- PT Ramayana Lestari Sentosa Tbk (RALS, Rp 1.220) still has not made a buyback today. Director of Ramayana Lestari Sentosa, Mr Suryanto said, buyback could be happened by observe market conditions, particularly the company's stock price that has not reached the maximum price of Rp 900 per share.
Based on records, the retail company has allocated Rp 150 billion for the maximum buyback. Buyback process scheduled to commence 5 September 2013 until December 4, 2013. The company will stop the buyback process when the stock share price has more than Rp 900. (Bisnis.com) - PT Garuda Indonesia (Persero) Tbk (GIAA, Rp 495) will bring ATR72-600 turboprop aircraft in November 2013. The arrival of this aircraft carried by lease mechanism through purchases made by Nordic Aviation Capital (NAC), leasing and financing company from Denmark.
President Director of Garuda, Mr Emirsyah Satar said that the number of aircraft that will be presented are 35 ATR72-600 aircraft consisting of 25 aircraft already ordered and with 10 options additional aircraft. This aircraft will be brought in gradually until 2017, and is intended to serve remote routes in eastern Indonesia. (Tribunnews.com) - President Susilo Bambang Yudhoyono endorsed two new officials in the economic sector, thay are the Head of the Investment Coordinating Board (Kepala Badan Kordinasi Penanaman Modal / BKPM) Mr Mahendra Siregar and Deputy Finance Minister Mr Bambang Brodjonegoro. The inauguration was held at the State Palace, Jl Veteran, Jakarta, which began at 14.00 pm, also attended by the vice president and all ministers KIB II. (Detikfinance.com)
- SoE multisector PT Rajawali Nusantara Indonesia ( RNI ) admit to issue bonds worth Rp 750 billion in the first half II/201 . The proceeds will be used for business development, especially to build a cooking oil factory with a minimum production capacity of 10 thousand tons per year .
RNI has appointed PT Mandiri Securities as financial advisers and underwriters. (Okezone.com) - PT Indonesia Air Transport Tbk (IATA, Rp 92) plans to issue shares without pre-emptive rights (non-HMETD/non-preemptive rights) . Previously , IATA recently did a similar corporate action on September 6, worth Rp 18.4 billion in the price of Rp 50 per share. (IDX)
Tuesday, October 1, 2013
Indonesia Market Summaries 1 October 2013
Monday, September 30, 2013
Indonesia Market Summaries 30 September 2013
- PT Budi Starch and Sweetener Tbk (MIND,Rp 100) has realized repurchase ( buyback ) as many as 12.1 million shares or a 0.3 % share of the total shares outstanding. Manufacturers of tapioca starch and cassava-based artificial sweetener that has set aside 25 billion to buyback shares amid plunging stock price index (IHSG).
The company formerly known as PT Budi Acid Jaya Tbk has done buyback in the period of time, September 5 to 6, September 9 to 13, September 16 to 20, and then September 23 to 27. Funds of stock buyback amounting to Rp 25 billion is derived from the company's reserve fund, which the company retained earnings unappropriated, valued at Rp 209,6 billion as of June 30, 2013. (Bisnis.com) - PT Rajawali Nusantara Indonesia ( RNI ) Persero plans to acquire Australian cattle farms with 200,000-500,000 cows. According to the Director of RNI, Mr Ismed Hasan Putra, the company has prepared about 350 billion fund. This budget was derived from internal cash about 30 % and 70 % bank loan.
Currently, the company is verifying five companies. He expects corporate takeover can be completed in January 2014. SoE Minister Dahlan Iskan has appointed PT Pupuk Indonesia Holding Company (Persero) to buy cattle company in Australia with a land area of 1 million hectares, while RNI can manage cattle in smaller amounts. (IMQ)
LPJKN proposed six actions to deal foreign currency fluctuations
The National Construction Services Development Institute (Lembaga Pengembangan Jasa Konstruksi Nasional / LPJKN) proposed six actions to the government to deal with foreign currency fluctuations.
- The government must establish the conditions of force majeure and revise the contract value by time duration, which is a multiyear, single year, and lump-sum contract.
- The contract price adjustment can only be done in times of crisis.
- Project delays can only be allowed if the agreement price adjustment has not happened.
- The contractor is allowed to cancel the contract without penalty if the contract value is not agreed upon negotiation.
- Review of final taxation for the period of crisis.
- Incentives import tax on building materials strategic to national development.
The Association also stated that minimum wage (UMR and UMP) rising, increase in fuel price and IDR-USD volatility has a negative pressure on the construction industry. According to LPJKN, the supplier of goods is not willing to lock the sale price more than a week since the price fluctuating.
Analyst believe that the proposal would be a boost to the owner of the project contractor. If the government approve the proposal, the margin of contractors will be affected by the light conditions of crisis.
for Indonesia Market Summaries
Friday, September 27, 2013
Indonesia Market summaries 27 September 2013
Central Bureau of Statistics of Indonesia (Badan Pusat Statistik / BPS) will announce the September inflation and August trade balance at 1 October. Analyst predicts deflation will occur between the months of 0.05 % (MoM) and push inflation to 8.7 % between the year (YoY) which fell compare to inflation of 8.8% YoY last month. Since the beginning of the year (YTD), inflation will reach 7.9%.
Analyst observed that staple food commodities such as rice, peppers, onions, garlic, and beef are the main drivers. Transportation expenses will also be normal again after a period of Eid.
Nevertheless, core inflation can be increased slightly to 4.64% YoY from 4.48% YoY in August 2013. The main factor is the depreciation of 5.5% MoM and 0.6% MoM rise in gold last month.
Supply of cash funds increased 14.7% YoY in July from 11.8% YoY in June can cause pass through effect of core inflation in September 2013.
For the trade balance, there are trade deficit that will decline to U.S. $ 0.8 billion in August from U.S. $ 2.3 billion in July due to the lower imports. Import growth is predicted to fall to 2.4% YoY in August (compared to 6.5 % YoY in July 2013), while exports will be improve.
Predicted exports contracted 5.2% YoY from 6.1% previously. Decline in trade deficit also caused the value of imports, especially of fuel cut previously had increased because of Ied holiday. This cycle has occurred in recent years.
From 2005-2012 data, the trend of imports will rise by U.S. $ 1 billion in Eid then will drop. In addition , export performance also will not move significantly while the price of coal, palm oil, and rubber are still stable.
for Indonesia Market summaries
Analyst observed that staple food commodities such as rice, peppers, onions, garlic, and beef are the main drivers. Transportation expenses will also be normal again after a period of Eid.
Nevertheless, core inflation can be increased slightly to 4.64% YoY from 4.48% YoY in August 2013. The main factor is the depreciation of 5.5% MoM and 0.6% MoM rise in gold last month.
Supply of cash funds increased 14.7% YoY in July from 11.8% YoY in June can cause pass through effect of core inflation in September 2013.
For the trade balance, there are trade deficit that will decline to U.S. $ 0.8 billion in August from U.S. $ 2.3 billion in July due to the lower imports. Import growth is predicted to fall to 2.4% YoY in August (compared to 6.5 % YoY in July 2013), while exports will be improve.
Predicted exports contracted 5.2% YoY from 6.1% previously. Decline in trade deficit also caused the value of imports, especially of fuel cut previously had increased because of Ied holiday. This cycle has occurred in recent years.
From 2005-2012 data, the trend of imports will rise by U.S. $ 1 billion in Eid then will drop. In addition , export performance also will not move significantly while the price of coal, palm oil, and rubber are still stable.
for Indonesia Market summaries
Thursday, September 26, 2013
Indonesia Market summaries 26 September 2013
- Ministry of Communication and Informatics Republic of Indonesia (Kominfo) insists will only approve the consolidation of PT XL Axiata Tbk (EXCL, Rp 4.425) with PT Axis Telekom Indonesia in the event of a merger. Kominfo will only support the merger because the number of telecom operators will be reduced.
Kominfo said, the fewer number of operators will make a quality mobile broadband network to meet its criteria. They also said that the CDMA operators in the 850MHz spectrum should also get ready to unite its network even though the company will not unite. (Bisnis.com) - PT Modernland Realty Tbk (MDLN, 700) acquired 100% property project of Jakarta Garden City in Cakung, East Jakarta. The acquisition of this project occurred because MDLN has acquired the shares of PT Mitra Sindo Sukses and Mitra Sindo Makmur.
