UOB Kay Hian Borong 138 Ribu Lot Saham Bhakti Investama

Akhirnya prediksi Bhakti Investama akan menuju Rp 200 terbukti sejak saya menulis artikel Credit Suisse Borong 160 Ribu Lot Saham Bhakti Investama pada 7 Januari 2011. Hanya selang 3 hari perdagangan saja. Ketika itu harga BHIT saya proyeksikan akan tembus Rp 200 dalam 1-2 minggu dan jika berhasil, bisa mencapai Rp 250. (lihat artikelnya: Credit Suisse Borong 160 Ribu Lot Saham Bhakti Investama).

Hari ini saham BHIT ditutup di Rp 193 atau naik Rp 25 (14,88%) dan sempat menyentuh Rp 195 sebanyak 21.516 lot. Kenaikan terjadi karena aksi borong oleh investor asing melalui broker UOB Kay Hian Securities sebanyak 137.776 lot (ada lokalnya).

Di sesi kedua, aksi borong semakin gencar dengan adanya pembelian oleh Phillip Securities sebanyak 90.076 lot di harga rata-rata Rp 184 dan Nusadana Capital sebanyak 82.992 lot di harga Rp 184.

Broker lainnya yang masuk di sesi kedua dengan gencar adalah Victoria Sekuritas sebanyak 31.300 di harga rata-rata Rp 180 dan Asia Kapitalindo Securities 20.230 lot di harga Rp 191.

Sebaliknya, penjual terbanyak hari ini adalah Bhakti Securities yang melepas 131.067 lot di harga Rp 184 namun masih memborong 86.386 lot di harga Rp 179.
 

1	AI	UOB KAY HIAN SECURITIES	417	137,775	177.93	81	21,178	178.92	116,597	158,953
2	KK	PHILLIP SECURITIES INDONESIA	341	90,076	184.60	138	21,018	182.95	69,058	111,094
3	DR	NUSADANA CAPITAL INDONESIA	306	82,992	184.43	129	35,047	184.46	47,945	118,039
4	MI	VICTORIA SEKURITAS	132	31,300	180.67	2	350	185.57	30,950	31,650
5	KC	ASIA KAPITALINDO SECURITIES TBK.	33	20,230	191.00	8	2,285	183.65	17,945	22,515

86	IP	ASJAYA INDOSURYA SECURITIES	6	57	193.51	55	22,022	188.90	-21,965	22,079
87	YU	CIMB-GK SECURITIES INDONESIA	79	22,117	188.28	118	45,268	180.62	-23,151	67,385
88	MU	MINNA PADI INVESTAMA	4	1,050	192.95	59	26,150	191.16	-25,100	27,200
89	EP	BHAKTI SECURITIES	351	86,386	179.37	321	131,067	184.43	-44,681	217,453

Q+A-Indonesia stock sell-off: another crisis or profit-taking?

Indonesia's stock market has slid 7 percent in the past five trading sessions to a 3-month low on worries over inflation, though the sell-off is likely to be limited as most analysts remain positive on the country's fundamentals.

Here are some questions and answers on the sell-off.

WHY ARE INDONESIAN STOCKS SLIDING SO MUCH?
Investors are worried about accelerating inflation, which hit a 20-month high in December, and are concerned the central bank may be behind the curve in dealing with a problem that has in the past led to sudden capital outflows.

Economists have been calling for the past year for Bank Indonesia to start normalising its prime interest rate, slashed to a record low of 6.5 percent during the financial crisis, to head off inflationary pressures caused by higher food and energy prices.

Analysts say if Bank Indonesia does not move soon it may be forced to hike rates aggressively later in the year, which would slow the economy. Growing inflation worries are widespread, but regional peers have already started hiking rates.

Indonesian stocks were also richly priced after a rally to a record last week, so many investors likely have been taking profits. The index gained 46 percent last year, led by consumer stocks -- tyre maker Gajah Tunggal soared five-fold.

Indonesian stocks now trade at an average 12-month forward price-to-earnings multiple of 14.1 times, versus Thailand's 12.1, Thomson Reuters I/B/E/S data showed.
Indonesia's current valuation is higher than its average of the past two years of 12.8 times.



WHAT SECTORS ARE HIT THE HARDEST AND WHY?
Banks were the hardest hit, since steep rate hikes could slow lending growth rates that have been above 20 percent in the past year as businesses took on more debt for expansion and an emerging middle class bought record numbers of new cars.

In a rising rate environment, banks with strong deposit franchises such as Bank Negara Indonesia , Bank Mandiri and Bank Central Asia would be relative beneficiaries given their structurally low funding costs that would minimise the impact on margins, said Teguh Hartanto, deputy head of research at brokerage Bahana Securities.

However this week, BNI and BCA saw the heaviest losses, down 10 and 11 percent respectively, while Bank Danamon rose 1 percent. BCA is still priced at over 5 times book value, versus 1.4 times for regional leader DBS Group .

Consumer stocks also fell but less severely, with Gajah Tunggal down 4.5 percent and telecoms firm Indosat down 6.5 percent this week.

HOW HAVE INDONESIAN STOCKS REACTED TO PAST INFLATION?

In 1990, inflation hit a eight-year high of 9.5 percent, leading the central bank to tighten monetary policy with one-month deposit rates at 23 percent. The fledging stock market slid from a peak in April 1990 to halve by the following year. 

The index took four years to recover, but did so even with inflation near 10 percent, as the central bank loosened policy to spur growth and as funds poured money into emerging markets. 

Inflation in 2005 and 2008 from higher oil and commodity prices also led to sharp stock sell-offs. In 2008 the central bank hiked rates by 150 basis points to counter inflation that hit 12 percent in September, and the index again halved in value that year, even before the Lehman collapse rocked world markets. 

WILL THIS TIME BE DIFFERENT?

Yes -- for now. The sell-off is likely to be limited as most analysts are still positive on the long-term fundamentals -- growing local consumption and resources exports -- while loose Western monetary policy means there is ample global liquidity. 

Indonesian banks are much better capitalised than in the Asian financial crisis in 1997/1998, when many went bust, government debt has slid, foreign reserves have jumped to better handle any currency weakness, and direct investment is rising. 

Johanna Chua, chief Asia economist at Citigroup, sees Indonesian stocks going sideways this quarter and temporary volatility until investors see a change in the central bank's stance, though assuming that happens gains are still seen in 2011. 

