Rekomendasi Beberapa Sekuritas, 16 Februari 2011

Berikut rekomendasi dari empat sekuritas ternama untuk perdagangan Rabu, 16 Februari 2011.

 

1. E-Trading Securities

Pada perdagangan Senin (14/2), IHSG naik 25 poin (0,74%) ke level 3.416,76 dengan volume perdagangan tipis. Asing pada hari itu melakukan net buying Rp 47 milliar di pasar reguler, dan di pasar negosiasi net buying mencapai Rp 1,715 triliun disebabkan perdagangan right BMRI. Secara teknikal, pergerakan indeks Senin belum dapat dijadikan konfirmasi berakhirnya fase konsolidasi. Sedangkan untuk hari ini, indeks diperkirakan bergerak di kisaran 3.342-3.458. Amati BBCA, ITMG, dan AALI.

2. Sucorinvest Central Gani

Sejumlah saham saham sektor perkebunan, keuangan, aneka industri memimpin penguatan indeks Senin lalu di tengah-tengah penguatan indeks bursa global. Ini setelah Presiden Mesir Hosni Mubarak mengundurkan diri dan naiknya harga komoditas seiring realisasi ekspor Tiongkok yang lebih baik dari konsensus. Pada perdagangan hari ini, indeks akan berada di level 3.397- 3.434.

3. Erdhika Sekuritas

Hampir seluruh sektor menguat pada perdagangan Senin lalu, kecuali industri dasar dan infrastruktur yang terpangkas masing-masing 0,068% dan 0,073%. Hari ini indeks masih akan berpotensi menguat pada kisaran 3.396-3.451. Saham-saham rekomendasi kami antara lain BUMI, PGAS, LPKR.

4. Sinarmas Sekuritas  

Secara teknikal, indeks hari ini diperkirakan akan bergerak mixed dengan kecenderungan menguat pada kisaran 3.430-3.520. Pergerakan bursa global dan data-data ekonomi yang dirilis selama hari libur dapat memberikan sentimen positif terhadap IHSG. Saham-saham yang dapat diperhatikan adalah ADRO, KLBF, dan PTBA.

Riset Sektor Perbankan Indonesia oleh Samuel Sekuritas

Riset Sektor Perbankan Indonesia oleh Samuel Sekuritas. Menurut Samuel, kenaikan suku bunga acuan BI rate tidak berdampak negatif terhadap Bank Mandiri, bahkan bank terbesar di Indonesia ini diuntungkan karena menikmati tambahan pendapatan dari kenaikan suku bunga obligasi pemerintah yang lebih banyak berbunga variabel. Sedangkan untuk bank lainnya seperti Bank Mandiri, BCA, dan BNI juga tidak berdampak negatif mengingat mayoritas DPK bank-bank ini didominasi tabungan dan giro yang berbunga rendah.

Sedangkan BBRI elastis terhadap dampak kenaikan suku bunga mengingat mayoritas kreditnya berupa kredit UMKM. Sedangkan BNI paling sensitif terhadap kenaikan suku bunga kredit mengingat porsi kredit korporasi yang besar di bank ini, disusul BMRI dan BBCA.

Bagi Samuel Sekuritas, pilihan utama saham perbankan pilihannya jatuh pada saham BMRI dan BBRI dengan target harga Rp 7.900 dan Rp 6.750. Sedangkan target harga BBCA adalah Rp 7.000 dan BBNI Rp 4.500.



Riset Sektor Perbankan Indonesia oleh Samuel Sekuritas

Riset Bank Danamon oleh IRAI

Riset Bank Danamon oleh Independent Research & Advisory Indonesia (IRAI). Target harga Rp 5.900 untuk 2011 yang mencerminkan 2,6 kali nilai buku.

Riset Bank Danamon Oleh IRAI

Tata Motors may set up Nano production facility in Indonesia

Tata Motors Ltd might build a factory to produce its Nano small car in Indonesia, one of the fastest expanding markets in Asia.

The firm is conducting a feasibility study to establish a facility in Jakarta, three people familiar with the company’s plan said on condition of anonymity.

Should the plan come to fruition, it will help the company not only get a foothold in the large but untapped market of Indonesia, but also address the adjoining markets of Thailand, Malaysia and the Philippines.

Robust economic growth, rising consumer confidence levels and affordable credit made 2010 a record year for all the four markets in South-East Asia.