On the other hand, MDLN projected revenue this year could reach Rp 2 trillion. By mastering Jakarta Garden City project, MDLN revenue targets next year increased to Rp 2,6 trillion. (Kontan) - Management of Bank Nagari still keen to do the initial public offering (IPO). IPO step is done to support the company's expansion. They would discuss the IPO plan with directors and shareholders. (Inilah.com)
- Fitch Ratings assessed that tightening LTV for second and third homes will tame the property and house price growth in Indonesia. Significant growth occurred during the last 3 years. Fitch Ratings still believes that the property market is still attractive despite the growth of price will slow, and the developers are still able to compete in the more challenging conditions. (Fitch Ratings)
- PT Sat Nusapersada Tbk (PTSN, Rp 92) allocates Rp 40,74 billion to buy back shares of about 20 % of the paid-up capital. The Company has appointed PT Samuel Sekuritas Indonesia, which will help the company in the buyback. (Inilah.com)
- Energy services company PT Elnusa Tbk (ELSA, Rp 285) to realize the sale of 40% stake in its subsidiary, PT Patra Telekomunikasi Indonesia (Patrakom) PT Telekomunikasi Indonesia Tbk (TLKM, Rp 2.175). Sales made on 25 September 2013 and the effective date of this sale is upon receipt of payment in full. (imq21.com)
- PT Dharma Satya Nusantara Tbk (DSNG, Rp1.880) got a loan of Rp 201,58 billion of BBCA (Rp10.300, NEUTRAL, TP Rp10.300). 7-10 year loan tenure obtained by DSNG through eight subsidiaries for investment in oil palm plantation. (IDX)
Wednesday, September 25, 2013
Indonesia Market Summaries 25 September 2013
- Astra Group through PT Marga Mandala Sakti (MMS) targeting Balaraja Serpong toll road. Subsidiary of PT Astra International Tbk (ASII, Rp6.400, NEUTRAL, TP Rp7.300) targeting 40 km toll road by forming a consortium with Grup Sinarmas and Grup Kompas Gramedia.
The joint venture will have a 70:30 ratio of debt compared to the proportion of cash that will be used. MMS focus on the Trans Jawa toll road Mojokerto-Kertosono along 40.5 Km which will be completed in September 2014. The company is targeting revenue Rp 600 billion this year (+20% YoY), while net profit rose just 10% targeted amid rising labor costs. (Investor Daily) - SUN's Auction managed to get requests Rp 25,78 trillion yesterday. In the auction, the government absorb the demand and issue Rp 12 trillion from Rp 8 trillion indicative target. Throughout the quarter III/2013 government has sold securities valued at Rp 77,76 trillion of the auction, above the target of Rp 72,9 trillion. Since the beginning of the year, the government has issued securities valued (Surat Utang Negara / SUN) at Rp 179, 18 trillion. (Kontan)
- Issuer of Grup Sinar Mas, PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM, Rp1.750) mortgaged 35.29% shares of its subsidiary - PT Oki Pulp & Paper Mills - to get a loan from China Development Bank Corp. The new shares are owned by TKIM since July 11 are pledged for a loan of U.S. $ 3 billion that will be used to build tissue and Oki Pulp paper mill. (Kontan)
- PT Dayamitra Telekomunikasi (Mitratel) were given a backdoor listing option on the stock exchange by its parent company, PT Telekomunikasi Indonesia Tbk (TLKM, Rp 2.150, under review). Backdoor listing is A strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already listed company.
The option was given with the portion of release shares held by TLKM up to 49% and open procedure for redemption through the exchange of shares and cash. (Investor Daily) - Contract of Work (Kontrak Karya / KK) of PT Koba Tin was decided not to be extended. Management of tin mine land that abandoned by Koba Tin handed over to PT Timah Tbk (TINS, Rp1.470). This decision established on 18 September, after having been extended twice with a total duration of 5 months. A total of 75% stake in Koba Tin owned by Malaysia Smelting Corp and the rest owned by TINS. (Bisnis Indonesia)
Monday, September 23, 2013
Indonesia Market Summaries 23 September 2013
- PT Kimia Farma Tbk (KAEF, Rp590) delay the issuance of bonds worth Rp 1 trillion, which is planned to be released this September. According to the plan, Funds from the issuance are for the construction of pharmaceutical manufacturing. The company plans to seek bank loans to those needs. (Kontan)
- PT Timah Tbk (TINS, Rp1.530) targeting 51% stake in the new company which will replace PT Koba Tin. The plan is inline with the condition if the government did not renew the work contract of Koba Tin. (Investor Daily)
- The IPO schedule of PT Link Net, a subsidiary of PT First Media Tbk (KBLV, Rp600) withdrew from the beginning schedule in the quarter III/2013. Delays occur until the end of this year due to the acquisition have not been pre-effective statement from the Financial Services Authority. (Bisnis Indonesia)
- PT Cipaganti Citra Graha Tbk (CPGT, Rp265) acquired two taxi company, PT Pandu Persada Saranamukti and PT Andika Semesta. Acquisition through its subsidiary in the field of taxi services, PT Grand Transportasi Sejahtera. (Bisnis Indonesia)
- Indonesian Government Bond Yields fell the most in among other Asian countries along with the Fed's decision delay tapering Quantitative Easing. The fall of government securities (Surat Utang Negara / SUN) yields make its price in the secondary market climbed. However, the big fall of SUN also shows that the Indonesian bond market is very fluctuative. It also shows the pressure in the bond market decreased. (Kontan)
for Indonesia Market Summaries 23 September 2013
Thursday, September 19, 2013
21st Indonesia International Motor Show (IIMS 2013) organized by Dyandra
The subsidiary company of PT Dyandra Media International Tbk (DYAN), PT Dyandra Promosindo again organizing the annual car show event, The 21st Indonesia International Motor Show (IIMS) 2013 in Jakarta International Expo (JIExpo) Kemayoran - Jakarta. Officially opened by Indonesia Vice President, Mr Budiono today September 19, 2013.
IIMS known as the biggest automotive exhibition in Indonesia, IIMS hosted by Gaikindo is one of the biggest event which organized by Dyandra.
Theme for IIMS 2013 is 'Smart Vehicle Mobility', where smart mobility solution is the most appropriate choice for today’s urban society. IIMS 2013 will support and highlight steps taken by Indonesian automotive industry to develop innovative technology through the LCGC (Low Cost Green Car) programs.
There will be a 36 sole agent (Agen Pemegang Merek / APM) from 35 APM last year. While the support industry company reached 276 from 260 in 2012.
Gaikindo did not put specific targets sales to Indonesia International Motor Show (IIMS) 2013, but for the same event last year, IIMS 2012 recorded 368.790 visitors and Rp 4.2 trillion for the amount of transaction.
for Indonesia Market Summaries
IIMS known as the biggest automotive exhibition in Indonesia, IIMS hosted by Gaikindo is one of the biggest event which organized by Dyandra.
Theme for IIMS 2013 is 'Smart Vehicle Mobility', where smart mobility solution is the most appropriate choice for today’s urban society. IIMS 2013 will support and highlight steps taken by Indonesian automotive industry to develop innovative technology through the LCGC (Low Cost Green Car) programs.
There will be a 36 sole agent (Agen Pemegang Merek / APM) from 35 APM last year. While the support industry company reached 276 from 260 in 2012.
Gaikindo did not put specific targets sales to Indonesia International Motor Show (IIMS) 2013, but for the same event last year, IIMS 2012 recorded 368.790 visitors and Rp 4.2 trillion for the amount of transaction.
for Indonesia Market Summaries
Indomobil shows Datsun Go at IIMS 2013
PT Indomobil Sukses International Tbk (IMAS) through Nissan Motor Indonesia (NMI) displaying Datsun Go in Indonesia International Motor Show 2013 (IIMS 2013).
After being introduced to the media, Tuesday, 17/9/2013, Datsun Go finally can be seen by the general public in the annual car show event, IIMS 2013. There are 2 types of LCGC car that will be in the market in 2014, Datsun Go and Datsun Go+.
NMI explains the presence of Datsun Go in IIMS 2013 is still a show car, there is no order units and it will be sold in 2014.
As is known, some manufacturers are planning to introduce LCGC cars, such as Honda Prospect Motor launched Brio Satya, Agya by Toyota, Ayla by Daihatsu. And Datsun Go will complete the market of LCGC car segment in Indonesia.
for Indonesia Market Summaries
After being introduced to the media, Tuesday, 17/9/2013, Datsun Go finally can be seen by the general public in the annual car show event, IIMS 2013. There are 2 types of LCGC car that will be in the market in 2014, Datsun Go and Datsun Go+.
NMI explains the presence of Datsun Go in IIMS 2013 is still a show car, there is no order units and it will be sold in 2014.