Chua Hak Bin, director of global research at Bank of America Merrill Lynch, also said the sell-off was probably not a one-off and foreign investors will remain nervous with the fight against inflation having just begun.

Investors will increasingly look for value, with the index rebounding 2 percent on Wednesday. Fund manager Winston Sual of Panin Securities said he had been a net buyer in recent days, as he saw fundamentals intact and the recent correction as healthy.

Many investors hope for rating agencies to lift Indonesia in the next year to investment grade, which would spur renewed fund flows to bonds and stocks. Source: Reuters

Indonesia expects prolonged rains until June - met office

Rains will continue in Indonesia until June and the dry season is only likely to start in most areas in July, Indonesia's weather agency forecast at a news conference on Wednesday.

Indonesia's dry season normally runs from April-Sept/Oct, but the country is already experiencing a wetter-than-expected rainy season that has affected plantation crops and could hit resource exploitation.

"When we say dry, it's not completely dry ... it means rain intensity is easing," said Sri Woro, of the met office.

She said if La Nina continues until June as predicted, Indonesia will experience another "wet" dry season. Source: Reuters

Indonesia eyes total investment in 2011 of 2,500 trln rph

The Indonesian Investment Board (BKPM) expects total investment in 2011 will reach 2,500 trillion rupiah ($276.426 billion), up 25 percent from the forecast 2,000 trillion rupiah in 2010, the board said.

The board expects direct foreign and domestic investment in 2011 will grow 15 percent from last year to 230 trillion rupiah.

Total investment includes government spending and business expansion, while total direct investment is based on reports through the Investment Board. The investment board said that investors interest is expected in infrastructure in 2011. ($1 = 9,044 Indonesian Rupiah). Source: Reuters

Indonesia May Sell Dollar Bonds to Local Market to Curb Risks

Indonesia may offer dollar- denominated conventional and Islamic bonds targeted at local investors this year, seeking to curb price swings caused by capital outflows. 

“In the next issuance of global bonds, we might want to increase the allocation for domestic investors, or we might issue entirely in the domestic market,” Rahmat Waluyanto, director-general of the Finance Ministry’s debt management department, said in an interview in Jakarta yesterday. “We need to be vigilant as this can cause some potential risks, especially if there is any trigger to market volatility.” 

Dollar debt of Southeast Asia’s largest economy has handed investors a gain of 13.8 percent in 2010, tying with the Philippines as third-best in the region after Thailand and Pakistan, indexes compiled by HSBC Holdings Plc show. Indonesia plans to sell 200.6 trillion rupiah ($22.1 billion) of local and foreign debt in 2011 to fund a budget deficit estimated to reach 124.7 trillion rupiah, 1.8 percent of gross domestic product. 

The government may not offer rupiah bonds to global markets, unlike neighboring Philippines which has already sold peso bonds twice overseas in the past four months, said Waluyanto. The increase in foreign ownership of rupiah government bonds to 30.8 percent as of Jan. 10 from 0.5 percent in 2003 is a consideration, he said.

Unfriendly Policy

The foreign-currency bonds to be offered this year will include dollar conventional and Islamic bonds, which may be issued within the first half, and samurai securities in the second half, he said. Islamic bonds, known as sukuk, comply with Shariah law by using asset returns to pay investors instead of interest. 

The country raised nearly $3 billion of global securities last year, including $2 billion of dollar bonds and 60 billion yen ($721 million) of samurai notes denominated in Japan’s currency. The amount sold was lower than the $4 billion in 2009. The government usually sets aside 5 percent of the overseas bonds for local investors to buy, Waluyanto said. 

“We can’t prohibit foreign investors from buying our bonds,” Waluyanto said. “This is unfriendly market policy. Instead, we need to counterbalance by developing our own domestic investor base by diversifying instruments.” 

Indonesia’s rupiah debt returned 21 percent last year, the top gainer among 10 Asian government debt markets compiled by HSBC. The currency rose 4.6 percent.

Dollar Liquidity

Foreign ownership in the government’s domestic debt increased 87.76 trillion rupiah last year to 195.76 trillion rupiah, according to the finance ministry. “The spirit is to give more opportunities to domestic investors given that the liquidity in the U.S. dollar is quite big because of the heavy capital inflows,” Waluyanto said. 

Standard & Poor’s raised the country’s rating in March to BB, while Moody’s Investors Service on Dec. 1 placed its Ba2 ranking on review for a possible upgrade, citing an improving economy and state finances. Both rank Indonesia two levels below investment grade. Fitch Ratings assessed Indonesia at BB+, the highest non-investment ranking. 

President Susilo Bambang Yudhoyono said in his annual state-of-the-nation address on Aug. 16 that he is seeking to expand the Indonesian economy by as much as 7.7 percent and create 10.7 million jobs by the end of his second term in 2014.Source: Bloomberg

BUMI Recommendation to Sell, Goldman Sachs say

PT Bumi Resources (BUMI), Indonesia’s biggest coal producer was cut to “sell” from “neutral” at Goldman Sachs Group Inc., which cited the stock’s “significant outperformance” and an “overdone” rally in coal prices. 

The brokerage increased its share-price estimate for Bumi by 11 percent to 2,500 rupiah, according to a report by analysts led by Nikhil Bhandari. Source: Bloomberg

Garuda seeks new wings with 36.5 pct IPO

* IPO will float 9.3 bln new and existing shares - sources

* Term sheet says deal seeks to raise $500 million

* 70 pct of IPO reserved for local investors - minister

PT Garuda Indonesia, the nation's biggest carrier by fleet size, aims to sell a 36.5 percent stake, or 9.3 billion new and existing shares, via an initial public offering next month, according to two sources with a direct knowledge of the plan. 
 

Indonesia's booming economy is attracting great interest from foreign investors and encouraging local companies to tap the equity market. The benchmark share index jumped 46 percent last year, supported in part by $2.18 billion in foreign ownership -- more than double that of 2009. 

Garuda aims to raise up to $500 million via the long-delayed IPO according to a term sheet seen by Reuters earlier this month. 

"The total shares of Garuda's enlarged share capital is about 25.7 billion and around 9.3 billion will be sold to the public," said the sources, who declined to be named as details are not yet public. 

The Indonesian government planned initially to launch the IPO last November, but delayed it until 2011. The company aims to list on Feb. 11, the term sheet said.

