IMFA buys 70% stake in Indonesian coal mine

Indian Metals and Ferro Alloys (IMFA), one of the largest integrated producers of ferro alloys in the country, has acquired 70% stake in a coal mine in Indonesia. The acquisition was done through Indmet Mining Pte Limited, a step-down subsidiary incorporated in Singapore specifically for the purpose. It is the first foreign acquisition made by the Orissa-based company promoted by the family of Rajya Sabha MP, Baijayant 'Jay' Panda.

"We have taken up 70% stake in the property through a step-down subsidiary based in Singapore. The total cost of buying the stake will be $8.75 million. We will develop the mine, including the necessary infrastructure to make it operational," Prem Khandelwal, chief financial officer and company secretary of IMFA group told ET from Bhubaneswar.

The mine is located in the Central Kalimantan region of Indonesia. The remaining 30% stake in the project is held by Indonesian businessmen who also hold the crucial licenses or "IUPs" in local parlance.

The acquisition also marks the IMFA group's initial foray into coal trading abroad. "We hope to get the necessary government approvals within a year. Once the mines are developed, the coal extracted will be used to take up merchant sales in and around Indonesia ," a top IMFA group executive said. The coal belongs to thermal grade with a calorific value of 6,000 kilo calories. While the group is planning to have the requisite infrastructure linkages in place within a year, the partners will have to pump in funds to set up a road link to evacuate the coal.

"The quantum of reserves in the coal mine is difficult to ascertain since a detailed assessment is yet to be done. Currently, drilling operations are on at the site. We will be able to get an idea of the amount of reserves after it is complete," Khandelwal said. Depending on a study on the infrastructure required to be set up in the area, the group will be in a position to finalise the investment required for maintaining sustained operations. Source: Economic Times

BTPN Cetak Pertumbuhan Laba Semester I-2011 Sebesar 63%

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) mencetak pertumbuhan laba bersih sebesar 63% pada semester I-2011, dari Rp 358,9 miliar menjadi Rp 585,1 miliar dalam setahun terakhir.

Pada saat bersamaan, penyaluran kredit tumbuh 33% menjadi Rp 26,7 triliun dan dana pihak ketiga (DPK) naik 32% menjadi Rp 29,5 triliun. BTPN memiliki rasio kecukupan modal (capital adequacy ratio/CAR) sebesar 21,1% per akhir Juni 2011, sehingga masih cukup untuk ekspansi ke depan. 

"Total aset BTPN mencapai Rp 40 triliun atau meningkat sebesar 43% dibandingkan Juni 2010," kata Direktur Utama BTPN Jerry Ng dalam laporannya pada keterbukaan informasi Bursa Efek Indonesia (BEI), Selasa (19/7).

Dia menambahkan, pertumbuhan kredit yang cukup pesat tetap didukung dengan penerapan asas kehati-hatian, yang tercermin dari rendahnya rasio kredit bermasalah (non performing loan/NPL) net sebesar 0,47%, sehingga menempatkan perseroan sebagai salah satu bank dengan NPL terendah di industri perbankan.

"BTPN akan tersebut melakukan pemberdayaan mass market sekaligus menjaga pertumbuhan dan kualitas bisnis, kecukupan modal, kehati-hatian, serta efisiensi yang tepat, secara terintegrasi untuk terus dapat membukukan kinerja prima berkelanjutan," tegas dia.

Oriental Holdings Buys Two Plantation Firms In Indonesia For RM24 Million

Oriental Holdings Bhd (OHB) has secured Indonesian authorities approval to acquire two plantation companies for RM24.97 million to further expand its foothold in the industry.

In a filing to Bursa, OHB said the approvals were obtained from the Indonesian authorities for the acquisition of PT Pratama Palm Abadi (PT PPA) from Karli Boenjamin by OBS (Singapore) Pte Ltd and an Indonesian citizen Effendi Suryono.

OBS is a wholly-owned subsidiary of Oriental Boon Siew (Mauritius) Pte Ltd, which in turn is a 50.5 per cent subsidiary of OHB.

Following the transaction, PT PPA's issued and paid up capital will be increased to Rp12 billion (12,000 units) and upon completion of the acquisition, PT PPA shall become a 90 per cent subsidiary of OBS.

The sale and purchase price of the sales shares will be US$4.828 million (RM14.6 million) and will be financed via internal funds.

PT PPA has been issued a Location Permit to about 14,200 hectares land in South Sumatera Province, which it will develop under the PLASMA Programme.

Under the programme, it is required to assist in building, operating and transferring a portion of the land to small farmers.

OHB said under the concession rights, PT PPA has a right to 11,360 hectares while the small farmers in the concession area has the rights to 2,840 hectares.