Sales of light vehicle expanded 36% to 2.23 million units compared with a year ago, according to a January report on the automotive market in the Asean region by JD Power and Associates, a forecast and research firm.

“Indonesia is almost like Indian market,” said Abdul Majeed, auto practice leader at consulting firm PricewaterhouseCoopers Llp.

The fact that it has a large rural population will help sales of Nano, touted as the world’s cheapest car, Majeed added.

Tata Motors was earlier planning to expand its facility in Thailand where it makes the Xenon and Ace small trucks, to make room for the Nano. However, those plans have now been shelved in favour of Indonesia, according to one of the three persons cited above.

Among all the four markets, JD Power places the biggest bet on Indonesia that is quickly rivalling Thailand. It expects the automobile market there to grow 11% year-on-year in 2011. The planned facility is likely to start production in fiscal 2013. Besides the Nano, it will also produce some of the variants from the Ace range.

The factory will turn out an estimated 50,000 units of Nano and Ace every year, said the person cited above.

Tata Motors has invited quotations from key suppliers, said a person associated with the project. Some have visited the country earlier this month and many more will make similar trips in the months ahead, said another person, whose firm has also received a quotation from Tata Motors.

Debasis Ray, spokesman at Tata Motors, did not to comment specifically on the development.

The firm will start exporting the Nano to Sri Lanka, Prakash M. Telang, managing director, India operations, told reporters on 12 February. “We are looking at geographies similar to India,” he had then said.

The company plans to produce 12,000 to 15,000 Nano cars per month at its factory in Sanand, Gujarat, from March, Carl-Peter Forster, group chief executive and managing director, said on 12 February. Source: Livemint Wall Street Journal

BTPN Rancang Stock Split 1:5

Manajemen PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) merancang pemecahan saham (stock split) dengan rasio 1 saham menjadi 5 saham (1:5). 

Menurut rencana, aksi korporasi ini akan dimintai persetujuan pemegang saham pada RUPSLB pada 25 Februari 2011.

Rekomendasi Beberapa Sekuritas, 14 Februari 2011

1. E-Trading Securities

Pada perdagangan Jumat (11/2), IHSG naik 18 poin (0,54%) ke level 3.391,76. Meski indeks naik, listing PT Garuda Indonesia (Persero) Tbk (GIAA) tidak berjalan mulus. GIAA merosot 17,33% menjadi Rp 610, setelah sempat terpuruk di level Rp 580. Di sisi lain, asing melakukan net selling Rp 193 miliar dengan sektor yang paling banyak dilepas adalah energy dan banking. Pada perdagangan Senin (14/2), indeks kami perkirakan akan bergerak di kisaran 3.336-3.436. Pantau BBRI, BBCA dan PGAS.

2. Sinarmas Sekuritas

Pada perdagangan hari ini, secara teknikal indeks diperkirakan akan bergerak mixed dengan kecenderungan menguat terbatas pada kisaran 3.341-3.426. Pergerakan bursa regional dapat menentukan arah indeks. Saham-saham yang dapat diperhatikan antara lain ADRO,PGAS, BSDE, dan ISAT.

3. Erdhika Sekuritas

IHSG ditutup rebound sebesar 18,12 poin (0,54%) ke level 3.391,76 pada Jumat pekan lalu. Seluruh sektor menguat kecuali sektor infrastruktur dan properti yang melemah masing-masing 1,12% dan 0,18%. Indeks hari ini akan bergerak pada kisaran 3.359-3.430 dengan potensi menguat terbatas. Saham rekomendasi kami adalah AALI, ADRO, UNVR.

4. Sucorinvest Central Gani

Sejumlah saham sektor industri, keuangan, tambang menguat pada akhir pekan lalu dibarengi dengan pelemahan saham sektor infrastruktur. Sebaliknya, indeks bursa global merosot, menyusul kekhawatiran krisis Mesir dan aksi bargain hunting spekulasi saham blue chips. Hari ini indeks diperkirakan mixed pada kisaran 3.380-3.411.

Toba Pulp Targetkan Produksi 200 Ribu Ton

PT Toba Pulp Lestari, Tbk menargetkan memproduksi pulp di atas 200 ribu ton selama 2011, naik dari 175.989 ton pada 2010 dengan penjualan terbesar tetap ke pasar internasional.