MYTHICAL BIRD

Garuda, established in 1949, is named after a mythical giant bird that is one of the state's main symbols, but has struggled in recent years and had been banned for a while by the European Commission from flying to Europe because of safety concerns. 

The airline shocked some investors in November when days after the government said the company had a first nine-month loss of 39.5 billion rupiah, Garuda instead announced a profit of 194 billion rupiah, attributing the change to an auditing anomaly. 

Mustafa Abubakar, state-owned enterprises minister said on Tuesday that 70 percent of the IPO would be for local investors and the rest for foreign. "This offering also includes 10 percent stake of Garuda owned by Bank Mandiri," Abubakar added. 

Garuda owed bank Mandiri about 1.3 trillion rupiah until an agreement to convert the debt into a 10 percent stake last year. Citigroup Inc and UBS AG are the international book runners for Garuda's offer. Source: Reuters

Rerkomendasi HD Capital, 12 Januari 2011

Rekomendasi HD Capital untuk hari ini, Rabu 12 Januari 2011.

BUY: (BMRI, PGAS, ADRO, BBRI)

* Walaupun IHSG gagal menutup di green zone, berkurangnya net sell asing dari Rp.1.7T ke 1.2T menandakan bahwa pasar mulai bertahan dari penurunan susulan ratusan point seperti 2 hari lalu.

* IMF menyatakan bahwa Indonesia perlu menaikan suku bunga untuk meredam inflasi akibat gejolak pangan yang diduga hanya efek seasonal saja.

* IHSG close (11-01) 3.455.127(-23.422/-0.67%) (Val.Rp.7.2T)

* Support: 3.430-3.350, Resistance: 3.580-3.650-3.700

Stock picks:

1. Bank Mandiri (BMRI): (BUY) (Target: Rp.6.200) (close 11/01 Rp.5.800)

* Bank in belum mengikuti rebound pasar, sehinggi potensi untuk adjustment keatas masih terbuka dengan resiko entry point rendah

* Valuasi PER 13x/PBV 2.5x 2011F dirasa cukup murah untuk bank dengan profitabilitas cukup tinggi (ROE 22%, NPM 21%) serta potensi dari imbas sentiment positif dari IPO Garuda bulan ini.

*Entry: (1) Rp.5.750, Entry (2) Rp.5.600, Cut loss point: Rp.5.450

2. Perusahaan Gas (PGAS) (BUY): (Target: Rp.4.300) (Close 11/01 Rp.4.075)

* Secara historis emitten ini bisa menjadi hedging untuk inflation play, dengan valuasi PER/PBV 2011F 13.5/3.7x dan profitabilitas tinggi (ROE 50%/NPM 32%).

* Suplai gas diharapkan akan lebih terjamin di 2011 sehingga penambahan kontral dapat dilakukan

*Dalam kacamata teknikal saham ini masih dalam medium term uptrend

* Entry (1) Rp.4.050, Entry (2) Rp.3.950, Cut loss point: Rp.3.850

3. Adaro Energy (ADRO) (BUY): (Target: Rp.2.700) (Close 11/01 Rp.2.475)

* Rencana pembangunan pembangkit listrik untuk menyuplai kebutuhan energi proyek conveyor belt dapat offset diesel cost tinggi yang disebabkan oleh melambungnya minyak mentah

* Target 12-bulan fundamental (Rp.3.200) dengan asumsi 2011F PER 18x/PBV 4.4x

* Kenaikan batubara diatas $120/ton menaikan ASP (average selling estimates) 2011 dari US$76/ton dari sebelumnya $67/ton.

* Entry: (1) Rp.2.450, Entry (2) 2.375, Cut loss point: Rp.2.300

4. Bank BRI (BBRI) (BUY) (Target: Rp.5.250) (close 11/01 Rp.4.800)

* Pertumbuhan penyaluran kredit diperkirakan masih bisa tumbuh 18-22% walaupun ada potensi suku bunga naik hingga 7% di 2011.

*Target Fundamental 12-bulan Rp.7.370 (PER 18.7x 2011F, 4.3x 2011PBV)

*Entry: (1) Rp.4.750, Entry (2) Rp.4.650, Cut-loss point: Rp.4.550

Dibuat oleh:

Yuganur Wijanarko

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

Rekomendasi Beberapa Sekuritas, 12 Januari 2011

Berikkut rekomendasi dari empat sekuritas ternama untuk perdagangan Rabu (12 Januari 2011).

 

1. E-Trading Securities

Setelah sempat mengalami rebound pada sesi pertama, IHSG mengalami tekanan jual pada sesi kedua. Asing tercatat melakukan net selling Rp 1,3 triliun. Akibatnya, indeks terpangkas 23 poin (-0,67%) menjadi 3.455,13. Secara teknikal, penurunan indeks sudah terbatas (level resistance). Hari ini indeks akan berada di kisaran 3.400-3.530. Saham-saham yang perlu diperhatikan antara lain BDMN, BBRI, dan LSIP.

2. Kresna Sekurindo

Tekanan jual asing masih membuat IHSG kembali melemah kemarin. Level 3.530 masih menjadi kunci bagi pergerakan IHSG. Penetrasi ke level tersebut membuka peluang bagi indeks untuk kembali menguat. Namun, untuk hari ini, indeks diperkirakan masih konsolidasi di kisaran 3.400-3.550 dengan BBRI dan TLKM sebagai saham pilihan.

3. Erdhika Sekuritas

IHSG bergerak mixed pada perdagangan kemarin dan ditutup melemah. Seluruh sektor mengalami pelemahan kecuali sektor perdagangan yang menguat 0,55%. Secara teknikal, pergerakan indeks hari ini akan konsolidasi di kisaran 3.402-3.592. Saham-saham rekomendasi kami adalah SMGR, BDMN, MPPA.

4. Sucorinvest Central Gani

Berlanjutnya aksi profit taking asing atas saham-saham di hampir semua sektor terutama komoditas, keuangan, properti, barang konsumsi, dan lapis kedua merontokkan IHSG kemarin. Hal ini seiring meningkatnya kekhawatiran kenaikan suku bunga acuan dan pelemahan rupiah terhadap dolar AS. Hari ini indeks ditaksir melemah pada kisaran 3.406-3.550.