As is known, some manufacturers are planning to introduce LCGC cars, such as Honda Prospect Motor launched Brio Satya, Agya by Toyota, Ayla by Daihatsu. And Datsun Go will complete the market of LCGC car segment in Indonesia.
for Indonesia Market Summaries
Friday, September 13, 2013
Indonesia Market Summaries 13 September 2013
- Approximately 90 % stake in PT Siloam International Hospitals Ltd (SILO, Rp 9.650) absorbed by foreign investors . The entry of foreign investors mostly in the form of institutions, while the rest is absorbed by local investors. The company who engaged in the business of the hospital has just recorded their IPO and raised Rp 1,4 billion fund.
After IPO, SILO directly boosted their expansion to have 40 hospitals by 2017. Next year, the management set aside U.S. $ 100 million fund, or equivalent to Rp 1,11 trillion, to fulfill the development needs of the hospital with a target of six to eight new units. (Kontan) - PT Pemeringkat Efek Indonesia (Pefindo) downgraded PT Aneka Tambang (Persero) Tbk (ANTM, Rp 1.450 under review) of idAA to idAA-. The downgrade is primarily driven by the decline in nickel prices which could disrupt the company's cash flow. (Pefindo)
- PT Cipaganti Global Corporindo sell PT Citra Graha (CPGT, Rp 275) of 117.647.058 shares at a price of Rp 255 per share on August 29, 2013. Andianto Setiabudi, Corporindo Cipaganti director, said the sale of shares with a total value of approximately Rp 29,9 billion is intended to supplement Cipaganti Citra Graha's working capital. (Bisnis.com)
- PT Bank Permata Tbk (BNLI, Rp 1.280) will raise interest rates on deposits by 125 bps, following a rise in BI Rate to 7.25% since the beginning of the year. On the other hand, the company recorded priority customers have reached a total of 50,000 customers from as many as 1.5 million customers . Thus, the total funds under management of priority customers reach Rp 40 trillion to Rp 45 trillion. (Inilah.com)
- Indonesia Stock Exchange (IDX) reported a number of local investors who invest in corporate bonds surged by 43.85% to 6,315 accounts per August 30, 2013, from the previous 4,390 accounts in the same period last year . IDX data also show the number of domestic investors who have securities accounts increased 12.45% from 230.360 to 259.037.
Meanwhile, the number of accounts for Indonesian Government Retail Bond (ORI) has not changed. Current account number of ORI are 73.042. As of 4 September 2013, the percentage of shareholding foreign investors accounted is 56.17% or decreased when compared to the end of 2011 which was in the range of 60%. (Bisnis.com)
Thursday, September 12, 2013
Indonesia Market Summaries 12 September 2013
- PT Modernland Realty Tbk (MDLN, 700, BUY, TP Rp 1.250) seek approval of its shareholders at the EGM 27 September to seek bank loans. The fund is intended to be a source of funding for the acquisition of Jakarta Garden City of Keppel Land that has been previously announced.
As a result of the world financial market conditions that are not conducive, MDLN failed to issue bonds denominated in U.S. dollars that were previously planned and are looking for alternative financing from banks. In the EGM, MDLN also requested approval of a stock split 1:2 . (Company Released) - PT Cemindo Gemilang , the owner of Semen Merah Putih, began to build a new cement plant worth U.S. $ 600 million. The factory of Ganda Group company in Banten will have a capacity of 4 million metric tons per year and will start operating in 2015. The plant capacity can be increased to 12 million metric tons per year with a total investment of Rp 1,8 trillion. (Investor Daily)
- PT Astra Otoparts Tbk (AUTO, Rp3.550) of Group Astra will pay an interim dividend of Rp 22 per share (0.6 % yield). Cum date and ex date of dividend is 2 and 3 October, while the distribution will be made on October 23.
Another ASII subsidiary, PT Astra Agro Lestari Tbk (AALI, Rp 21.400, BUY, TP Rp 21.900) and PT Astra Graphia Tbk ( ASGR , Rp1.230 ) will also pay dividends Rp 160 and Rp 18 per share. (IDX) - Property company PT Surya Semesta Internusa Tbk intends to hold a buyback worth IDR200 billion. The funds will be used to purchase a maximum of 20 % of its shares in the stock market. (Investor Daily)
- Group Emtek PT Elang Mahkota Teknologi Tbk (EMTK, Rp 5.450) develope their business into the health care sector by acquiring 1.5 hectares area of RS Usada Insani in Tangerang. Acquisition is done by forming a joint subsidiary namely PT Surya Cipta Medika. The business group of Sariaatmadja was known as SCTV and has other business lines such as solutions and connectivity. (Bisnis Indonesia)
- PT Nippon Indosari Corpindo Tbk (ROTI, Rp 5.950) will hold the sale price this year despite there are any invasion of foreign companies and increased costs when fuel prices rise. The selling price was hold especially useful for maintaining their market share. (Bisnis Indonesia)
Honda Prospect Motor Launch Brio Satya environmentally friendly car
Honda launched the Honda Brio Satya, a cheap environmentally friendly car yesterday. The launch was also accompanied by the launching of All New Brio.
So there are three line-up types of New Brio:
Compared with LCGC model, the Satya (Rp 106 million to Rp 117 million) , there are still buyers who will be having Brio 1.2L (Rp131 million to Rp136 million) because it has an automatic transmission and the difference in monthly payments is not as significant (Rp 900.000 for 3 years tenor).
To the 1.3L Sports model (Rp 169 million to Rp 179 million ), buyers will not so enthusiast but it can boost the image of "premium " on the Brio brand.
Regardless of the type of Sports 1.3L model, Brio pricing at levels Rp 106 million to Rp 136 million is still more expensive 6 to 15 million rupiah compared to Toyota Agya (Rp 100 million to Rp 121 million) and 30 to 60 million rupiah on top of Daihatsu Ayla (Rp 77 million - Rp 107 million). It is believe that buyers will also compare the Brio with Agya not Ayla.
On a monthly basis, the difference between Brio and Agya installments based on 3 years tenor are Rp 173.000 to Rp 486.000 for manual transmission and Rp 591.000 to Rp 733.000 for automatic transmission.
What are the main differences for this New Brio?
With higher prices, Brio is equipped with a 88 HP 1.2L engine, compared with Agya with 65 HP 1.0L engine. Other features are relatively similar.
Honda has a strong branding in the segment of passenger cars in Indonesia with 8.1% market share during the first 7 months of 2013. With the design and specifications, Brio can take Agya market, but it will not much because the dealerships capacity is only about 120, compared with Toyota (240) and Daihatsu (200).
Honda targeting to sell 4,000 units of Brio per month, with about 1,200 of Satya. The first deliveries expected in November 2013. For comparison, Agya / Ayla predicted will be posted sales of 8,300 units in 2014.
To support assembly, Honda intends to increase its plant capacity to 180,000 per year from 60,000 per year to increase the capacity of 120,000 per year, equivalent to the capacity of LCGC of PT Astra International Tbk (ASII, Rp 5.950, NEUTRAL, TP Rp 7.300).
for Indonesia Market Summaries
So there are three line-up types of New Brio:
- Brio Satya - range price from Rp 106 million to Rp 117 million
- Brio 1.2L - range price from Rp 131 million to Rp 136 million
- Brio Sports 1.3L - range price from Rp 169 million to Rp 179 million
Compared with LCGC model, the Satya (Rp 106 million to Rp 117 million) , there are still buyers who will be having Brio 1.2L (Rp131 million to Rp136 million) because it has an automatic transmission and the difference in monthly payments is not as significant (Rp 900.000 for 3 years tenor).
To the 1.3L Sports model (Rp 169 million to Rp 179 million ), buyers will not so enthusiast but it can boost the image of "premium " on the Brio brand.
Regardless of the type of Sports 1.3L model, Brio pricing at levels Rp 106 million to Rp 136 million is still more expensive 6 to 15 million rupiah compared to Toyota Agya (Rp 100 million to Rp 121 million) and 30 to 60 million rupiah on top of Daihatsu Ayla (Rp 77 million - Rp 107 million). It is believe that buyers will also compare the Brio with Agya not Ayla.
On a monthly basis, the difference between Brio and Agya installments based on 3 years tenor are Rp 173.000 to Rp 486.000 for manual transmission and Rp 591.000 to Rp 733.000 for automatic transmission.
What are the main differences for this New Brio?
With higher prices, Brio is equipped with a 88 HP 1.2L engine, compared with Agya with 65 HP 1.0L engine. Other features are relatively similar.
Honda has a strong branding in the segment of passenger cars in Indonesia with 8.1% market share during the first 7 months of 2013. With the design and specifications, Brio can take Agya market, but it will not much because the dealerships capacity is only about 120, compared with Toyota (240) and Daihatsu (200).
Honda targeting to sell 4,000 units of Brio per month, with about 1,200 of Satya. The first deliveries expected in November 2013. For comparison, Agya / Ayla predicted will be posted sales of 8,300 units in 2014.