"Mudah-mudahan target produksi itu tercapai, mengingat harga jual pulp pada awal 2011 di dalam maupun di pasar internasional lebih bagus dari akhir 2008, 2009 dan bahkan 2010," kata Direktur PT Toba Pulp Lestari Tbk Juanda Panjaitan di Porsea, Kabupaten Toba Samosir, Sabtu (12/2).

Dia tidak merinci harga ekspor bubur kertas (pulp) itu dengan alasan kurang ingat pasti, namun menurut dia, harga jualnya cukup menguntungkan atau di atas biaya produksi bahkan lebih tinggi dibandingkan 2009 dan 2010.

Harga pulp sempat anjlok pada Agustus 2008 dari tahun-tahun sebelumnya yang pernah mencapai 600 hingga 630 dolar AS per ton.   Tahun lalu, dari produksi yang sebanyak 175.989 ton dengan penjualan 168.031 ton, 100% produk itu diekspor ke berbagai negara khususnya Tiongkok dan Korea.

"Target produksi yang naik pada 2011 itu juga mengacu pada permintaan yang lumayan bagus dibandingkan ketika usai krisis global akhir 2008 hingga 2010," katanya yang didampingi Kepala Seksi Hubungan Media PT Toba Pulp di Porsea Onggung Tambunan dan staf humas kantor PT Toba Pulp Lestari di Medan, Martin.

Dia menegaskan, kalau target produksi pulp di atas 200 ribu ton itu tercapai, itu adalah tahun kedua, produksi perusahaan PMA tersebut mencapai 200 ribuan ton, setelah 2009 yang sebanyak 210.607 ton.

Manajemen, kata Juanda, memang terus berupaya menaikkan produksi mengingat kapasitas produksi perusahaan itu yang sebesar 240.000 ton per tahun.  Mengenai bahan baku, menurut Juanda, tidak ada masalah, apalagi selain mengandalkan hasil hutan tanaman industri (HTI) perusahaan, manajemen terus mengembangkan usaha perkebunan kayu rakyat (PKR).

Hingga kini misalnya, tanaman pokok yang sudah dikembangkan di lahan masyarakat di Sektor Aek Nauli, Kabupaten Simalungun, Sumut, sudah mencapai 688,3 hektare.
Manajer Sektor Aek Nauli Karman Sirait menyebutkan, PKR itu sebagian besar dilakukan dengan sistem bagi hasil ke petani.  "PKR akan terus dikembangkan, sejalan juga dengan tanaman perusahaan yang sudah mencapai 8.000 hektare dari 11.002 hektare lahan yang ada," kata dia.

Rekomendasi HD Capital, 14 Februari 2011

Untuk Senin, 14 Februari 2011, HD Capital merekomendasikan opsi beli terhadap saham Garuda Airways (GIAA), Bank Mandiri (BMRI), Indofood Sukses Makmur (INDF), dan Adaro Energy (ADRO).

BUY:  GIAA, BMRI, INDF, ADRO

• Walaupun sempat didera penjulan deras terutama di saham perdana Garuda, namun IHSG dapat menutup positif di atas low 3.510 sehingga teciptakan sitiuasi "double bottom" atau pola akumulasi

• Berita mundurnya Mubarak di Mesir positif buat pasar Global

• Bila IHSG dapat menutup kembali di atas 3.375 maka baru bisa dikatakan bahwa sudah berada di "safe zone" untuk melanjutkan tren naik.

• IHSG close (11-02) 3.391.77 (+18.77/+0.54%) (Val.Rp.3.6T)

• Support: 3.350-3.310, Resistance: 3.475-3.550-3.650

Stock picks:

1.    Garuda Indonesia (GIAA): (BUY) (Target: Rp 650) (close 11/02 Rp 620)

• Mengacu pada valuasi PER 2011F 18x dan harga rata2 "pasar gelap" tertinggi Rp 800 dan terendah Rp 500 yang terciptakan sebelum listing, maka harga "wajar" Garuda sesuai pasar seharusnya jatuh di Rp 650.

• Entry: (1) Rp 610, Entry (2) Rp 580, Cut loss point: Rp 560

2.   Bank Mandiri (BMRI) (BUY): (Target: Rp 5.800) (Close 11/02 Rp 5.550)

• Pasca rights issue, BMRI akan mendapatkan dana untuk ekspansi sehingga dapat mempertahankan laju pertumbuhan kredit dan laba yang cukup tinggi seperti tahun 2010 silam

• Valuasi dan kinerja fundamental juga menarik (PER 2011 11x/ PBV 2.4x) dengan ROE di atas 24%.