Garuda Lakukan Paparan Publik IPO Besok

PT Garuda Indonesia menjadwalkan melakukan public expose (paparan publik) penawaran saham kepada publik (IPO) pada Rabu (12/1). "Besok kami akan menggelar public expose," kata Direktur Utama Garuda Emirsyah Satar, di Kantor Kementerian BUMN, Jakarta, Selasa (11/1).

Menurut Emirsyah, setelah melakukan paparan publik, pihaknya siap roadshow (muhibah) IPO ke sejumlah negara. "Pekan ini kami akan roadshow, ke Singapura, Hong Kong, Amerika Serikat (Boston, New York) dan London," katanya.

Menurutnya, roadshow untuk menjaring minat investor terutama di pusat-pusat pasar dunia, terhadap saham Garuda. Adapun paparan publik dilakukan terkait dengan indikasi penetapan harga saham, jumlah target dana yang akan diperoleh, termasuk rencana penggunaan dana IPO.

Menurut catatan, Garuda akan menjadi BUMN pertama yang "go public" pada 2011. Pemerintah menargetkan melepas saham sebesar 30%, dengan target perolehan dana berkisar Rp 4 triliun.

Dari jumlah saham yang akan dilepas itu, 10% di antaranya adalah saham Bank Mandiri. Dalam IPO tersebut, perseroan telah menetapkan penjamin emisi (underwriter) yaitu PT Danareksa Sekuritas, PT Bahana Securities, dan PT Mandiri Sekuritas. Sedangkan underwriter asing ditetapkan UBS dan Citibank.

Dalam rencana IPO tersebut, perseroan menggunakan laporan keuangan periode September 2010. Hingga kuartal III 2010, perseroan membukukan laba bersih sebesar Rp 194 miliar.

Serahkan ke Bapepam

Sementara itu, secara bersamaan, Peraturan Pemerintah tentang Penawaran Saham Perdana PT Garuda Indonesia segera diserahkan kepada Badan Pengawas Pesar Modal dan Lembaga Keuangan hari ini juga.

"Dokumen Rancangan Peraturan Pemerintah (RPP) sudah ada di meja Presiden Susilo Bambang Yudhoyono, sudah selesai (ditandatangani), dicek untuk selanjutnya diserahkan kepada Bapepam-LK hari ini," kata Deputi Menteri BUMN Sumaryanto Widayatin di Kantor Kementerian BUMN, Jakarta, Selasa.

PP tersebut merupakan dasar pelaksanaan IPO yang dijadwalkan terealisasi pada awal 2011.
Sejalan dengan itu, Sumaryanto menuturkan, jumlah saham Garuda yang akan dilepas kepada investor mencapai 30%. "Sebesar 10 persen di antaranya adalah saham milik PT Bank Mandiri," katanya.

Menurut catatan, jumlah saham yang akan diperoleh perusahaan penerbangan "plat merah" itu akan berkisar Rp 4 triliun. Meski begitu, Sumaryanto tidak bersedia menyebutkan indikasi harga per lembar saham Garuda tersebut. "Belum bisa disebutkan harga per sahamnya. Tunggu saja," katanya.

Ia hanya menjelaskan bahwa dalam pekan ini manajemen dan underwriter Garuda akan melakukan roadshow (muhibah bisnis) ke luar negeri. "Roadshow dilakukan 13-15 Januari 2010 ke Singapura, Hongkong, Amerika Serikat (Boston, New York), dan London," ujarnya.

Setelah menjaring calon investor, selanjutnya dapat ditetapkan harga IPO. "Pricing akan ditentukan kemudian. Tapi sejauh ini, hasil analisa menunjukkan bahwa harga saham Garuda cukup bagus karena sesuai dengan prospek bisnis perseroan ke depan," tegas Sumaryanto.

Semen Baturaja to sell 30 pct stake via IPO-official

PT Semen Baturaja, an Indonesian state-owned cement maker, plans to sell a stake of about 30 percent via initial public offering in the first half this year to finance capital expenditure, said Pandu Djajanto, the deputy minister for privatization at the state enterprises ministry on Monday. Source: Reuters

Indonesia Tin Exports Fall for First Time in 3 Months

Refined tin shipments from Indonesia, the world’s largest exporter, declined last month for the first time Since October as bad weather disrupted production, the Ministry of Trade said. 

Overseas sales dropped 14 percent to 7,722 metric tons last month from 8,986 tons in November, Djunaedi, head of mining exports at the ministry said. Exports were 8,508 tons in December 2009. 

Southeast Asia’s biggest economy exported 92,487 tons of tin last year, a 7 percent decline from 99,287 tons in 2009, Djunaedi said by telephone from Jakarta today. 

Falling supplies may help support the price of the metal used in soldering and packaging, which has fallen 4.2 percent from a record high of $27,350 a ton on Nov. 9. Tin for three- month delivery on the London Metal Exchange slid 0.9 percent to $26,210 a ton at 4:24 p.m. Jakarta time. 

Indonesia shipped the metal to nine countries in December including to Singapore, Japan and the Netherland. Exports to Singapore were 6,401 tons, or 82 percent of total, the trade ministry data showed. 

Tin output in the country was estimated to have fallen 25 percent to 78,965 tons last year, the Energy and Mineral Resources Ministry said Dec. 31. Production may pick up to 90,000 tons this year as a recovery in the global economy boosts demand for the metal, Bambang Setiawan, director general of coal and minerals at the ministry, said at the time. Source: Bloomberg

Rekomendasi Beberapa Sekuritas, 11 Januari 2011

Berikut rekomendasi dari empat sekuritas ternama untuk perdagangan Selasa, 11 Januari 2011.

 

1. E-Trading Securities

Dalam tiga hari terakhir IHSG telah turun 305 poin atau 8% dikarenakan tekanan jual asing Rp 3,3 triliun. Aksi jual asing diperkirakan karena ketakutan terhadap ekspektasi inflasi yang akan mendorong kenaikan BI rate atau kenaikan GWM. Namun, melihat fundamental Indonesia yang baik, kami optimistis melihat penurunan ini. Oleh karena itu, akumulasi beli mulai dapat dilakukan oleh para investor. Hari ini IHSG diperkirakan berada pada kisaran 3.410–3.536 dengan saham-saham yang perlu diperhatikan ASII, PTBA dan BBCA.