To support assembly, Honda intends to increase its plant capacity to 180,000 per year from 60,000 per year to increase the capacity of 120,000 per year, equivalent to the capacity of LCGC of PT Astra International Tbk (ASII, Rp 5.950, NEUTRAL, TP Rp 7.300).
for Indonesia Market Summaries
Wednesday, September 11, 2013
Indonesia Government reviewing to raise royalties and export duties of coal commodity companies
The Indonesia Government reviewing to raise royalties and export duties of coal commodity companies. The goal is to increase state revenues in the volatile situation.
Special Staff of ESDM Minister, Mr Thabrani Alwi said the government reviewing to raise coal royalties and export duties for Coal to 10% to 13.5%.
"Currently, the government plans to increase coal royalties are devoted to IUP (Mining Permit) from 5% until 7,5% to 10% until 13.5%," said Thabrani at the Ministry of Energy and Mineral Resources, Wednesday (11/9/ 2013).
As for the coal mining company, the Coal Mining Employers Work Agreement (Perjanjian Karya Pengusaha Pertambangan Batubara / PKP2B), the royalty it is not altered or it is a fixed royalty of 13.5%. "For PKP2B, the royalty is fixed," he said.
Based on Government Regulation No. 9 of 2012 concerning Types and Tariffs on Non-Tax State Revenues, royalties for open pit coal pegged between 3% -7% of the sales price depending on the type of calories.
As for coal from underground mines the amount of the royalty is 2% for calories less than 5,100 calories per Kg.
for Indonesia Market Summaries
Special Staff of ESDM Minister, Mr Thabrani Alwi said the government reviewing to raise coal royalties and export duties for Coal to 10% to 13.5%.
"Currently, the government plans to increase coal royalties are devoted to IUP (Mining Permit) from 5% until 7,5% to 10% until 13.5%," said Thabrani at the Ministry of Energy and Mineral Resources, Wednesday (11/9/ 2013).
As for the coal mining company, the Coal Mining Employers Work Agreement (Perjanjian Karya Pengusaha Pertambangan Batubara / PKP2B), the royalty it is not altered or it is a fixed royalty of 13.5%. "For PKP2B, the royalty is fixed," he said.
Based on Government Regulation No. 9 of 2012 concerning Types and Tariffs on Non-Tax State Revenues, royalties for open pit coal pegged between 3% -7% of the sales price depending on the type of calories.
As for coal from underground mines the amount of the royalty is 2% for calories less than 5,100 calories per Kg.
for Indonesia Market Summaries
Indonesia Market Summaries 11 September 2013
- PT Moderland Realty Tbk (MDLN, Rp690) will undertake the acquisition of 51% shares owned by PT Mitra Sindo Sukses (MSS) from Le Vision and 51% shares owned by PT Mitra Sindo Makmur (MSM) from Castlehigh. Currently MDLN already has a 49% stake owned by those two companies. The acquisition plan as an effort to gain additional operational support in terms of land area supply.
- PT Jasa Marga Tbk (JSMR, Rp5.600) targeting total revenue amounted to Rp 6 trillion in 2013. This was done after Jasa Marga will operate 3 new toll roads and encouraging other construction projects. In the second semester of 2013, Jasamarga will target an income of Rp 2,78 trillion, which is obtained through the highway at 68% and the rest through the construction business and other services. (Vibiznews)
- PT Dyandra Media International Tbk (Dyan, Rp240, BUY, TP Rp425) has budgeted approximately Rp 85 billion to buyback shares amid stock market turmoil. The fund is approximately 20% of the value of the paid-up capital and it is from company's retained earnings. (Bisnis.com)
Tuesday, September 3, 2013
Indonesia Market Summaries 3 September 2013
- PT Astra Agro Lestari Tbk (AALI, Rp20.550 BUY TP: Rp21.200 ) and Kuala Lumpur Kepong form a joint venture to market AALI downstream products abroad. Both have set up a company engaged in crude palm oil refined products (downstream products), and market their products abroad. (Company Release)
- Management of PT Media Nusantara Citra Tbk (MNCN, Rp2.825 ) said they have terminated the discussions with VIVA group regarding the proposed acquisition of ANTV. MNC said that the company's valuation and market situation into uncertainty become the reasons for cancellation of the acquisition.
Furthermore, they said that there is a better way to increase shareholder value is doing a buyback. The Company also will wait for a more opportune moment to make acquisitions. Previously rumored, that MNC group interested in buying shares of VIVA group. (Inilah.com) - Based on data from the Central Statistics Agency (Badan Pusat Statistik / BPS), the soybean imports in this year (January to July) stood at 1.1 million tons, worth U.S. $ 670 million equivalen to Rp 6,7 trillion.
Details, soybean imports in July amounted to 227 thousand tons or U.S. $ 140 million. That number is higher than June which amounted to 175 thousand tons or U.S. $ 105 million. So also with Mei that recorded 184 thousand tons or U.S. $ 113 million. (DetikFinance) - Bank Indonesia (BI) will accelerate the launch of the implementation of the rules of banking services without offices alias branchless banking, because of banking supervision will move into the hands of the Financial Services Authority (Otoritas Jasa Keuangan / OJK) began early in 2014.
Initially, branchless banking rules will glide after branchless banking test pilot project ends in November 2013. However, the central bank will promote the launch of a regulation in September or no later than October 2013. (Kontan.co.id) - Significant Expense of PT Unilever Indonesia Tbk (UNVR, Rp30.550 Rp30.650 NEUTRAL TP) imposed by the related parties by June 2013 rose 48.14% compared with the same period last year to Rp 689,946 billion.
The increase is due to the cost of services fueled by UBGS which skyrocketed while the royalty burden down. Meanwhile, the burden of royalties owned by Dutch giant retail is down 29.18% from Rp 360,412 to Rp 255,234 billion. (Bisnis.com)
Monday, September 2, 2013
Minz SP has denied the allegations from Glaukus Research
China Minzhong (Minz SP) - a subsidiary company of PT Indofood Sukses Makmur Tbk (INDF, 6,500, BUY, TP Rp 7,500) - has denied the allegations from Glaucus Research and assess that those view was reckless opinion and misleading.
The vegetable processing companies of the People's Republic of China (PRC) was previously accused by Glaucus Research Group. Glaucus accused Minz has inflated the amount of assets and income which are presented to the Singapore Stock Exchange (SGX).
Minz also accused and reported their total capital expenditures of 2011-2012 were different from that recorded in State Administration for Industry & Commerce (SAIC).
Minz said that Glaucus did not understand the business and operational environment in China, and stated that any firm statements have been adjusted to the financial reporting standards (FRS) and have been audited by Crowe Horwarth First Trust LLP.
In detail, the following rebuttal by Minz against Glaucus report:
Earlier, INDF acquired a 29.3 % stake of Minz with average purchase price of SGD 1.02 per share or totaling SGD 195 million.
Although, Minz official explanation were relief but we assess the condition of Minz is overhang and has a negative sentiment from this scandal. Sentiment was mainly exist when it's linked to a similar scandal and delisting from some Chinese companies were listed on the Singapore (S-chips).
The majority acquisition of Minz stake will make the overhang condition fade away. However, INDF is still consider to be potential for investors.
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The vegetable processing companies of the People's Republic of China (PRC) was previously accused by Glaucus Research Group. Glaucus accused Minz has inflated the amount of assets and income which are presented to the Singapore Stock Exchange (SGX).
Minz also accused and reported their total capital expenditures of 2011-2012 were different from that recorded in State Administration for Industry & Commerce (SAIC).
Minz said that Glaucus did not understand the business and operational environment in China, and stated that any firm statements have been adjusted to the financial reporting standards (FRS) and have been audited by Crowe Horwarth First Trust LLP.
In detail, the following rebuttal by Minz against Glaucus report:
- No sales were inflated. Legal adviser of the Hong Kong Trading Co. Yifenli willing to provide evidence of the sales contract and to confirm their trade relations.
- Proof of purchase from the company to Chengdu Shufeng for question period are also available.
- Minz said that there was no major consumer transactions are covered, including the Putian that has a normal commercial contract. Related to Glaucus allegations that there is a covered affiliate transactions in Putian, the company said that Lin Guo Rong (Chairman of Minz SP) and legal counsel of one of its subsidiary, Ping Guo Lin, was never involved in the daily activities of management and operations. Both of them also do not have the Putian stock either directly or indirectly.
- Capital expenditure stated by Minz can be provable. Glaucus also accused only show Minz 2010-2012 financial statements partially and did not consider differences in the calculation of generally accepted accounting principles (GAAP) in China and the FRS.
