Sulfindo's sale may draw foreign bids: sources

Indonesian chemical producer Sulfindo Adiusaha is up for sale with a price tag of $700 million and may draw interest from Thai industrial conglomerate Siam Cement SCC.BK and South Korea's Hanwha Chemical (009830.KS) when first-round bids are due in late August, sources with knowledge of the deal said.

The deal is set to be another indication of increasing foreign interest in Southeast Asia's biggest economy, which is attracting investors because of strong economic growth and a buoyant stock market.

However, several deals have also faltered recently as Indonesian businessmen have high price expectations, analysts said.

Sulfindo is controlled by the Victoria Group, which is owned by Indonesia's Tanojo family, who also own small lender Bank Victoria (BVIC.JK) and brokerage Victoria Securities.

"Chemical demand has a good potential but I think the price is too high for the firm at around 9 to 10 times EBITDA," said a chemical analyst at a state-owned brokerage firm, who declined to be named.

"Consumer firms, which get the highest valuation now, are only valued at around 11 times EBITDA while plantation firms get around 7 times. I think it will be hard for them to get a buyer with the typically volatile margin industry."

BOND SALE PULLED

A spokeswoman for Siam Cement declined to comment.

South Korea's Hanwha Group said its chemicals unit has looked at Sulfindo, but has made no decision to put in a bid. "Since Sulfindo runs petrochemical businesses, Hanwha Chemical (the group's chemical unit) had looked into it at a working-level. But nothing is in progress nor determined," a Hanwha official told Reuters.

Macquarie (MQG.AX) is the sell-side adviser for the deal, three sources told Reuters. A Macquarie spokeswoman in Singapore declined to comment.

"The first-round bids are due toward the back-end of August," one of the sources said.

Earlier, bankers had said the company was selling a stake of up to 40 percent, but sources with knowledge of the deal said the whole company is for sale.

Sulfindo's sale plan comes after it did not issue a five-year fixed-rate dollar bond in January because of weak investor interest.

Sulfindo did not respond to Reuters queries seeking comment.

Standard & Poor's on May 16 downgraded Sulfindo's credit rating to CCC from B-, saying it faced a prolonged delay in obtaining sufficient external financing.

Sulfindo produces caustic soda, chlorine, ethylene dichloride, vinyl chloride and polyvinyl chloride (PVC), products used in the pulp and paper industry, water treatment and for pipes, according to the company's website. Source: Reuters

Tritunggal Borong 4,78 Juta Saham Indomobil

PT Tritunggal Intipermata (TIP) membeli 4.780.000 saham PT Indomobil Sukses Internasional Tbk (IMAS) pada 29 Juli 2011. Pembelian itu menambah kepemilikan saham IMAS oleh TIP dari 17,71% menjadi 18,05%.

TIP membeli 4,78 juta saham IMAS pada harga Rp 12.000/saham untuk tujuan investasi jangka panjang. Dengan demikian, TIP menjadi pemilik 18,05% saham IMAS, selain PT Cipta Sarana Duta Perkasa yang menguasai 52,35% saham IMAS.

Rekomendasi HD Capital, 4 Agustus 2011

Rekomendasi HD Capital untuk perdagangan Kamis, 4 Agustus 2011.

BUY: (BUMI, BBRI, ADRO, BMRI)

• Walaupun terimbas efek koreksi besar di Dow Jones, namun IHSG berhasil ditutup di atas dari titik terendah (-80pt) hingga berakhir setengahnya (-41pt), sehingga terlihat mulai ada upaya bargain hunting untuk memicu technical rebound nantinya. 

• IHSG close (03-08) 4.136.44 (-41.34/-0.99%) (Val.Rp.3.8T)

• Support: 4.125-4.025-3.996, Resistance: -4.175-4.250-4.300

 

Stock picks:

1.     Bumi Resources (BUMI) (BUY) (Target Rp.3.350) (Close 03/08 Rp.3.200)

• Momentum kenaikan mulai terbangun diantara konsolidasi pendek, kelihatannya jalan menuju target pertama di Rp 3.350 mulai terlihat seiring dengan berbagai berita dan aksi korporasi yang positif keluar.

• Entry (1) Rp 3.150, Entry(2) Rp 3.050, Cutloss point: Rp 2.950

 

2.    Bank BRI (BRI) (BUY): (Target: Rp 7.450) (Close 03/08 Rp 7.200)

• Seperti diramalkan sebelumnya profit taking telah tidak sanggup membawa saham ini terkoreksi jauh sehingga momentum kenaikan masih ada.

• Secara fundamental masih mempunyai prospek positif, diperkirakan pertumbuhan kredit untuk 2H 2011 akan sesuai atau di atas target yang ditetapkan 

• Entry: (1) Rp 7.150, Entry (2) Rp 7.050, Cut loss point: Rp 6.950

 

3.   Adaro Energy (ADRO) (BUY): (Target: Rp 2.750) (Close 03/08 Rp 2.600)

• Membaiknya cuaca dapat membuat produksi batubara untuk 6-bulan kedepan tercapai target, dilihat dari kacamata earnings recovery, sector yang export oriented terlihat berpotensi besar terutama karena harga sahamnya belum price in factor adjustement ke proyeksi laba.