• Penguatan rupiah positif ke portfolio utang dalam US$ dan dapat menurunkan valuasi BMRI yang mengunakan perhitungan yield obligasi RI dalam Gordon Growth model.

• Potensi dilusi akibat rights sudah sepenuhnya tercermin dalam koreksi harga sebelumnya

• Entry (1) Rp 5.500, (2) Rp 5.400, Cut loss point: Rp 5.300

3.   ADRO Energy (ADRO) (BUY): (Target: Rp 2.550) (Close 11/02 Rp 2.375)

• Koreksi minor yang terjadi hingga di bawah Rp 2.300 diperkirakan hanya napas sesaat yang diperlukan untuk meneruskan proses trend recovery menuju down-trend-line di Rp 2.550

• Bila ADRO berhasil kembali ditutup di atas level Rp 2.400 (price gap) maka arah selanjutnya akan mengetes down-trend-line di Rp 2.550, bila itu terlewati maka tren sudah berubah menjadi short term positive untuk kembali ke high lama di Rp 2.700-2.900.

• Adjustment ke ASP (harga rata2 penjualan batubara) yang baru di awal 2011 dapat menaikan proyeksi laba analis sehingga menurunkan valuasi PER/PBV 2011F yang masih tinggi (di atas 15x)

• Entry: (1) Rp 2.350, Entry: (2) Rp 2.250, Cut loss point: Rp 2.200

4.    Indofood Sukses Makmur (INDF): (BUY) (Target: Rp 4.850) (Close 11/02 Rp 4.650)

• Beberapa katalis negatif seperti kenaikan harga bahan baku mie instan (gandum) terbukti tidak mempunyai efek ke kinerja perusahaan seperti ditakutkan banyak orang

• Dengan valuasi PER 2011F 13x/PBV 2.7x dan ROE diatas 20%, hanya tinggal menunggu waktu untuk proses uptrend recovery terjadi akibat ulah akumulasi pelaku pasar yang mencari blue chip consumer big cap murah

• Entry: (1) Rp 4.625, Entry (2) Rp 4.525, Cut loss point: Rp 4.400

Dibuat oleh:

Yuganur Wijanarko

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

MNC Sky Vision IPO US$ 400 Juta

Operator televisi berbayar, PT MNC Sky Vision menargetkan perolehan dana IPO US$ 400 juta dengan melepas 25% saham pada semester II 2011. Bertindak sebagai penjamin emisi adalah Ciptadana Securities.
 

Anak usaha Global Mediacomm (BMTR) ini berhasil membukukan pendapatan Rp 1,44 triliun hingga akhir 2010, naik 36% dari tahun 2009 sebesar Rp 1,06 triliun. Sebagai operator TV berbayar, MNC Sky memiliki dua merek, yakni Indovision dan Top TV dengan penguasaan pangsa pasar 78%. Pada akhir 2010, jumlah pelanggannya mencapai lebih dari 800 ribu.

Laba sebelum pajak, depresiasi dan amortisasi (EBITDA) juga naik 63% dari Rp 321 miliar menjadi  Rp 522 miliar.

Tahun ini, perseroan menargetkan pendapatan Rp 2,1 triliun. Sedangkan EBITDA ditargetkan sebesar Rp 846 miliar dengan EBITDA marjin juga diproyeksikan meningkat menjadi 40%.
 

Tin hits a new high of US$ 31,800

Tin climbed as much as 1 percent to a record $31,800 a ton, surpassing the previous peak of $31,650 reached on Feb. 8, before dropping 0.3 percent to $31,400. Output of refined tin by PT Timah, Indonesia’s largest producer, was 40,413 tons last year, down from 45,086 tons in 2009, the company said Feb. 7. 

Tin was the LME’s best performer last year, jumping 59 percent as supplies from Indonesia, China and the Democratic Republic Congo dwindled. China is the world’s largest producer and Indonesia the largest exporter.

Telekom to Build 400-Km Cable System With XL, Mora

Telekom Malaysia Bhd., a state- controlled telecommunications provider, signed an agreement with Indonesia’s PT XL Axiata and PT Mora Telematika to jointly build a 400-kilometer submarine cable system between the two countries. 

Telekom Malaysia is investing $4 million in the project, which is expected to start operations by the fourth quarter of this year, Executive Vice President Rozaimy Rahman told reporters after the signing ceremony in Kuala Lumpur today. 