2. Sinarmas Sekuritas  

IHSG pada perdagangan hari ini diperkirakan akan mixed dan berpeluang untuk menguat. Setelah bursa IHSG dihantam selama tiga hari berturut-turut, ada kemungkinan untuk teknikal rebound, terutama pada saham blue chips yang sudah oversold. Diperkirakan indeks akan bergerak pada kisaran 3.408-3.525. Saham-saham yang dapat diperhatikan JSMR, ASII, BJBR, dan MYOR. 

3. Kresna Sekurindo

Tekanan jual kembali mendorong IHSG sehingga gagal bertahan di 3.530. Imbasnya, IHSG berpotensi melanjutkan koreksi dari pola double top. IHSG hari ini diperkirakan bergerak di kisaran 3.380-3.530 dengan TLKM  dan MEDC sebagai saham pilihan.

4. Erdhika Sekuritas

IHSG melemah 152,9 poin (-4.21%) pada perdagangan kemari di mana seluruh sektor terkoreksi. Sektor keuangan masih mendominasi pelemahan terbesar, yaitu 5,94%. Secara technical, indeks masih cenderung melemah pada kisaran 3.408-3590.

Rekomendasi HD Capital, 11 Januari 2011

Untuk perdagangan Selasa, 11 Januari 2011, HD Capital merekomendasikan empat saham pilihannya untuk dibeli, yakni Astra International (ASII), Bank Rakyat Indonesia (BBRI), Indo Tambangraya Megah (ITMG), dan Bank Mandiri (BMRI).

BUY: (ASII, BBRI, ITMG, BMRI)

• Koreksi yang dalam di IHSG melebihi 100-Point akibat ketakutan harga pangan naik dalam negeri akan menyebabkan inflasi Januari hingga 0.7% membuat banyak saham big cap menjadi menarik untuk di akumulasi dengan strategy aggressive buy.
• Solusi pemerintah untuk mengatasi gejolak pangan dengan menghapus bea tarif masuk pangan impor dapat offset ketakutan pasar untuk lanjutan inflasi lagi di Februari

• IHSG close (10-01) 3.478.549(-152.904/-4.21%) (Val.Rp.7.7T)

• Support: 3.701-3.640, Resistance: 3.778-3.850-3.900

 

Stock picks:

1.    Astra International (ASII): (BUY) (Target: Rp 52.900) (close 10/01 Rp 47.500)

• Secara teknikal adanya bullish hammer, keadaan oversold (jenuh jual), volume peak besar dan gap di atas (Rp 49.000) mengundang scenario teknikal rebound.
• Valuasi PER 12x 2011F murah apalagi anda mendapatkan 3 perusahaan sekaligus dengan valuasi lebih murah daripada membeli AALI dan UNTR secara terpisah (44% dari kontiribusi bottom line ASII dari kedua perusahaan tersebut)

• Entry: (1) Rp 47.250, Entry (2) Rp 45.500, Cut loss point: Rp 44.400

 

2.   Bank BRI (BBRI) (BUY): (Target: Rp 9.950) (Close 10/01 Rp 9.300)

• Secara historical biasanya saham yang sudah split akan menjadi likuid dan tren reverse naik atau mengalami technical rebound, apalagi BBRI sudah turun cukup dalam sementara pemerintah masih optimistis pertumbuhan kredit 22% masih tercapai tahun ini.

• Entry (1) Rp 9.250, Entry (2) Rp 9.100, Cut loss point: Rp 8.900

 

3.   Indo Tambang Raya (ITMG) (BUY): (Target: Rp 55.200) (Close 10/01 Rp 52.000)

• Rencana pembangunan pembangkit listrik untuk mensuplai kebutuhan energy conveyor belt pengangkutan batubara dapat mendukung skenario proyeksi volume yang cukup agresif sehinggga emiten ini seharusnya diperdagangkan diatas valuasi sekarang (at premium PER/PBV).
• Entry: (1) Rp 51.600, Entry (2) 49.900, Cut loss point: Rp 47.400

 

4.   Bank Mandiri (BMRI) (BUY) (Target: Rp 6.350) (close 10/01 Rp 6.000)

• Penurunan yang cukup tajam telah membawa valuasi PER/PBV 2011F 13.5x/2.5x Bank pemerintah dengan ROE/NPM (22% dan 20%) tertinggi setelah BBRI menarik kembali untuk akumulasi.

• Entry: (1) Rp 5.900, Entry (2) Rp 5.750, Cut-loss point: Rp 5.600

 

 

Dibuat oleh: 

Yuganur Wijanarko

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

Australian Coking Coal Rises 6.9% as Flooding Disrupts Supplies

Coking coal from Australia, the world’s biggest exporter of the variety, jumped 6.9 percent last week as flooding disrupted supplies from the state of Queensland. 

Australian coking coal rose to $265 a metric ton on average last week from $248, according to Petersfield, England-based researcher IHS McCloskey. Contract prices reached a record $300 in 2008. They may return to that level, Colin Hamilton, a London-based analyst at Macquarie Group Ltd., said by phone today. 

Queensland, the main Australian coal shipper, is experiencing its worst floods in 50 years, affecting an area the size of France and Germany combined. The region is losing A$480 million ($475 million) a week in coal exports, said Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne. 

“Spot prices could certainly move to $300 and go up over the next couple of weeks as cargoes are canceled,” Hamilton said. “Even though things are not necessarily getting worse, the effect is ongoing.” 

About 160 million tons of annual coal production has been halted under so-called force majeure contract clauses, equating to 41 percent of world export coking-coal supply and 8 percent for thermal coal, according to Pervan. Coking coal is used to make steel, while thermal coal is burned to generate power. 

Force majeure is a legal clause allowing companies to miss contracted deliveries. Australia is the world’s biggest coal exporter including both coking and thermal varieties. Outbound shipments were 259 million tons in 2009, according to data compiled on the World Coal Association’s website, followed by Indonesia’s 230 million tons. 

The price of thermal coal from the Richards Bay terminal in South Africa, the continent’s largest facility for handling the fuel, fell 2.6 percent to an average $126.39 a ton last week, according to McCloskey. Source: Reuters

Target Price Perusahaan Gas Negara Set IDR 5,500 by JP Morgan

PT Perusahaan Gas Negara (PGAS), Indonesia’s biggest distributor of the fuel was raised to “overweight” from “underweight” with a share-price estimate of 5,500 rupiah by Stevanus Juanda, an analyst at JPMorgan Chase & Co.

Laba Bersih MNC Per November 2010 Naik 72%

PT Media Nusantara Citra Tbk (MNCN) berhasil mencetak kenaikan laba bersih sebesar 72% dari Rp 375 miliar menjadi Rp 646 miliar per November 2010.