- Financial performance can also be proved as Glaucus is considered to have improper of EBITDA count and did not understand the tax calculation. Income derived from the sale of fresh vegetables are tax-free while the income of vegetable processed and branded products are taxable.
Earlier, INDF acquired a 29.3 % stake of Minz with average purchase price of SGD 1.02 per share or totaling SGD 195 million.
Although, Minz official explanation were relief but we assess the condition of Minz is overhang and has a negative sentiment from this scandal. Sentiment was mainly exist when it's linked to a similar scandal and delisting from some Chinese companies were listed on the Singapore (S-chips).
The majority acquisition of Minz stake will make the overhang condition fade away. However, INDF is still consider to be potential for investors.
for Indonesia Market Summaries
Friday, August 30, 2013
BI rate rised by 50 bps to restore confidence in rupiah currency
Bank Indonesia raised the BI rate by 50 bps to restore confidence in the rupiah currency.
The central bank also issued a number of other policies that lower the minimum holding period of Bank Indonesia certificates (SBI) from 6 months to 1 month; bank ownership on certificates of deposit of Bank Indonesia (SDBI) will calculate as a secondary reserve requirement; extension of BSA period worth U.S. $ 12 billion by the Bank of Japan.
This aggressive assess that increase BI rate considere be able to restore confidence in the rupiah currency. The inflation forecast to 9% and 5% YoY in the midst of a weakening rupiah projections (each 10% depreciation of the rupiah will make inflation rise 0.8 % points) and due to the new CPI weightings that will impact effectively on the fourth quarter (Q4) of 2013.
The analyst (Mandiri Securities Research) predicts the economic growth will slow and also revised GDP to 5.8% in 2013 and 5.9% in 2014, from previous assumptions respectively by 5.9% and 6.3%.
BI rate hike will affect the banking sector, especially in terms of GDP growth that will impact on credit growth expectations. Some economists also predict that the central bank may raise the BI rate by 25 bps to 50 bps again until the end of the year and make the BI rate sit at 7.25% -7.5% by the end of the year.
BI rate hike also impact the credit sector that primarily slowing down the credit growth, non-performing loans (NPL), and lowering th margin.
Even so, some banks that have a large excess funds (as evidenced by the low ratio of loans to deposits / LDR) and has a low of time deposits. The two banks would benefit most are PT Bank Central Asia Tbk (BBCA, Rp8.950, NEUTRAL, TP Rp9.700) and BMRI.
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The central bank also issued a number of other policies that lower the minimum holding period of Bank Indonesia certificates (SBI) from 6 months to 1 month; bank ownership on certificates of deposit of Bank Indonesia (SDBI) will calculate as a secondary reserve requirement; extension of BSA period worth U.S. $ 12 billion by the Bank of Japan.
This aggressive assess that increase BI rate considere be able to restore confidence in the rupiah currency. The inflation forecast to 9% and 5% YoY in the midst of a weakening rupiah projections (each 10% depreciation of the rupiah will make inflation rise 0.8 % points) and due to the new CPI weightings that will impact effectively on the fourth quarter (Q4) of 2013.
The analyst (Mandiri Securities Research) predicts the economic growth will slow and also revised GDP to 5.8% in 2013 and 5.9% in 2014, from previous assumptions respectively by 5.9% and 6.3%.
BI rate hike will affect the banking sector, especially in terms of GDP growth that will impact on credit growth expectations. Some economists also predict that the central bank may raise the BI rate by 25 bps to 50 bps again until the end of the year and make the BI rate sit at 7.25% -7.5% by the end of the year.
BI rate hike also impact the credit sector that primarily slowing down the credit growth, non-performing loans (NPL), and lowering th margin.
Even so, some banks that have a large excess funds (as evidenced by the low ratio of loans to deposits / LDR) and has a low of time deposits. The two banks would benefit most are PT Bank Central Asia Tbk (BBCA, Rp8.950, NEUTRAL, TP Rp9.700) and BMRI.
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Thursday, August 29, 2013
Mitra Pinasthika Mustika Auto will distribute Nissan
PT Mustika Pinasthika Mitra Tbk (MPMX, Rp970), owned by Saratoga Capital Group company, through its subsidiary, Mitra Pinasthika Mustika Auto (MPM Auto) will distribute Nissan car.
The plan was based on cooperation between dealer sales and service agreement with PT Nissan Motor Distributor Indonesia (NMDI) on August 23. The agreement will make MPM Auto as one of the official Nissan dealer.
MPM Auto will support Nissan in retail sales and the needs of dealership network to boost their market share in the near future, along with market support for the secondary principal from Japan.
PT Indomobil Sukses Internasional Tbk (IMAS, Rp4.925, BUY, TP RpRp6.000) will also have the advantage, because of the additional independent dealers will help launch Datsun LCGC.
Through IMAS, Nissan only has 90 dealers, under Toyota which has 240 dealers (83 PT Astra International Tbk / ASII dealers and 149 independent dealers), while Daihatsu 200 dealer (96 ASII dealers and 100 independent dealers). IMAS will also earn additional contribution of revenue because it has a 25% NMDI stake as a wholesale seller.
On the other hand, MPMX also being set Rp 150 billion for buyback. Issuer has delivered a notice to the stock exchange and capital market authorities with a maximum purchase price of Rp 1.150.
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The plan was based on cooperation between dealer sales and service agreement with PT Nissan Motor Distributor Indonesia (NMDI) on August 23. The agreement will make MPM Auto as one of the official Nissan dealer.
MPM Auto will support Nissan in retail sales and the needs of dealership network to boost their market share in the near future, along with market support for the secondary principal from Japan.
PT Indomobil Sukses Internasional Tbk (IMAS, Rp4.925, BUY, TP RpRp6.000) will also have the advantage, because of the additional independent dealers will help launch Datsun LCGC.
Through IMAS, Nissan only has 90 dealers, under Toyota which has 240 dealers (83 PT Astra International Tbk / ASII dealers and 149 independent dealers), while Daihatsu 200 dealer (96 ASII dealers and 100 independent dealers). IMAS will also earn additional contribution of revenue because it has a 25% NMDI stake as a wholesale seller.
On the other hand, MPMX also being set Rp 150 billion for buyback. Issuer has delivered a notice to the stock exchange and capital market authorities with a maximum purchase price of Rp 1.150.
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Wednesday, August 28, 2013
PT Summarecon Agung Tbk reported a net profit after tax
PT Summarecon Agung Tbk (SMRA, Rp730) reported a net profit after tax (NPAT) throughout the semester I/2013 Rp 612 billion, an increase of 76.8% year on year (YoY) and -9.2% quarter on quarter (QoQ). Despite the gains, the performance is still below the estimate (68.6% of the 2013 target) and the consensus of market participants (60.9% of the 2013 target).
SMRA' Operating margin rose if based YoY, but down if based QoQ. Per semester I/2013, SMRA is still at the level of net cash to net debt ratio (net gearing) -33%.
Issuers also plans to issue Rp 2 trillion in bonds on Semester II/2013 to acquire land in South Jakarta. If the bond's interest above the target of 0%, then the number of publications can be down. The company still has cash Rp 2,7 trillion at the end of the semester I/2013.
In the same period, SMRA record sales of 2 trillion or 44% of year target. SMRA' Management is targeting NPAT Rp 1 trillion in 2013. Currently SMRA shares traded at PE ratio of 10.7 x 2013.
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SMRA' Operating margin rose if based YoY, but down if based QoQ. Per semester I/2013, SMRA is still at the level of net cash to net debt ratio (net gearing) -33%.
Issuers also plans to issue Rp 2 trillion in bonds on Semester II/2013 to acquire land in South Jakarta. If the bond's interest above the target of 0%, then the number of publications can be down. The company still has cash Rp 2,7 trillion at the end of the semester I/2013.
In the same period, SMRA record sales of 2 trillion or 44% of year target. SMRA' Management is targeting NPAT Rp 1 trillion in 2013. Currently SMRA shares traded at PE ratio of 10.7 x 2013.
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Operational performance of PT United Tractors Tbk down 2.5% on July
Operational performance of PT United Tractors Tbk (UNTR, Rp14.750, NEUTRAL, TP Rp17.000) during July were down 2.5% month on month (MoM) rated below expectations. The decline caused by a decrease in mining and construction sectors in the same period.
Sales of UNTR in construction sector during the first 7 months of 2013, which represents 55% of the 2013 target is still under estimation. The sales decline was associated with rising interest rates and the fell of Rupiah's exchange rate against the U.S. dollarto undermine the interests of the non-mining sector. Mining sector demand is still low due to the price of coal is still weak.
Contract mining down 5% MoM due to higher rainfall in July. Overburden removal project fell 5.7% MoM and coal production fell 5.2% MoM in July, still within the expectations. July coal sales volume fell 41.2% MoM due to weak prices.
