih Borneo Lumbung Energy Melonjak 4.000% Lebih

Laba bersih PT Borneo Lumbung Energy & Metal (BORN) pada kuartal I 2011 secara drastis melonjak signifikan hingga 4.027,03%, yakni dari Rp 10,32 miliar setahun lalu menjadi Rp 425,91 miliar.

Kenaikan ini membuat laba bersih per saham BORN meningkat dari Rp 8 menjadi Rp 24 atau terjadi pertumbuhan 200%.

Pertumbuhan laba bersih perseroan yang signifikan ini ditopang oleh kenaikan pendapatan usaha sebesar 123,77% dari Rp 537,29 miliar menjadi Rp 1,202 triliun.

Aspek	2010	2011	%
Pendapatan usaha	537.29	1202.31	123.77
Beban pokok penjualan	282.76	510.91	80.69
laba kotor	254.54	691.39	171.62
Laba operasi	175.45	533.64	204.16
Laba bersih	10.32	425.91	4027.03
laba per saham dasar	8	24	200.00
Dalam miliar rupiah

Indonesia’s First-Quarter Coal Output, Exports Fall on Rains

Indonesia’s first-quarter coal production was below target after rains disrupted mining, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association. 

Output rose to 32.43 million metric tons in March from 27.15 million in February and 29.54 million in January, Kamandanu said in an interview at the Coal Upgrading & Conversion conference in Singapore today. The average for the quarter at 29.7 million tons a month compares with 30 million tons a month a year earlier. The monthly target this year was about 30 million tons. 

“Production was unchanged because of a very wet season,” Kamandanu said. “We hope to see a real dry season this year as most of last year was wet.” 

Indonesia’s coal production may rise to between 335 million and 370 million tons this year, Kamandanu said at the conference. Output climbed to 325 million tons in 2010 from 283 million in 2009, he said. 

Exports of the fuel fell 5.9 percent to 68.8 million tons in the first quarter from 73.1 million a year earlier because of a delay in issuing trading permits by the government earlier this year, according to calculations based on Kamandanu’s data.

Overseas sales rose to 25.8 million in March from 20.3 million in February. Source: Bloomberg

Rekomendasi HD Capital, 29 April 2011

Berikut rekomendasi dari HD Capital untuk perdagangan Jumat, 29 April 2011.

BUY: (ADRO, BBRI, UNTR, ASII)

• Keputusan Fed untuk mempertahankan quantitative easing policy dan antisipasi menjelang data ekonomi domestik masih menjadi katalis positif untuk pasar sehingga koreksi minor IHSG ini dapat digunakan untuk kesempatan akumulasi di beberapa emiten yang belum naik signifikan.

• IHSG close (28-04) 3.793.371(-11.597/-0.30%) (Val.Rp.3.4T)

• Support: 3.730-3.710-3.680, Resistance: 3,850-3.890-3.920

 

Stock picks:

1.     Adaro Energy (ADRO) (Target Rp 2.300) (close 27/04 Rp 2.225)

• Sentimen negatif dari hasil kinerja Q1 yang memburuk akibat penurunan produksi yang disebabkan cuaca buruk kelihatannya sudah tercemin dalam koreksi harga dua minggu terakhir dari level Rp 2.325 hingga terjadi bullish divergence antara harga dan indicator 5 harian stochastic.

• Entry (1) Rp 2.200, Entry (2) Rp 2.150, Cut loss point: Rp 2.075

 

2.    Bank BRI (BBRI) (BUY): (Target: Rp 6.700) (Close 28/04 Rp 6.500)

• Walaupun sudah mencapai old time high namun secara valuasi PER 2011 (15x) masih yang termurah diantara bank big cap lainnya seperti BDMN (18x), BBNI (15x), BMRI (18x), BBCA (21x) sehingga potensi upside adjustment masih terbuka lebar untuk BBRI.

• Entry (1) Rp 6.400, Entry (2) Rp 6.250, Cut loss point: Rp 6.100

 

3.   United Tractors (UNTR) (BUY): (Target: Rp 24.100) (Close 28/04 Rp 23.250)

• Secara technical mulai ada kemajuan, adanya new high setalah konsolidasi selama 4 hari lalu menunjukan bahwa minor uptrend segera dimulai yang sebelumnya di confirm oleh daily stochastic dan MACD

• Memasuki transisi dari musim hujan ke musim kemarau yang diperkirakan datang lebih awal, peningkatan kegiatan perkebunan dan pertambangan untuk Q2 2011 akan naik.

• Optimisme untuk tren komoditas akan mempengaruhi tren permintaan batubara dan mendorong pemilik tambang untuk menaikkan produksi dan membangun infrastruktur pendukung.

• Entry: (1) Rp 23.100, Entry (2) Rp 22.750, Cut loss point: Rp 22.200

 

4.   Astra International (ASII) (BUY) (Target: Rp 56.700) (close 28/04 Rp 55.400)

• Secara technical mulai membaik, mulai ada pembentukan higher low dan kelihatannya dengan stochastic 5 hari dan MACD histogram yang naik menunjukan potensi bergerak untuk mencoba menembus resistance psikologis di Rp 56.000.

• Entry(1) Rp 55.300, Entry (2) Rp 54.500, Cut loss point: Rp 53.500

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 29 April 2011

Berikut rekomendasi dari beberapa sekuritas untuk perdagangan Jumat, 29 April 2011.

 

1. E-Trading Securities

IHSG pada perdagangan kemarin (28/4) menguat 3,99 poin (0,10%) ke level 3.808,93. Sektor aneka industri dan pertambangan memimpin penguatan indeks. Investor asing membukukan net buying Rp 372,99 milliar. Indikator candlestick masih berada di area garis upper Bollinger band, sedangkan indikator Stochastic mencoba membentuk golden cross di area overbought. Hari ini IHSG diperkirakan bergerak di kisaran 3.777–3.830. Cermati PTPP, BBCA, dan BUMI.

2. Indo Premier Securities

Bursa Asia rata-rata menguat setelah mencerna hasil pertemuan Federal Reserve pada Rabu malam lalu. Sedangkan IHSG bergerak cukup fluktuatif dan ditutup naik 4 poin di level 3.808.  Menutup pekan ini, kami perkirakan bursa saham masih akan mencermati kebijakan moneter longgar The Fed. Indeks akan mencoba level resistance baru pada 3850, sementara support kuat di 3.800. Saham pilihan kami ASII dan UNTR.