In a separate filing, it said it secured the approval from the same ministry in Indonesia for the acquisition of PT Dapo Agro Makmur from Karli Boenjamin by OBS and and Effendi Suryono.

On securing the approval, PT Dapo's issued and paid up capital will be increased to Rp8 billion (8,000 units) and upon completion of the acquisition, PT Dapo shall become a 90 per cent subsidiary of OBS.

"The sales and purchase price of the sale shares shall be US$3.434 million (RM10.37 million) and the purchase consideration is via internally generated funds," it added.

PT Dapo has been issued a location permit for 10,100 hectares land in South Sumatera and under the concession rights to the land, it is required to assist in building, operating and later transferring a portion of the land to small farmers.

Under the concession PT Dapo 8,080 hectares of the land will belong to Dapo and 2,020 hectares for the small farmers in the concession area. Source: Bernama

Rekomendasi Beberapa Sekuritas, 19 Juli 2011

Rekomendasi beberapa sekuritas untuk perdagangan Selasa, 19 Juli 2011. 

1. E-Trading Securities

Pada kemarin, IHSG naik 9,7 poin (0,24%) ke level 4.032.97, tertinggi sepanjang sejarah dengan net buying asing mencapai Rp 227 miliar. Secara teknikal, indeks rawan profit taking melihat candlestick mengindikasikan bearish reversal. Hari ini, pergerakan indeks ditaksir berada di kisaran 3.994-4.047 dengan kecenderungan melemah. Cermati PTBA dan ASGR.

2. Sinarmas Sekuritas

Pada Selasa (19/7), secara teknikal, indeks cenderung bergerak mixed pada kisaran 4.020-4.060. Saham-saham yang dapat diperhatikan UNTR, INDF, JSMR, BSDE

Saham-saham yang dominan dibeli asing, 18 Juli 2011

Saham-saham yang dominan dibeli asing, Senin 18 Juli 2011.

Kode saham                        Volume                    Jual                       Beli

AALI	901,000	405,500	538,500
ACES	162,500	0	151,500
ADES	844,500	0	100,000
ADMG	29,879,000	25,000	500,000
ADRO	37,476,000	4,969,000	17,168,500
AISA	9,091,000	0	1,710,000
AKRA	12,541,500	1,533,000	2,189,000
AMFG	124,000	24,000	58,000
ASBI	2,422,500	0	109,500
ASGR	763,500	0	270,000
ASII	3,196,500	1,633,500	2,827,500
ASRI	73,602,500	824,000	26,875,500
AUTO	3,802,000	2,500	825,000
BBCA	4,176,000	2,313,000	2,764,000
BBLD	7,236,000	100,000	2,000,000
BBNI	28,599,000	7,232,000	22,662,500
BBTN	8,911,000	0	3,067,000
BHIT	34,154,500	0	9,962,500
BIPI	4,548,000	0	155,500
BJBR	8,674,500	147,500	4,286,000
BLTA	34,071,000	0	2,164,500
BMRI	28,230,500	18,631,500	23,084,000
BNBR	120,051,000	0	6,436,500
BNGA	792,000	31,500	94,000
BNLI	164,000	0	150,500
BORN	24,055,500	2,220,500	3,916,000
BSDE	21,120,000	5,197,500	14,250,000
BTEL	4,392,500	0	835,000
BUDI	25,935,000	1,250,000	3,898,500
BULL	5,111,000	0	101,000
BUMI	52,926,000	16,536,500	30,494,000
BUVA	8,046,000	0	100,000
BWPT	7,599,000	290,500	552,500
CMNP	3,689,500	0	100,000
CPIN	23,697,500	2,097,000	6,633,500
CTRP	3,548,500	0	615,000
DILD	3,232,500	0	256,000
EKAD	34,055,500	58,500	200,000
ELSA	3,211,000	0	24,500
ELTY	409,027,500	13,688,500	40,574,000
EMDE	2,793,500	0	2,055,000
EMTK	47,000	0	14,500
ENRG	121,586,000	26,464,500	70,763,500
EPMT	168,000	0	150,000
FASW	1,418,000	0	129,000
GIAA	12,876,500	0	143,000
HEXA	97,500	1,000	37,000
HRUM	2,268,000	700,000	1,102,000
ICBP	4,345,500	233,000	3,756,000
IDKM	3,052,500	0	101,500
IMAS	4,447,500	569,500	2,754,000
INCO	2,735,500	994,500	1,706,000
INKP	9,717,500	0	254,500
INTA	42,625,500	275,000	2,200,000
INVS	412,500	289,500	359,000
ISAT	809,500	130,500	660,000
ITMG	612,500	35,500	172,500
JKON	901,000	0	275,000
JSMR	5,986,000	0	3,479,000
KIJA	70,142,000	0	7,300,000
KRAS	10,603,000	680,000	2,566,500
LTLS	17,418,500	103,500	1,338,000
MAIN	9,418,500	0	14,500
MBSS	12,435,000	71,000	2,000,000
MBTO	1,621,000	500,000	1,471,500
MEDC	6,270,000	30,000	439,000
META	3,550,000	1,500,000	2,000,000
MIDI	1,419,000	377,500	870,000
MNCN	17,485,500	8,827,500	12,036,500
MTDL	4,923,000	100,000	168,000
PANS	1,155,000	0	368,000
PGAS	23,900,000	6,054,500	12,182,500
PNIN	1,711,500	0	500,000
PTIS	2,933,500	0	65,000
PTPP	7,150,000	0	5,518,000
ROTI	683,000	0	350,000
SCMA	402,000	30,000	399,500
SGRO	3,360,500	0	124,000
SMAR	253,500	2,500	11,000
SSIA	16,369,500	173,000	5,035,000
TBIG	2,710,000	400,000	2,447,500
TBLA	84,525,500	923,500	5,828,500
TOTL	1,808,500	12,500	1,000,000
TSPC	913,500	0	511,500
ULTJ	5,975,000	10,000	28,000
UNSP	45,066,500	0	5,131,500
UNTR	5,521,000	3,220,500	3,613,000
UNVR	796,000	517,500	538,000
WICO	259,500	0	100,000
WIKA	2,551,000	0	90,000