“The design of this cable system has taken into consideration current and future high capacity requirements for next generation Internet applications,” he said. 

Telekom Malaysia shares fell 0.5 percent to 3.86 ringgit in Kuala Lumpur trading at 4:52 p.m. local time. XL Axiata is the Indonesian unit of Axiata Group Bhd., Malaysia’s second-biggest mobile-phone operator. Source: Bloomberg

DBS says no talks with Temasek on Indonesia's Danamon

DBS , Singapore's biggest lender, said on Friday it had not held any talks with state investor Temasek on buying its 68 percent stake in Indonesia's Bank Danamon .

CEO Piyush Gupta told reporters DBS had not held talks with anyone on Bank Danamon.

There has been market talk that DBS, which wants to increase income from outside its core Singapore and Hong Kong markets, could be looking at Bank Danamon, but Gupta has dismissed the idea.

Analysts say Gupta probably wants to avoid expensive buys after DBS got its fingers burnt by overpaying for a bank purchase in Hong Kong a decade ago. Source: Reuters

Indonesia palm oil giant SMART to invest $500 mln for two CPO plants

Palm oil giant PT Sinar Mas Agro Resources & Technology, or SMART plans to invest $500 million in two crude palm oil plants (CPO), Indonesia's industry minister said on Friday. 

The plants will process CPO for other derived products, MS Hidayat said. "The location is still to be discussed, but I expect them to build the factories outside Java," he added.

On Wednesday, SMART president director Daud Dharsono told Reuters that it would work with Indonesian government and non-profit organisation The Forest Trust in a bid to boost its green credentials. Source: Reuters

Shell, Aramco May Build Indonesia Plant, Hidayat Says

Royal Dutch Shell Plc, Europe’s largest oil producer, may build a refinery in Indonesia even as National Iranian Oil Co. scrapped a similar plan, Industry Minister Mohamad Hidayat said.

Shell may team up with Saudi Arabian Oil Co. and PT Pertamina to build the refinery in Tuban in the province of East Java, Hidayat told reporters in Jakarta today after meeting executives from a unit of Shell. 

Darwin Silalahi, head of Shell’s Indonesian unit, and Budiman Moerdijat, a spokesman, didn’t respond to two phone calls and mobile text messages. A Dharan-based spokesman for Saudi Aramco declined to comment when contacted by telephone. 

“The government is preparing a fiscal policy to help attract investors, including for the Aramco project,” Hidayat said. Pertamina will act as an agent to market fuels from the Tuban refinery, he said. 

Indonesia wants to boost investments in refineries to reduce the nation’s dependence on imports of oil products. Consumption of subsidized fuel may rise 6 percent this year to 42.5 million kiloliters because of an increase in vehicle sales, Djaelani Sutomo, marketing director at Pertamina, said in June. 

Indonesia, Southeast Asia’s biggest crude oil producer, imports diesel, gasoline and jet fuel because its refining capacity lags behind consumption.

Refinery Expansion

Pertamina, Indonesia’s state oil company, will agree this year with Saudi Aramco on the development of a $5 billion refinery project, Karen Agustiawan, president director of Pertamina, said Dec. 6. The plant will have a capacity of as much as 300,000 barrels a day, she said. 

Pertamina will also sign a $5 billion accord with Kuwait Petroleum Corp. to expand the Balongan refinery in West Java by as much as 300,000 barrels a day, Agustiawan said. The plant has a capacity of 125,000 barrels a day, according to data compiled by Bloomberg.

“Kuwait Petroleum has performed a feasibility study and in August they will start construction,” Hidayat said today. 

Iranian Oil may cancel a plan to build a refinery because of a disagreement on the price of the crude oil supply, he added. Pertamina and Iranian Oil had planned to build a refinery in western Java with a daily capacity of 150,000 barrels of oil in 2014, Priyo Utomo, then senior vice president at Pertamina, said in July 2009. Source: Bloomberg

Garuda Tumbles as Much as 23% in Jakarta Debut on Rising Fuel Outlook

PT Garuda Indonesia, the nation’s biggest airline, plunged on its trading debut in Jakarta amid concern that rising fuel prices will damp industry profit. 

The stock dropped as much as 23 percent to 580 rupiah on the Indonesia Stock Exchange from its initial public offering price of 750 rupiah. Garuda last month completed a 4.8 trillion rupiah ($538 million) IPO at the bottom of the price range. The shares traded at 640 rupiah at 11:30 a.m., local time. 