Demikian penjelasan CEO of MNC Group Hary Tanoesoedibjo dalam siaran persnya kepada okezone, di Jakarta, Senin (10/1).

Adapun pada November 2010 (Januari ke November 2010) perseroan mencatat pendapatan konsolidasi sebesar Rp 4,37 triliun atau naik 36% dibandingkan dengan kinerja tahun lalu sebesar Rp 3,21 triliun.

"Pendorong utama peningkatan tersebut adalah dari kenaikan pendapatan iklan yang signifikan sebesar 41% dan dari content dan value added services yang tumbuh sebesar 10%," jelasnya.

Dengan sedikit peningkatan pada beban usaha, MNC mencatat laba usaha dengan pertumbuhan yang tinggi sebesar 85% dari Rp 571 miliar menjadi Rp 1,05 triliun pada November 2010. Sedangkan untuk EBITDA meningkat sebesar 67% dari Rp 727 miliar menjadi Rp 1,21 triliun. Sedangkan EBITDA marjin meningkat dari 23% menjadi 28%.

"Keseluruhan angka-angka ini memberikan indikasi yang sangat baik atas kinerja akhir tahun yang sangat memuaskan," katanya. Source: Okezone

Penjualan Mobil 2011 Ditargetkan 780-800 Ribu Unit

Penjualan mobil 2011 ditargetkan mencapai 780-800 ribu, naik dari estimasi 2010 sebesar 764.000.

Presiden Direktur PT Toyota Astra Motor Johnny Darmawan di Jakarta, Senin (10/1), mengatakan, perekonomian nasional yang menurut sejumlah ekonom membaik selama 2011 memperbesar peluang peningkatan pasar produk otomotif.

"Saat pertumbuhan ekonomi meningkat, penjualan otomotif naik. Itu yang terjadi dalam dua tahun terakhir di mana penjualan otomotif mencapai angka tertinggi. Peningkatan daya beli masyarakat menentukan pertumbuhan pasar otomotif," kata dia.

Prospek ekonomi tahun ini, menurut dia, kondusif bagi penjualan mobil selama tidak ada kebijakan yang mengejutkan pasar.

Sementara Direktur Pemasaran PT Toyota Astra Motor Joko Trisanyoto menambahkan, tantangan bagi pasar otomotif tahun ini antara lain kenaikan tarif Bea Balik Nama Kendaraan Bermotor (BBN-KB) progresif, regulasi pajak, dan kebijakan pengurangan subsidi bahan bakar minyak.

Namun dia optimistis pasar otomotif nasional bisa tetap tumbuh meski harus berhadapan dengan tantangan-tantangan tersebut. "Secara normal pasar tetap tumbuh meski tidak sebesar pertumbuhan dari 2009 ke 2010. Tahun ini mungkin lebih mendatar," kata dia.

Selama 2010, kata Joko, penjualan otomotif skala besar (wholesales) naik 57% menjadi sekitar 764.000 unit. Sedangkan pada tingkat retail, penjualan naik 52% menjadi 745.000 unit.

Dalam hal ini, menurut dia, segmen kendaraan multiguna (MPV) masih menjadi kontributor terbesar dalam penjualan pada skala besar maupun retail. "Dan pasar segmen komersial mengalami perkembangan paling besar, dari 26% menjadi 29%," kata dia.

Toyota sendiri, menurut dia, selama 2010 mencetak rekor penjualan dengan perkiraan mencapai 280.680 unit pada skala besar dan penjualan tingkat retail sebanyak 280.711 unit.
"Tahun ini kami menargetkan tetap menjadi pemimpin pasar dengan memegang pangsa pasar minimal 36%," kata Joko. Source: Kantor Berita Antara

Indonesia Coal Benchmark Price Gains for Fourth Month

Indonesia increased the reference price for coal sales for the fourth straight month, raising it by 8.7 percent in January, the Ministry of Energy and Mineral Resources said. 

The benchmark for coal with a gross energy value of 6,322 kilocalories a kilogram was set at $112.4 a metric ton this month from $103.41 a ton in December, the Directorate General of Coal and Minerals at the energy ministry said in a statement on its website. 

Below is a list of price references and markers, used to calculate prices for other coal types of similar quality from eight leading coal brands in Southeast Asia’s biggest economy, as compiled by the energy ministry. Grades are in kilocalories a kilogram, while prices are in U.S. dollars a ton. 

Indonesia is the world’s largest exporter of the fuel after Australia.

===============================================================
                                Jan.     Dec.     Nov.     Oct.     Sept.
===============================================================
Price Reference     112.40   103.41    95.51    92.68     90.05
Month-on-Month (%)    8.69     8.27     3.05     2.92     -5.07
===============================================================

Price Markers
===============================================================
    Coal Brand          Quality                Prices
                               Jan.        Dec.     Nov.     Oct.
===============================================================
Gunung Bayan 1       7,000      121.15   111.41   102.86    99.79
Prima Coal             6,700      117.54   108.43   100.42    97.55
Pinang 6150            6,200     105.89    97.70    90.50    87.92
Indominco IM_East    5,700    91.45    84.18    77.79    75.50
Melawan Coal         5,400    85.08    78.61    72.93    70.89
Envirocoal           5,000    77.74    72.02    67.00    65.20
Jorong J-1           4,400    62.73    58.10    54.04    52.58
Ecocoal              4,200    56.64    52.52    48.91    47.61
===============================================================

Note: - Percentage changes calculated by Bloomberg News - The price reference is an average of the Indonesia Coal Index, Platts-1, Newcastle Export Index and the globalCOAL NEWC Index from the previous month. - The average of price reference for the last three months is used to set prices for a one-year contract for the following year. - For sales in barge, the reference price is excluding cost of barging and transshipment into vessel. Source: Bloomberg

Matahari Says Will Retain, Expand Hypermart Business After Merrill Review

PT Matahari Putra Prima, Indonesia’s biggest retailer by market value, said it will “retain, and further intensify and expand its Hypermart Food Retail business as a wholly-owned business division of the company.” 

Matahari, in an e-mailed press release today, said a review by Bank of America Corp.’s Merrill Lynch unit recommended Matahari “bring in a global partner into MPP to expand its hypermart food business and divest of non-core, non-food retailing assets.” Source: Bloomberg

Matahari says to retain hypermart as wholly-owned unit

Indonesian retailer Matahari Putra Prima said on Monday it will retain its hypermarket business as a wholly owned entity but will look for a global partner to expand the business.