Low price also makes UNTR lowering sales volume and are under expectation and only 41.7% of our 2013-year target. UNTR currently traded at the price per earnings ratio (PE ratio) 11.6 x for 2013 and 10.5 x for 2014.
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Sales of UNTR in construction sector during the first 7 months of 2013, which represents 55% of the 2013 target is still under estimation. The sales decline was associated with rising interest rates and the fell of Rupiah's exchange rate against the U.S. dollarto undermine the interests of the non-mining sector. Mining sector demand is still low due to the price of coal is still weak.
Contract mining down 5% MoM due to higher rainfall in July. Overburden removal project fell 5.7% MoM and coal production fell 5.2% MoM in July, still within the expectations. July coal sales volume fell 41.2% MoM due to weak prices.
Low price also makes UNTR lowering sales volume and are under expectation and only 41.7% of our 2013-year target. UNTR currently traded at the price per earnings ratio (PE ratio) 11.6 x for 2013 and 10.5 x for 2014.
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Tuesday, August 27, 2013
Indonesia Market Summaries 27 August 2013
PT Bank Mandiri Tbk is studying the provisions of buyback stock
Corporate Secretary of PT Bank Mandiri Tbk (BMRI, Rp7.100) Mr. Nizon Napitupulu said that the company is studying the provisions of buyback stock. As is known, the Financial Services Authority (Otoritas Jasa Keuangan / OJK) allows issuers to buy shares without going through the GMS. However, buyback without AGM can only be done if the IHSG index fell 15% in three consecutive days.These provisions are summarized in the OJK rules number 02/POJK.04/2013 about Buy Back of Shares Issued by Public Listed Company in the Market Conditions Fluctuate Significantly. According to the company, although the FSA already allow it, but the company is still studying the regulations, particularly related to the banking corporate action. (IMQ)
Hatta Rajasa claimed the government held a marathon meeting
Coordinating Minister Hatta Rajasa claimed the government held a marathon meeting after President SBY read the policy. The reason is, the policy must be realized in ministerial regulations form. Hatta admitted the government is concentrating on the Current Account Deficit (CAD).According to the government to make sure to address the deficit. Today the economic ministers meeting back at the office Hatta Rajasa. The discussion today will focus on the reduction of fuel imports by increasing the use of biodiesel. (DetikFinance)
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PT Indofood Sukses Makmur Tbk gained net sales up 9,3%
In the first semester of 2013 financial statements, PT Indofood Sukses Makmur Tbk (INDF, Rp5.900 BUY TP: Rp8.700) recorded consolidated net sales amounted to Rp 26,86 trillion. Sales gained by INDF was up 9.3% on an annual basis compared to the first half of 2012 of Rp 24,58 trillion.
INDF states, the company's strategic business groups, namely Group Consumer Branded Products (CBP) accounted for 45% of total revenue. While revenues from Bogasari business line, Agribusiness and Distribution respectively contributed 27%, 21% and 7% of total revenue.
However, operating profit of INDF fell 18.1% to Rp 2,93 trillion in the first semester of 2013 from Rp 3,57 trillion in the first half of 2012. Operating margin also fell to 10.9% from 14.5%.
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INDF states, the company's strategic business groups, namely Group Consumer Branded Products (CBP) accounted for 45% of total revenue. While revenues from Bogasari business line, Agribusiness and Distribution respectively contributed 27%, 21% and 7% of total revenue.
However, operating profit of INDF fell 18.1% to Rp 2,93 trillion in the first semester of 2013 from Rp 3,57 trillion in the first half of 2012. Operating margin also fell to 10.9% from 14.5%.
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Monday, August 26, 2013
SKK Migas overhaul the management structure
Special Unit the Upstream Oil and Gas (SKK Migas) finally overhaul the management structure to maintain the upstream oil and gas investment climate. Information obtained, the inauguration of SKK Migas' leaders held on Monday (26/8) at 15:00 pm in their office. Not yet clear who will be replaced in the inauguration.
Rumors that a number of SKK Migas official name will be replaced, including Deputy of Operations Control Mr Muliawan, Deputy of Financial Control Mr Akhmad Syakhroza, Deputy of Commercial Control Mr Widhyawan Prawiraatmadja, Deputy of Business Support and Control Mr Gerhard M Rumeser.
Meanwhile, officials touted replacements include former Deputy of Legal of BP Migas Mr Lambok Hutahuruk.
Susilo Siswoutomo, Deputy of Minister of Energy and Mineral Resources, previously said they had received several proposals related to the change of leadership. The proposal will be reviewed before proposed to be established and appointed by the Minister.
Corresponding to Presidential Decree (Peraturan Presiden / Perpres) No. 9/2013 on the Implementation of Management of the Upstream Oil and Gas, the turn of deputy and officials level proposed by chief of SKK Migas to Minister of Energy and Mineral Resources. Furthermore, upon the proposal, the Minister ask for approval to the Supervisory Commission.
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Rumors that a number of SKK Migas official name will be replaced, including Deputy of Operations Control Mr Muliawan, Deputy of Financial Control Mr Akhmad Syakhroza, Deputy of Commercial Control Mr Widhyawan Prawiraatmadja, Deputy of Business Support and Control Mr Gerhard M Rumeser.
Meanwhile, officials touted replacements include former Deputy of Legal of BP Migas Mr Lambok Hutahuruk.
Susilo Siswoutomo, Deputy of Minister of Energy and Mineral Resources, previously said they had received several proposals related to the change of leadership. The proposal will be reviewed before proposed to be established and appointed by the Minister.
Corresponding to Presidential Decree (Peraturan Presiden / Perpres) No. 9/2013 on the Implementation of Management of the Upstream Oil and Gas, the turn of deputy and officials level proposed by chief of SKK Migas to Minister of Energy and Mineral Resources. Furthermore, upon the proposal, the Minister ask for approval to the Supervisory Commission.
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Friday, July 26, 2013
Bank Negara Indonesia performance semester I/2013
PT Bank Negara Indonesia Tbk (BBNI, Rp4.350, BUY, TP Rp5.300) exposing its financial performance throughout the semester I/2013 yesterday. Net profit recorded Rp 4, 27 trillion (+30% YoY).
BBNI net interest income increased by 23%, supported by lending up 24% and an increase in third-party funding (TPF) 9% YoY. Corporate loans increased by 52% YoY and accounts for 42.5% of total loans, while consumer loans grew 29% and contributed 20.6% of total loans.
Small business loans up 12% and -16% YoY for medium businesses. Negative growth in the medium business segment due to the reclassification of corporate loans in the quarter I/2013.
In terms of assets, government bonds (SUN) worth Rp 40.3 trillion or become 11.6% of assets BBNI put in available for sale (AFS) category that affected the bond market correction in the secondary market.
Asset quality rises, while non-performing loans (NPL) fell to 2.6% in June from 2.8% in March 2013 and 3.4% in June 2012 supported by decreasing in NPL from all segments, except for small business loans increase.
Decreasing in the number of non-performing loans encourage BBNI to improve their credit more aggressively. BBNI also able to improve the performance of loans that had written off due to poor quality, which is valued at an average of Rp 2 trillion per year and reached USD 1.2 trillion in the first semester I/2013 than Rp 1 trillion in semester I/2012.
Write-off of bad quality loans reached Rp 1,6 trillion in semester I/2013 compared with Rp 1,5 trillion in the same period last year.
BBNI still optimistic to record loan growth of 23% -25% in 2013, which will be driven consumer goods and retail loans, while DPK predictable rise 16% -18%, the NPL rate of 2.5% -2.8%.
BBNI share value is in the range of Rp 4,325, traded on the valuation of price to book value (PBV) ratio 1.6 x, price per earnings ratio (PE ratio) 10x for 2013 and 1.4x PBV and 8x PE ratio for 2014.
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BBNI net interest income increased by 23%, supported by lending up 24% and an increase in third-party funding (TPF) 9% YoY. Corporate loans increased by 52% YoY and accounts for 42.5% of total loans, while consumer loans grew 29% and contributed 20.6% of total loans.
Small business loans up 12% and -16% YoY for medium businesses. Negative growth in the medium business segment due to the reclassification of corporate loans in the quarter I/2013.
In terms of assets, government bonds (SUN) worth Rp 40.3 trillion or become 11.6% of assets BBNI put in available for sale (AFS) category that affected the bond market correction in the secondary market.
Asset quality rises, while non-performing loans (NPL) fell to 2.6% in June from 2.8% in March 2013 and 3.4% in June 2012 supported by decreasing in NPL from all segments, except for small business loans increase.
