Barito Jual 7,13% Saham TPIA kepada SCG Chemicals

PT Barito Pacific Tbk bersama Apleton Investment Ltd melepas kepemilikan sahamnya di PT Chandra Asri Petrochemical Tbk (TPIA) masing-masing sebesar 7,13% (218.520.300 saham) dan 22,87% (701.338.625 saham) kepada SCG Chemicals Co Ltd (SCG), yang merupakan bagian dari gSiam Grup.

Pelepasan saham TPIA itu dilakukan pada harga Rp 4.088/saham, sehingga total penjualan mencapai Rp 3,76 triliun. Setelah transaksi, SCG menguasai 30% saham TPIA.

Penandatanganan transaksi jual beli block trade commitment letter ditandatangani kedua penjual dengan SCG pada 19 September 2011, demikian penjelasan Direktur TPIA Suryandi. 

Hanhwa Chemical drops plan to buy Sulfindo-sources

South Korea's Hanwha Chemical dropped a plan to buy Indonesian chemical producer Sulfindo Adiusaha in a potential $700 million deal, said two source familiar with the matter on Monday. 


The second round of bids for Sulfindo is due later this month, with the deal attracting foreign players including Thai industrial conglomerate Siam Cement .

"Hanwha is out of the race due to pricing issue," a source with direct knowledge to the deal told Reuters, declining to be named because of the sensitivity of the issue.
A Hanwha spokesman could not be reached for comment.

Sulfindo is controlled by the Victoria Group, owned by Indonesia's Tanojo family, who also own small lender Bank Victoria and brokerage Victoria Securities. Macquarie is the sell-side adviser for the deal, three sources told Reuters earlier. Source: Reuters

Thai SCC buys stake in Indonesia's Chandra Asri for $442 mln

* SCC will hold 30 pct in Chandra Asri

* Acquisition is growth opportunity in Indonesia

* SCC shares unchanged in weak market 

Thailand's Siam Cement Pcl said on Tuesday it planned to buy a 30 percent stake in Indonesia's Chandra Asri Petrochemical Tbk (CAP) for 13.5 billion baht ($442 million) as part of its Southeast Asian expansion drive. 

CAP, Indonesia's largest petrochemical maker, is one of two Indonesian companies sought by Siam Cement, Thailand's biggest industrial conglomerate. The other is Sulfindo Adiusaha, a chemical producer controlled by Indonesia's Tanojo family. 

The deal is yet another indicator of increasing foreign interest in Southeast Asia's biggest economy, which is drawing investors because of strong growth and a buoyant stock market.

Siam's wholly-owned unit, SCG Chemicals Co Ltd, has signed agreements to acquire 218.52 million CAP shares from PT Barito Pacific Tbk and another 701.34 million CAP shares from Apleton Investments Ltd, it said in a statement to the stock exchange. 

"This investment represents a unique opportunity for SCG Chemicals to invest in Indonesia's leading petrochemical franchise, with highly attractive market growth dynamics," Chief Financial Officer Chaovalit Ekabut said in the statement. 

The transaction is expected to be completed this month and Barito will remain the controlling shareholder of CAP, it said. 

HSBC, exclusive financial advisor to Siam Cement for the transaction, said in a statement SCG Chemicals will become a non-controlling shareholder in Chandra Asri.

Another contender is Thailand's PTT group. Sources recently said PTT group was keen to acquire a stake in CAP. Singapore state investor Temasek Holdings Pte Ltd has been trying to unload its 23 percent stake.

With 2010 sales of $1.86 billion, CAP makes polyethylene, polypropylene, styrene monomer and various olefins products. Its plants are located in Cilegon, a major coastal industrial city in the province of Banten, West Java, Indonesia.

"We belive that the acquisition of CAP will be positive for SCC given that it is producing the same products," Naphat Chantaraserekul, analyst at DBS Vickers Securities, said in a recent note to clients. 

Siam Cement, 30-percent owned by the Thai royal family's Crown Property Bureau, has aggressively scouted for opportunities for assets overseas, especially in Southeast Asia.

The company already has interests in petrochemical plants in Indonesia and its subsidiary, Thai Plastic Chemicals Pcl , has a polyvinyl chloride (PVC) plant in the country with a capacity of 120,000 tonne a year. 

Siam Cement focuses on three core businesses: cement, petrochemicals, paper and packaging. Petrochemicals generally make up almost half of profits.

Valued at $12 billion, Siam Cement had cash of about 58 billion baht ($1.9 billion) at the end of June.

The conglomerate also had planned to build a $3.5-4.0 billion petrochemical complex in Vietnam, but the project has been delayed since 2009. Siam Cement has said it expected to conclude a plan for the project in Vietnam by mid-2011.

At 0315 GMT, Siam Cement shares were unchanged at 303 baht, while the broad market was 0.5 percent lower. ($1 = 30.50 Baht. Source: Reuters

Rekomendasi HD Capital, 20 September 2011

Rekomendasi HD Capital untuk perdagangan Selasa, 20 September 2011.

BUY: PGAS, ASII, BMRI, BBCA

• Bila terjadi pelemahan IHSG akibat fluktuasi rupiah diatas 9.000 dan sentimen negatif dari masalah Eropa bisa memberikan kesempatan akumulasi untuk antisipasi technical rebound.

• IHSG close (19-09) 3.755.18(-80.13/-2.09%) (Val.Rp.3.6T)

• Support: 3.720-3.600, Resistance: 3.925-4.020-4.125

Stock picks

1.     Perusahaan Gas  (PGAS) (BUY) (Target. Rp.2.675)  (Close 19/09 Rp.2.575)

• Perhitungan fundamental target 2 bulan kedepan bila sebagain cost dari kenaikan harga gas bisa di pass on ke konsumen adalah Rp.2.700 sehiingga koreksi yang telah berlangsung selama ini dirasakan terlalu jauh dari harga saham sebenarnya dan bila masih ada penekanan rekomen akumulasi.

• Entry (1) Rp.2.450, Entry (2) Rp.2.350, Cut loss point: Rp.2.250

 

2.    Astra International (ASII) (BUY): (Target: Rp.66.200) (Close 19/09 Rp.65.000)

• Bila masih terjadi penurunan akibat fluktuasi rupiah yang dapat menaikan harga komponen import hingga ditakutkan terpangkasnya profit outlook, bisa melakukan akumulasi dengan asumsi akan terjadi techical rebound.

• Entry (1) Rp.60.850, Entry(2) Rp.58.100, Cutloss point: Rp.57.100
  
  

 

3.    Bank Mandiri (BMRI) (BUY): (Target: Rp.6.450) (Close 19/09 Rp.6.350)

• Bank pemerintah mempunyai basis dana untuk memberikan pinjaman berupa obilgasi RI, dimana nilainya akan semakin menyusut bila terjadi pergerakan tajam di US$ namun bila terjadi koreksi akibat hal tersebut bisa dijadikan sebagai kesempatan trading karena sebagian besar pelaku pasar sudah mulai price ini hal tersebut.

• Exit: (1) Rp.6.200, Entry (2) Rp.6.050,  Reverse posisi: Rp.5.900

 

4.   Bank BCA (BBCA) (BUY): (Target: Rp.7.950) (Close 19/09 Rp.7.850) 

• Bila terjadi penekanan di sektor perbankan otomatis investor asing akan melirik bank dengan valuasi PER tertinggi (mahal) BBCA yang mempunyai net profit margin tertinggi atas loan portofolionya.

• Entry: (1) Rp.7.550, Entry (2) Rp.7.450, Cut loss point: Rp.7.350
  

 

Dibuat oleh: 

Yuganur Wijanarko

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