• Entry (1) Rp 2.600, Entry (2) Rp 2.500, Cut loss point: Rp 2.400

 

4.       Bank Mandiri (BMRI) (BUY): (Target: Rp 7.900) (Close 03/08 Rp 7.650)

• Outlook suku bunga tetap pasca inflasi yang terkendali bulan Juli lalu dapat mendorong scenario pertumbuhan kredit tercapai, maka rekomen akumulasi pasca koreksi berlebihan yang telah terjadi.

• Menguatnya rupiah membuat biaya kredit dan permintaan untuk kebutuhan dana korporasi lebih murah. 

• Entry: (1) Rp 7.650, Entry (2) Rp 7.550, Cut loss point: Rp 7.450

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 4 Agustus 2011

Rekomendasi beberapa sekuritas untuk perdagangan Kamis, 4 Agustus 2011.

1. E-Trading Securities

IHSG kemarin turun 41 poin (-0,98%) ke level 4.136,51 mengikuti sentimen negatif dari bursa global yang juga menerpa sejumlah bursa regional. Pemodal asing melakukan net selling Rp 516 miliar. Hari ini, indeks diperkirakan bergerak pada range 4.107-4.161. Cermati GJTL, JPFA, dan CPIN.

2. Reliance Securities

Indikator Bill William menunjukan IHSG mulai bergerak dengan momentum negatif dengan range 4.102-4.177. Stoploss berada di level 4.106, sementara support menurut fibonacci di 4.006, dan resistance terdekat di level 4.195. BBCA BBRI dan TLKM masih rawan melemah.

3. Sinarmas Sekuritas

Pada perdagangan Kamis (4/8), secara teknikal, indeks cenderung bergerak melemah pada kisaran 4.080-4.156. Saham-saham yang dapat diperhatikan UNVR, BUMI, JPFA, MASA.

Saham-saham yang dominan dibeli asing, 3 Agustus 2011

Saham-saham yang dominan dibeli asing, Rabu 3 Agustus 2011.

Kode saham                          Volume                Jual                    Beli

AISA	7,830,000	137,500	1,731,500
AKRA	11,220,000	1,222,000	1,519,500
AMFG	446,000	195,500	207,000
ANTM	17,037,500	1,582,500	5,258,000
APLN	25,024,500	3,873,500	10,950,000
BBCA	8,682,500	4,673,000	6,598,000
BBKP	16,598,000	667,500	5,944,000
BBLD	1,828,000	0	500,000
BBRI	29,073,000	8,619,000	15,846,500
BDMN	1,885,500	471,500	738,500
BHIT	82,382,000	10,798,000	23,560,500
BJBR	10,786,000	62,000	1,615,000
BKSL	192,423,000	834,500	25,845,500
BLTA	25,328,500	6,629,000	11,783,000
BMTR	9,637,500	3,634,500	4,807,500
BNBA	657,500	0	225,500
BNBR	289,027,000	2,056,500	13,100,500
BNII	999,500	30,000	211,000
BRAU	4,825,500	0	988,000
BULL	31,139,500	0	5,000,000
BUMI	111,129,500	12,546,500	23,146,500
BVIC	276,391,500	4,327,000	10,631,000
BWPT	13,759,000	371,500	1,928,500
BYAN	227,500	132,500	172,000
CMNP	32,392,000	82,500	7,550,000
COWL	44,361,500	0	1,600,000
CPIN	40,270,000	3,978,000	6,636,500
CTRP	5,337,000	254,000	1,800,000
DOID	43,981,000	4,271,000	8,461,500
ELTY	697,934,500	1,779,500	3,229,500
EXCL	2,592,000	354,000	1,089,000
GIAA	19,870,500	88,000	759,500
GPRA	25,114,500	0	100,000
GZCO	11,360,500	0	9,388,000
ICBP	3,381,000	853,000	1,943,000
IGAR	1,605,000	0	87,000
IMAS	2,638,500	586,500	597,500
INDF	16,920,000	2,726,500	4,555,500
INDY	9,754,000	2,663,500	2,852,000
INRU	156,000	51,000	156,000
INTA	34,572,000	50,000	1,250,000
INVS	391,000	141,000	258,500
ISAT	2,741,000	968,500	2,199,000
JAWA	3,617,000	0	600,000
JPFA	4,790,500	1,033,000	1,177,500
KAEF	2,480,500	0	447,000
LSIP	9,011,500	245,000	7,213,000
MAIN	11,226,500	100,000	122,500
MBTO	1,047,500	0	300,000
MEDC	2,186,500	69,500	386,000
META	5,502,500	0	1,000,000
MRAT	1,089,500	0	115,000
MTLA	1,819,000	0	1,500,000
PJAA	350,000	1,500	300,000
PNBN	4,227,500	27,000	400,000
PNLF	10,348,000	840,000	900,000
PTBA	2,307,500	376,500	703,500
PTPP	7,615,500	170,500	2,252,500
SGRO	7,459,500	323,500	3,322,500
SMRA	9,702,000	1,829,500	6,312,000
TBIG	1,021,500	642,500	801,500
TKIM	965,000	0	69,500
TLKM	28,151,000	6,524,500	21,488,500
TOTL	1,069,000	0	408,000
TSPC	775,500	0	402,000
WICO	223,500	28,500	36,500
WIKA	10,706,500	623,500	5,443,000
WOMF	222,000	0	11,000