Chief Executive Officer Emirsyah Satar plans to use proceeds of the share sale to boost the carrier’s fleet to 153 planes by 2015 and add new routes. The plan for new airplanes comes as higher fuel costs and slowing economic growth this year may slash profit at airlines worldwide 40 percent, according to International Air Transport Association estimates. 

“Investors see an increase in global oil prices impacting Garuda’s profit,” said Norico Gaman, head of research at PT BNI Securities in Jakarta. “Garuda can’t increase ticket prices or it won’t be competitive with other airlines. That’s why investors see the fair price for Garuda shares between 500 and 600 rupiah.” 

Profit at airlines globally may drop to $9.1 billion this year from $15.1 billion in 2010, according to a December IATA forecast. The industry is expected to face “tougher” conditions this year than in 2010, the trade group’s Chief Executive Officer Giovanni Bisignani said. 

Oil prices have climbed 16 percent in the past year based on futures traded on the New York Mercantile Exchange.

Initial Share Sale

Garuda and shareholder PT Bank Mandiri on Jan. 26 sold 6.4 billion new and existing shares at the bottom of a price range that went as high as 1,100 rupiah. PT Bank Mandiri, which owned about 30 percent of the 26 percent stake Jakarta-based Garuda sold, raised about 1.5 trillion rupiah in the sale, with the airline taking the rest.

The carrier, which started flying in 1949, is expanding after signing a final debt agreement with European export credit agencies in December. Garuda resumed flights to Europe in June for the first time in six years after the European Union eased a ban on some Indonesian airlines following a series of fatal crashes. 

“It is normal that the share price is down, as the market is in a bearish trend,” Satar said at the Indonesia Stock Exchange today after trading started. “The more important thing is we’re going to use the proceeds for expansion. This will make Garuda better.”

Five-Star Quest

Garuda aims to achieve a five-star rating from London-based Skytrax in three years, the highest ranking awarded by the research company and one level up from its current status, according to the carrier’s 2009 annual report. Garuda, which flies to 19 international and 31 domestic destinations, was named the world’s most-improved airline last year in a traveler survey by Skytrax. 

The airline also plans to expand its low-fare unit, boosting the fleet to 25 planes from six, Satar said on Jan. 12. Asian budget travel is growing at about 20 percent annually and will probably continue at that pace for at least seven years, according to estimates by Jetstar, the budget arm of Australia’s Qantas Airways Ltd. 

Citigroup Inc., UBS AG, PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas managed the Garuda share sale. Source: Bloomberg

Hampir 50% saham IPO Garuda Tidak Laku

Hampir 50% dari saham IPO Garuda ternyata tidak laku dipasarkan. Akibatnya, penjamin emisi terpaksa membeli sisa saham yang tidak laku tersebut, yakni sebanyak 47,48% atau 3.008.406.725 saham dari total saham Garuda Indonesia (GIAA). Hanya 3.327.331.275 saham yang dibeli investor, baik melalui pooling ataupun institusi.

Jumlah saham yang laku dibeli investor tersebut dipesan oleh 11.068 pihak.

Riset Adaro Energy oleh AAA Sekuritas

Riset Adaro Energy oleh AAA Sekuritas. Menurut AAA Sekuritas, curah hujan yang tinggi membuat produksi Adaro tidak terpengaruh. Terbukti dari kenaikan sebesar 4% menjadi 42 juta metrik ton atau setara 95% dari target 2010 sebesar 45 juta.

AAAA Sekuritas memasang target harga Rp 3.000 untuk akhir 2011.

Riset Adaro Energy Oleh AAA Sekuritas

Lippo Karawaci prices swift $125 million tap

Ignoring weak market conditions, Lippo Karawaci successfully reopens its April 2015 bond and prices the deal just hours after launch.

Indonesian real estate developer Lippo Karawaci yesterday launched and priced a $125 million tap of its outstanding 9% bond due April 30, 2015.

The deal was launched at about 11am Hong Kong time and closed at around 3.30pm after a quick bookbuild. Investor demand from Asia was so strong that the leads didn't see the need to leave the books open for long, and the early close meant that European accounts had to make their decision by 7.30am London time.

Citi and Deutsche Bank were global coordinators. Bank of America Merrill Lynch was a joint lead manager.

The robust demand came in spite of weak credit markets. The iTraxx Asia Investment Grade Index and sovereign credit default swaps widened by about 5bp to 10bp yesterday, while bonds in the high-yield sector closed about 0.75 points lower.