The decision to retain the unit comes after two rounds of bidding for Matahari's hypermart business, which some sources said was aimed at raising $1 billion.

Following a strategic review by Merrill Lynch, Matahari also said that it plans to sell non-core, non-food retailing assets.Source: Reuters

Rekomendasi HD Capital, 10 Januari 2011

Untuk perdagangan Senin, 10 Januari 2011, HD Capital merekomendasikan empat saham pilihannya untuk dibeli, yakni Adaro Energy (ADRO), Astra International (ASII), Telekomunikasi Indonesia (TLKM), dan BUmi  Resources (BUMI).

BUY: (ADRO, ASII,TLKM, BUMI)

• Koreksi lebih dari 100-point Jumat lalu membuat banyak emiten berkapitalisasi besar menarik untuk diakumulasi.

• IHSG close (07-01) 3.631.22 (-104.80/-2.81%) (Val.Rp.4.6T)

• Support: 3.630-3.530, Resistance: 3.770-3.850

Stock picks:

1.    Adaro Energy (ADRO): (BUY) (Target: Rp 2.950) (close 07/01 Rp 2.700)

• Koreksi akibat keadaan jenuh beli pasca mencetak new high kemarin sudah cukup mereda, potensi adjustment selling price (ASP) harga batubara dari $67 ke $76/ton untuk 3-bulan kedepan akan berdampak positif untuk earnings 2011 sehingga rekomen akumulasi kembali.

• Ketakutan produksi batubara Q4 2011 tidak akan mencapai target sudah terefleksikan dalam koreksi harga

• Entry: (1) Rp 2.650, Entry (2) Rp 2.575, Cut loss point: Rp 2.475

2.   Astra International (ASII) (BUY): (Target: Rp 53.700) (Close 07/01 Rp 49.000)

• Terlihat ada pola double bottom di daily chart dengan konfirmasi volume besar dan keadaan jenuh jual (oversold) sehingga potensi downside terbatas dengan scenario technical rebound mengetes down-trend-line baru pertama di Rp 53.700.

• Valuasi ASII murah, dengan target fundamental harga Rp 80.000 untuk 12-bulan ke depan masih diperdagangkan di PER 15x, dengan asumsi kenaikan penjualan otomotif 2011 hanya 11% yang cukup konservatif.

• Entry (1) Rp 48.800, (2) Rp 47.800, Cut loss point: Rp 46.900

3.   Telekomunikasi (TLKM) (BUY): (Target: Rp 7.800) (Close 07/01 Rp 7.350)

• Saham core holding IDX ini menjadi menarik pasca koreksi dari trading range Rp 8.000-7.500 ke target breakdown di Rp 7.300, rekomen akumulasi dalam kondisi jenuh jual ini (oversold) dengan potensi technical rebound ke Rp 7.550-7.800-8.000.

• Entry: (1) Rp 7.300, Entry: (2) Rp 7.150, Cut loss point: Rp 7.000

4.    Bumi Resources (BUMI): (BUY) (Target: Rp 3.350) (Close 07/01 Rp 3.125)

• Beberapa sentimen positif dari sensitivitas earnings terhadap harga batubara (diperkirakan bila harga batubara diatas $115/ton yang membuat laba BUMI dapat membaik 20%), beberapa corporate action untuk mengurangi utang yang sudah terlaksana maupun dalam rencana memberikan advantage besar versus emiten karena bila biaya beban utang berkurang maka laba akan terdongkrak tanpa mengandalkan pendapatan dari segi penjualan batubara dapat menarik kembali BUMI ke upper end trading range atas di Rp 3.400.

• Entry: (1) Rp 3.100, Entry (2) Rp 2.950, Cut loss point: Rp 2.850

Dibuat oleh:  

Yuganur Wijanarko

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

Bank BJB Cetak Laba Rp 1,32 Triliun

BANDUNG - Bank Jabar Banten (BJB) membukukan laba sebelum pajak pada 2010 sebesar Rp 1,32 triliun atau meningkat 34% dibandingkan dengan laba tahun 2009.

"Indikasi laba sebelum pajak per Desember 2010 sebesar Rp 1,32 triliun, meningkat 34 persen dibandingkan dengan laba 2009 sebesar Rp 985 miliar," kata Direktur Konsumer Bank Jabar Banten Tatang Sumarna saat penyerahan undian Petik Hadiah Tabungan, Sabtu.

Sementara itu, kinerja keuangan Bank BJB konsolidasi per akhir Desember 2010 memiliki indikasi total aset Rp 43,5 triliun atau meningkat sekitar 35% dari tahun 2009 sebesar Rp 32,41 triliun.

Selain itu, perolehan dana pihak ketiga (DPK) pada 2010 sebesar Rp 31,96 triliun, meningkat 35% dari DPK tahun sebelumnya Rp 23,72 triliun. Peningkatan DPK juga diikuti dengan peningkatan kredit menjadi Rp 23,78 triliun atau meningkat 21% dari tahun 2009 sebesar Rp 19,63 triliun.

"Saat ini kinerja tahun 2010 masih proses audit, angka itu masih indikasi. Yang jelas peningkatan aset sebesar 35 persen melebihi target tahun 2010 sebesar 20 persen," katanya.

Hal itu terwujud, kata Tatang berkat dukungan dan kepercayaan dari stakeholder, selain berbagai terobosan dalam upaya menggapai visi menjadi 10 bank terbesar dan sehat di tanah air.

Bank BJB pada 2011 telah menyiapkan serangkaian strategi bisnis dan pengembangan jaringan. Sedangkan awal 2010 ini, BJB akan meluncurkan obligasi seri ke-7 senilai Rp 2 triliun untuk memperkuat ekspansi kredit pada 2011.

"Obligasi akan digulirkan akhir Januari 2011, semuanya untuk meningkatkan ekspansi penyaluran kredit BJB. Saat ini sudah memasuki persiapan akhir, semuanya berjalan lancar dan optimistis akhir Januari bisa direalisasikan," katanya.

Terkait penyaluran kredit Bank BJB pada 2011, menurut dia akan meningkatkan penyaluran kredit mikro untuk mendukung sektor UMKM khususnya di wilayah Jawa Barat dan Banten.