Rekomendasi HD Capital, 19 Juli 2011

Rekomendasi HD Capital untuk perdagangan Selasa, 19 Juli 2011.

BUY:  BORN, PGAS, INDF, UNTR

• Diperkirakan IHSG masih akan bergerak dalam kisaran sideways untuk membuat kaki di atas level psikologis 4.000 dengan beberapa pilihan selektif blue chip dan 2^nd liners yang menarik, terutama di sektor konsumen (menghadapi momentum lebaran), penyediaan energi domestik dan batubara.

• IHSG close (18-07) 4.033.641(+10.439/+0.26%) (Val.Rp.3.6T)

• Support: 4.020-3.996-3.890, Resistance: 4.100-4.175

 

Stock picks:

1.      Borneo Lumbung Energy & Metal  (BORN) (BUY) (Target Rp 1.570) (Close 18/07 Rp 1.430)

• Kelihatannya pasar mulai optimistis bahwa perseroan dapat mencapai target volume produksi 3.5 juta ton untuk 2011 dan dan penambahan 5 ton lagi di akhir 2011 seiring dengan proyek penambangan baru.

• Menurut perhitungan fundamental yang mengambil asumsi harga batubara yang meningkat, seharusnya saham in diperdagangkan di atas Rp 1.500 dengan PER 12x 2011F sehingga masih banyak potensi upside.

• Entry (1) Rp 1.430, Entry (2) Rp 1.410, Cut loss point: Rp 1.380

 

2.    Perusahaan Gas Negara (PGAS) (BUY): (Target: Rp 4.150) (Close 18/07: Rp 3.975)

• Optimisme bahwa volume dan harga penjualan gas akan naik kedepan bisa offset sentimen negatif belum sepenuhnya terdiskon dalam pergerakan harga yang relatif diam selama IHSG mencetak all time high.

• Entry (1) Rp 3.975, Entry (2) Rp 3.875, Cut loss point: Rp 3.800.

 

3.    Indofood Sukses Makmur (INDF) (BUY): (Target: Rp 6.350) (Close 18/07 Rp 6.050)

• Penguatan 1% dalam mata uang rupiah menaikkan asumsi laba penjualan mie instan hingga 4% sehingga hal ini dapat offset kenaikan cost 18% dari harga gandum impor.

• Secara technical penutupan di atas level psikologis Rp 6.000 telah membuat formasi konsolidas segitiga breakout dengan target proyeksi di Rp 6.500.

• Entry: (1) Rp 6.000, Entry (2) Rp 5.900, Cut loss point: Rp 5.750

 

4.   United Tractors (UNTR) (BUY): (Target: Rp 26.650) (Close 18/07 Rp 25.000).

• Revisi kenaikan untuk target penjualan alat berat 2011 didukung oleh peningkatan suplai di 2H 2011 serta aquisisi tambang batubara tambahan merupakan katalis positif untuk akumulasi dengan scenario untuk menembus all time high Rp 25.650 untuk bermain diatas level psikologis Rp 26.000.

• Entry: (1) Rp 24.650, Entry (2) Rp 24.150, Cut loss point: Rp 23.850

 

Dibuat oleh: 

Yuganur Wijanarko

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