Decreasing in the number of non-performing loans encourage BBNI to improve their credit more aggressively. BBNI also able to improve the performance of loans that had written off due to poor quality, which is valued at an average of Rp 2 trillion per year and reached USD 1.2 trillion in the first semester I/2013 than Rp 1 trillion in semester I/2012.
Write-off of bad quality loans reached Rp 1,6 trillion in semester I/2013 compared with Rp 1,5 trillion in the same period last year.
BBNI still optimistic to record loan growth of 23% -25% in 2013, which will be driven consumer goods and retail loans, while DPK predictable rise 16% -18%, the NPL rate of 2.5% -2.8%.
BBNI share value is in the range of Rp 4,325, traded on the valuation of price to book value (PBV) ratio 1.6 x, price per earnings ratio (PE ratio) 10x for 2013 and 1.4x PBV and 8x PE ratio for 2014.
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Thursday, July 25, 2013
PT Puradelta Lestari Tbk will be listed on IDX by August 26
PT Puradelta Lestari Tbk, developer of Kota Deltamas owned by Sinar Mas Land, will be listed on the Indonesia Stock Exchange on August 26. Company that has a 99.9% stake in PT Pembangunan Deltamas will sell 10.9 billion shares and will have 20% public shares. A total of 60% of initial public offering (IPO) funds will be used for infrastructure development, 20% for land acquisition in Bekasi, and 20% for working capital.
Currently, 46% of its shares owned by Sinar Mas Land and 25% owned by Japan's Sojitz Corporation. The sales of industrial land is a major contributor to the company's revenue and has a share of 97%. Kota Deltamas still has 1,317 hectares of land that could be sold. (Investor Daily)
From other news, Sinar Mas Land also cooperates with Courts Asia Ltd from Singapore. Courts are seller of electronics, gadgets, and furniture. In 2014, Courts will open two stores called Big-Box, one at Kota Harapan Indah (1.6 hectares) and one in BSD City (1.8 hectares).
Courts will also build a regional distribution center and office support. Sinar Mas Land will lease their land to Courts for 28 years at the Kota Harapan Indah and 30 years in BSD City. (Kontan)
for Indonesia Market Summaries
Currently, 46% of its shares owned by Sinar Mas Land and 25% owned by Japan's Sojitz Corporation. The sales of industrial land is a major contributor to the company's revenue and has a share of 97%. Kota Deltamas still has 1,317 hectares of land that could be sold. (Investor Daily)
From other news, Sinar Mas Land also cooperates with Courts Asia Ltd from Singapore. Courts are seller of electronics, gadgets, and furniture. In 2014, Courts will open two stores called Big-Box, one at Kota Harapan Indah (1.6 hectares) and one in BSD City (1.8 hectares).
Courts will also build a regional distribution center and office support. Sinar Mas Land will lease their land to Courts for 28 years at the Kota Harapan Indah and 30 years in BSD City. (Kontan)
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Wednesday, July 24, 2013
Adhi Karya booked a net profit of Rp68,4 billion
PT Adhi Karya Tbk (ADHI) booked a net profit of Rp68,4 billion in semester I/2013, 16.4% of consensus expectations of market participants. ADHI recorded net profit growth of 135.6% YoY. The achievement is still better than an increase of 14.5% on the portion of semester I/2012 from last year target.
ADHI posted revenue of Rp3,3 trillion this semester I/2013, meanwhile the net profit in semester I/2012 still has portion for 23% of revenue. The growth of revenue is 87.5% YoY.
The company has already bagged a new contract worth Rp 4,5 trillion in the first 6 months of this year, which represents 31% of total revenue this year (Rp14,4 trillion). This achievement is lower than last year, with the new contracts for semester I/2012 or reached 47% from last year's total achievement.
In general, ADHI' achievement is still good, although the next two quarters will be more important for the company because it will follow more bidding and project work that associated with the government.
ADHI still be the only company with a BUY recommendation in construction sector with a good valuations related to the stock. Currently traded at the level ratio 15,4x PE (price-to-earnings ratio) in 2013 and PE 2014 is 12.6%.
One of its nearest competitor, PT Pembangunan Perumahan Tbk (PTPP, Rp1.470, NUETRAL, TP Rp1.500) that is still traded with PE 2013 19,5x and PE 2014 15,7x.
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ADHI posted revenue of Rp3,3 trillion this semester I/2013, meanwhile the net profit in semester I/2012 still has portion for 23% of revenue. The growth of revenue is 87.5% YoY.
The company has already bagged a new contract worth Rp 4,5 trillion in the first 6 months of this year, which represents 31% of total revenue this year (Rp14,4 trillion). This achievement is lower than last year, with the new contracts for semester I/2012 or reached 47% from last year's total achievement.
In general, ADHI' achievement is still good, although the next two quarters will be more important for the company because it will follow more bidding and project work that associated with the government.
ADHI still be the only company with a BUY recommendation in construction sector with a good valuations related to the stock. Currently traded at the level ratio 15,4x PE (price-to-earnings ratio) in 2013 and PE 2014 is 12.6%.
One of its nearest competitor, PT Pembangunan Perumahan Tbk (PTPP, Rp1.470, NUETRAL, TP Rp1.500) that is still traded with PE 2013 19,5x and PE 2014 15,7x.
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Tuesday, July 23, 2013
Indomobil Sukses Internasional present Autobacs Seven to Indonesia
PT Indomobil Sukses Internasional Tbk (IMAS, Rp5.300, BUY, TP Rp6.000) established a joint venture with a Japanese automotive parts retailer, Autobacs Seven. Through its subsidiary, PT Central Sole Agency, IMAS established PT Autobacs Indomobil Indonesia to reach the wholesale distribution market of auto parts and accessories.
The amount disbursed for capital in this joint venture is U.S. $ 18 million or equivalent to Rp 181,18 billion, where as many as 51% of the portion owned by Central Sole and 49% owned by Autobacs.
Autobacs Seven is a pioneer of one-stop retail and department stores in Japan. Their services are automotive goods, services installation, car's selling and buying, car maintenance and inspection, and cars painting.
On the financial statements of 2012 which was recorded in March 2013, Autobacs scored global sales worth 230 billion yen or equivalent to Rp 23,26 trillion, and net profit of 8 billion yen or equivalent to Rp 809,25 billion. In the global network, the company has 552 stores in Japan and 27 stores in other countries. [11 in France, 6 in Taiwan, 4 in Thailand, 3 in Singapore, 2 in China and 1 in Malaysia]
The subsidiary profits for IMAS is an expectations of increasing demand for car accessories which associated with car sales increased and Indonesian population demographics. The subsidiary can help IMAS to strengthen the auto parts business in 2012 by contributing gross profit of 25%.
For long term, IMAS predict its new subsidiary will add 3% -5% of company revenue and will make its net margin improved compared to segment dealers.
In terms of consolidation, the contribution of Autobacs Indomobil will donate 2% -3% for IMAS' net income proportionately on 51% ownership. This business is likely to commence in 2014 with the opening of a new store in Serpong area.
The investment cost for the next 3 years is expected at U.S. $ 6 million, equivalent to Rp 60,42 billion, mainly for 5 stores opening in 2014, 10 stores in 2015 and 10 stores in 2016. The business is also open for franchise opportunities.
for Indonesia Market Summaries
The amount disbursed for capital in this joint venture is U.S. $ 18 million or equivalent to Rp 181,18 billion, where as many as 51% of the portion owned by Central Sole and 49% owned by Autobacs.
Autobacs Seven is a pioneer of one-stop retail and department stores in Japan. Their services are automotive goods, services installation, car's selling and buying, car maintenance and inspection, and cars painting.
On the financial statements of 2012 which was recorded in March 2013, Autobacs scored global sales worth 230 billion yen or equivalent to Rp 23,26 trillion, and net profit of 8 billion yen or equivalent to Rp 809,25 billion. In the global network, the company has 552 stores in Japan and 27 stores in other countries. [11 in France, 6 in Taiwan, 4 in Thailand, 3 in Singapore, 2 in China and 1 in Malaysia]
The subsidiary profits for IMAS is an expectations of increasing demand for car accessories which associated with car sales increased and Indonesian population demographics. The subsidiary can help IMAS to strengthen the auto parts business in 2012 by contributing gross profit of 25%.
For long term, IMAS predict its new subsidiary will add 3% -5% of company revenue and will make its net margin improved compared to segment dealers.
In terms of consolidation, the contribution of Autobacs Indomobil will donate 2% -3% for IMAS' net income proportionately on 51% ownership. This business is likely to commence in 2014 with the opening of a new store in Serpong area.