Persentase penyaluran kredit mikro bagi UMKM akan mendapat prioritas untuk mendukung pertumbuhan sektor riil serta memfasilitasi sektor tersebut, salah satunya mengefektifkan pendampingan bagi UMKM dan membantu agar bankable.

"Kredit mikro marupakan potensi pasar yang besar, kita garap lebih maksimal pada 2011 mendatang. Disamping melakukan eskpansi dengan membuka kantor cabang di luar Jawa Barat seperti Makasar, Jakarta, Pekanbaru serta yang lainnya," kata Tatang.

Sedangkan terkait pengundian program Petik Hadiah Tabungan tahap keenam, Bank BJB menyerahkan sebanyak 13 mobil Toyota Avanza, 46 sepeda motor dan puluhan televisi kepada nasabah pemenang program itu dari wilayah Jakarta, Karawang, Bekasi, Purwakarta, Cikarang, Rawamangun, Kebayoran Baru, Surabaya, Semarang, Manggadua, Medan dan Batam.

"Penyerahan hadiah untuk cabang itu disatukan di Jakarta," katanya.

Program Petik Hadiah, kata Tatang merupakan program tahunan sebagai apresiasi Bank BJB terhadap nasabah khususnya nasabah tabungan perorangan yang terdiri Tandamata, Tandamata Gold, Tandamata Dolar, Simpeda serta Deposan Perorangan baik rupiah maupun valas.

5 Saham yang Dibeli Asing 7 Januari 2011

Pada perdagangan akhir pekan ini, Jumat 7 Januari 2011, asing banyak melakukan net buying lima saham, yakni Bhakti Investama (BHIT), Berau Energy (BRAU), Berlian Laju Tanker (BLTA), Global Mediacomm (BMTR), dan Bumi Resources (BUMI), dilihat dari volume saham yang dibeli.


Sedangkan dari segi nilai, asing paling besar membeli saham BUMI, Harum Energy (HRUM), Berau Coal (BRAU), BMTR, dan Berlian Laju Tanker (BLTA).


Berikut detailnya:

A. Dari Segi Volume
1. BHIT 161.143 lot
2. BRAU 172.376 lot
3. BLTA 141.005 lot
4. BMTR 82.769
5. BUMI 55.724 lot


B. Dari segi nilai (net buying)
1. BUMI Rp 88,2 miliar
2. HRUM Rp 59,8 miliar
3. BRAU Rp 46,6 miliar
4. BMTR Rp 27,6 miliar
5. BLTA Rp 27,3 miliar

5 Saham yang Dijual Asing 7 Januari 2011

Pada Jumat, investor asing banyak melakukan aksi jual terhadap saham Borneo Lumbung Energy (BORN), Lippo Karawaci (LPKR), Adaro Energy (ADRO), Bank Negara Indonesia (BBNI), dan Perusahaan Gas Negara (PGAS), dilihat dari segi volume saham.

Sedangkan dari segi nilai, net selling oleh asing paling besar terjadi pada Astra International (ASII), Bank Rakyat Indonesia (BBRI), Telekomunikasi Indonesia (TLKM), Bank Mandiri (BMRI), dan Bank Negara Indonesia (BBNI).

Berikut rincian detailnya:


A. Dari segi volume saham
1. BORN 68.927 lot
2. LPKR 40.990 lot
3. ADRO 35.979 lot
4. BBNI 31.307 lot
5. PGAS 27.152 lot


B. Dari segi nilai (net selling)
1. ASII Rp 289,8 miliar
2. BBRI Rp 79,8 miliar
3. TLKM Rp 75,5 miliar
4. BMRI Rp 71,1 miliar
5. BBNI Rp 56,9 miliar

Indonesia says to scrap import duties on staple foods

Indonesia will scrap import duties on wheat, soybeans and livestock feed, the country's chief economic minister said on Friday, in a measure to try to improve domestic food supplies and head off possible protests over rising costs.

"The policy will be effective starting next week," said Hatta Rajasa at a press briefing after the cabinet met this week to discuss food price stability, adding it had not decided yet whether to scrap duties on sugar.

Indonesia, Southeast Asia's largest economy, is reliant on imports of sugar, soybeans and wheat, and sometimes imports rice and corn. Food price protests were seen a factor in the ousting of Indonesia's long-term autocrat Suharto in 1998.

Rising food costs helped drive annual December inflation to a 20-month high near 7 percent, putting food supply at the top of policymakers' agendas.

The United Nations' food agency (FAO) said on Wednesday that food prices hit a record high last month, exceeding 2008 levels when riots broke out in various countries.

The government expects food price pressures to subside when the local harvest season starts in February, though it has promised to maintain supplies and has increased rice distribution.

Indonesia plans to import 450,000 tonnes of white sugar for household consumption to bridge an anticipated shortfall in local production, though failed to secure 60,000 tonnes in a tender last month because prices were too high.

Prolonged wet weather last year reduced production of the country's key agriculture commodities and forced it to import to meet the shortfall.Source: Reuters

Indonesia studies building new airport for Jakarta

Indonesia's government is considering building another airport near Jakarta as the capital's main flight hub will not be able to accommodate future passenger growth in Southeast Asia's biggest economy, an official said on Friday.

The government is also looking at boosting the capacity of the Soekarno-Hatta international airport, now serving about 35 million passengers a year, said Herry Bakti, director general for air transport at the transport ministry.

He said passenger growth each year is around 15-20 percent. Inadequate infrastructure in the country is seen as both a deterrent to foreign direct investors and an investment opportunity, with Japan already funding transport projects.

"We plan for multiple airports in the Jakarta metropolitan area," Bakti told Reuters, adding a study on the issue will be completed by the end of this year.

The government has asked the Japan International Cooperation Agency JICA.L to conduct a visibility study exploring the main airport's expansion and to develop new facilities, the Jakarta Globe newspaper on Friday quoted I Ketut Feri Utamayasa, spokesman for airport management firm PT Angkasa Pura II, as saying.

Indonesia and Japan signed a deal last month in which Japan will fund transport infrastructure projects worth 2 trillion yen around Jakarta, while other Asian nations and private equity firms are eyeing infrastructure.

Bakti said the government is considering commercialising two existing airports in Jakarta, the Halim military airport and a police airport, or creating a new one in industrial areas further outside the capital, in Banten to the west on Java island or Karawang to the east. Source: Reuters