The initial price guidance was a cash price of 107 to 107.5, which represented a slight discount to the 108.5 bid of the outstanding bond in the secondary market at the time of launch. The guidance was tightened to 107.5 to 108 and the deal eventually priced at 108 to yield 6.776%.

The deal amassed an order book of $790 million. Asia took 94% of the deal and Europe 6%. In terms of investor type, fund managers and hedge funds were allocated 90%, banks 9% and others 1%.

The deal gathered strong momentum because it was an Indonesian credit and offered diversification away from the China property sector. Lippo Karawaci is also viewed as a good high-yield name and has not defaulted on any bonds in the past. The bonds are rated B1/B+/B+ by Moody's/S&P/Fitch (all stable).

The April 2015 bonds were first issued in May last year in connection with a bond exchange. The initial issue size was $270.6 million and this tap will increase the total outstanding amount to $395.6 million.

The proceeds of the tap will go towards repaying practically all of the company's existing bank debt and its outstanding 2011 notes. Lippo Karawaci will repay $66.2 million of the 2011 notes and loans worth $49.8 million from Bank Negara Indonesia. The remaining $9 million will be used for interest, transaction fees and expenses.

According to Standard & Poor’s, the issue allows Lippo Karawaci to ease its debt maturity profile. After the transaction, the company will have only $395 million of senior unsecured notes due 2015 and about $1.3 million of secured debt owed to Bank Agroniaga. Source: Finance Asia

Coal miner Riau Bara Harum eyes $500 mln IPO-sources

* Looking to sell up to 25 pct stake in H2 - sources

* Expects market cap of $1-$2 bln - sources 

Indonesian coal miner Riau Bara Harum aims to raise up to $500 million from an initial public offering (IPO) in the second half of the year, to tap investor demand in the world's biggest thermal coal exporting nation, sources with direct knowledge of the deal told Reuters on Thursday. 

The IPO would offer investors another opportunity to tap into high calorie coal assets, and could be the biggest thermal coal listing in the country for three years since PT Bayan Resources raised $529 million in 2008. 

Riau Bara Harum, which has an estimated 200 to 300 million tonnes of reserves with a calorific value of between 6,100 to 6,200 kcal/kg, owns more than 24,000 hectares of mining areas in Riau on Sumatra island, said one of the three sources. 

"The firm aims to raise up to $500 million in order to expand its business as it has very little production at the moment," said another of the sources briefed on the IPO, adding that the firm expects to sell a 20 to 25 percent stake. 

Local brokerage Ciptadana Securities has been tapped to become an underwriters, one of the sources said, but officials at Ciptadana declined to comment. 

PT Sumber Bara Lestari owns a 95 percent stake in the firm while the rest is owned by PT Karunia Tambang Mandiri, according to Indonesia's 2008/2009 coal book published by the Indonesian coal mining association. 

Lawrence Barki is listed as one of the company's director, the book reported. The Barki family also control another listed coal firm, PT Harum Energy , which raised $320 million in an IPO last year. 

However, sources involved in the deal said the Barki family exited ownership of Riau Bara Harum in 2006. 

The IPO would also follow a listing by thermal coal miner PT Berau Coal in August that raised over $150 million, and by coking coal miner Borneo Lumbung Energi & Metal that raised $632 million in November. 

More private and state-owned firms are coming to the market this year to tap investor demand for Indonesian assets, though worries over inflation have driven the stock market down 9 percent this year after a 46 percent rally in 2010. Source: Reuters

Listrik Negara Unit Seeks 1.32 Million Tons of Coal in Contract

PT Pembangkitan Jawa Bali is calling for offers for as much as 1.32 million metric tons of coal under a one-year contract to supply the Paiton power plant in Indonesia’s East Java province. 

The unit of PT Perusahaan Listrik Negara, the state-owned utility, seeks supplies of about 110,000 tons of coal a month with a gross energy value of 4,700 kilocalories to 4,900 kilocalories a kilogram, the Surabaya, East Java-based company said in a notice on its website dated Feb. 7. 

Potential suppliers have until 3 p.m. local time tomorrow to register for the tender, the notice shows. 

The February price for low-quality coal with heating values of below 5,000 kilocalories a kilogram was set at between $63.34 and $87.06 a ton, the Directorate General of Coal and Minerals at the Energy Ministry said Feb. 8. Source: Bloomberg