The investment cost for the next 3 years is expected at U.S. $ 6 million, equivalent to Rp 60,42 billion, mainly for 5 stores opening in 2014, 10 stores in 2015 and 10 stores in 2016. The business is also open for franchise opportunities.
for Indonesia Market Summaries
Monday, July 22, 2013
Indonesia Market Summaries 23 July 2013
- PT Perusahaan Gas Negara Tbk (PGAS, Rp5.800) targeting two oil and gas blocks owned by Hess. The plan will be carried out through its subsidiary PGAS, PT Saka Energi Indonesia, after Hess expressed its plan to pull out from Indonesia. Hess currently has four oil and gas blocks, namely Ujung Pangkah Block, Semai V Block, Sesulu Selatan Block, and Laut Timur 1 Block. (Kontan)
- PT Alam Sutera Realty Tbk (ASRI, Rp740) predicts its net profit rose 33% -52% YoY in semester I/2013 to Rp 700 billion - Rp 800 billion. The income is projected to rise 55% -64% YoY to Rp 1,7 billion - Rp 1,8 trillion amid a strong rise in sales last year. The financial expectations of management that it meets the 40% -46% of year forecast and 48% -54% consensus of market participants. (Investor Daily)
- PT Sentul City Tbk (BKSL, Rp245) raised its sales target by the end of the year to Rp 1,5 trillion, from the previous target of Rp 1 trillion. The enhancement is the result of large sales in Semester I/2013 amounted to Rp 700.
After Lebaran, BKSL will build 270 condotel units, where 200 units of which will be sold and the rest will be used for recurring income sources. (Investor Daily) - Thang Long Cement JSC, a new subsidiary of PT Semen Indonesia Tbk (SMGR, Rp14.600, NEUTRAL, TP Rp19.000) in Vietnam, refinance its debt worth U.S. $ 100 million using syndicated bank in dollar-denominated loan.
SMGR claimed that the loan has a low interest so profitable for Thang Long that is currently charged a Vietnam high interest bond. (Investor Daily) - PT Multicom Persada International demanding PT Erajaya Swasembada Tbk (ERAA, Rp2.175, BUY, TP Rp3.875) and several other parties. Lawsuit delivered by Daniel Setiawan, Director of PT Multicom Persada International (MPI). The lawsuit was also filed with the Director ERAA Sim Chee Ping, PT Data Citra Mandiri, Apple South East Asia Pte Ltd, and Apple Head Quarter.
Friday, July 19, 2013
Indonesia Market Summaries 19 July 2013
- One of Japan's largest general trading company, Marubeni Corp., took coal company PT Indika Energy Tbk (INDY, Rp3.700), Korea Midlane Power Corp., and Korea Samtan project to build a 1,000-megawatt power plant in Tanjung Jati, Cirebon.
Projects with investment worth U.S. $ 1.5 billion to U.S. $ 2 billion done by forming a consortium of four companies named Cirebon Electric Power. (Investor Daily). - Bumi Plc agreed to release their stake in PT Bumi Resources Tbk to Bakrie Group for U.S. $ 501 million. This value was claimed to be more expensive than its book value. (Bisnis Indonesia)
- A German multinational petrochemical company, Ferrostaal Industrial Projects GmbH, invites PT Chandra Astri Petrochemical Tbk (TPIA, Rp2.675), a company owned by Indonesian tycoon Prajogo Pangestu, to build a petrochemical plant. The factory located in Bintuni Bay, West Papua, was worth U.S. $ 1.8 billion or equivalent to Rp 15,25 trillion.
In the other article, petrochemical prices in late June reported by Inaplas up 2.6% to U.S. $ 1,312 per metric ton which is the first increase since the beginning of the year due to the U.S. and European economies began to improve. (Kontan) - PT Wijaya Karya Tbk (WIKA, Rp2.250, NEUTRAL TP: Rp2.200) plans to increase the share of ownership in the joint venture in Myanmar up to 40% within the next 3 years. Currently, the company only has 10% share of the capital investment of U.S. $ 20 million.
The composition of these shares will be split between Wika and PT Wika Beton, 50% respectively. Thus, the company will increase capital investment 4 times the initial capital to get stake' percentage up to 40%. The funds will be used to increase the stock comes from internal cash. (Bisnis Indonesia) - PT Holcim Indonesia Tbk (SMCB, Rp2.675, SELL, Rp 3,000) to prepare initial production of Tuban I plant with a capacity of 1.7 metric ton in August. SMCB hopes the plant can produce 850,000 tonnes at the start of production, half of the total capacity. Early next year, the plant will produce a maximum capacity of 10 metric tons per year.
SMCB will start preparing to develop Tuban II plant with a capacity of 1.7 metric tons which will be completed by 2015 and will cost U.S. $ 800 million. (Kontan)
PT Indomobil Sukses Internasional Tbk started to introduce Datsun
Nissan, One of the principal of PT Indomobil Sukses Internasional Tbk (IMAS, Rp5.400, BUY, TP Rp6.000) started to introduce their plan to launching Datsun.
Bisnis Indonesia reported that Nissan will increase the capacity of their assembly plant annually from 100,000 units to 150,000 units by the end of 2014 and 200,000 units in 2016, so the total allocated budget worth U.S. $ 200 million. From total capacity of 200,000 units per year, Nissan Motor Indonesia (NMI) will allocate 50% total capacity to Datsun.
Datsun debut will begin on September 17 when the two types of low cost green car (LCGC) launch. Non-LCGC production cars will be the next target. NMI stated that the first type of Datsun will be different from Datsun GO that launched in India three days ago.
for Indonesia Market Summaries
Bisnis Indonesia reported that Nissan will increase the capacity of their assembly plant annually from 100,000 units to 150,000 units by the end of 2014 and 200,000 units in 2016, so the total allocated budget worth U.S. $ 200 million. From total capacity of 200,000 units per year, Nissan Motor Indonesia (NMI) will allocate 50% total capacity to Datsun.
Datsun debut will begin on September 17 when the two types of low cost green car (LCGC) launch. Non-LCGC production cars will be the next target. NMI stated that the first type of Datsun will be different from Datsun GO that launched in India three days ago.
Revers to total capacity production has been targeted by NMI, 100% utilization would make Datsun able to sell as many as 8,300 units in 2016. For 2014, we have projected that as many as 2,500 monthly sales will be started in quarter II/2014 and will contribute 22,500 unit sales for the full year.for Indonesia Market Summaries
The feasibility study of Sunda Strait Bridge Project involving five SOEs contractors
The feasibility study of Project of Sunda Strait Bridge (SSB) / Jembatan Selat Sunda (JSS) will involve five SOEs contractors.
They are:
SOE Minister, Mr Dahlan Iskhan said that the five contractors are still waiting for the official designation from the government and hope there will be more state-owned enterprises that will support the project consortium which will work closely with project managers, PT Graha Banten Lampung Sejahtera. The government assessed that the decision to lead the project is still at discussion stage.
for Indonesia Market Summaries
They are:
- PT Adhi Karya Tbk (ADHI)
- PT Hutama Karya (HK)
- PT Wijaya Karya Tbk (WIKA)
- PT Waskita Karya Tbk (WSKT
- PT Pembangunan Perumahan Tbk (PTPP).
SOE Minister, Mr Dahlan Iskhan said that the five contractors are still waiting for the official designation from the government and hope there will be more state-owned enterprises that will support the project consortium which will work closely with project managers, PT Graha Banten Lampung Sejahtera. The government assessed that the decision to lead the project is still at discussion stage.
for Indonesia Market Summaries
Thursday, July 18, 2013
PT Hutama Karya leads the Trans Sumatra highway Construction Project
PT Hutama Karya (HK) appointed by government to become State-Own Enterprise (SOE) that leads the Trans Sumatra highway construction along 2,600 km which will begin in September and worth U.S. $ 35 billion, equivalent to Rp 355,8 trillion. The government has also budgeted U.S. $ 200 million this year in the APBN-P 2013 to work on the first phase of the project.
The President's decision for this appointment is expected to be completed and published in August. Currently, land acquisition of Medan-Binjai section along 17 Km had already been prepared and HK has signed a partnership with three state-owned plantation, PT Perkebunan Nusantara (PTPN) II, III, IV and the local governments.
The next segment is Palembang - Indralaya along 22 Km which will use the land of local government and the local governments are responsible for land acquisition.
Funds worth U.S. $ 200 million in equity allocated as much as 48% for land acquisition, 10% for planning, and 43% for construction. Advanced budget allocation for the project is estimated at U.S. $ 800 million in the APBN next year.
The project was great because Sumatra contributed up to 24% of Indonesia's GDP, the second largest after Java. The toll road will connect the top end of Sumatra (Aceh) to the South end (Lampung) and to other economic center in Sumatra.
The Trans Sumatra highway is a part of Asian High Way network. It is targeted to increase the growth and resilience of economic and to decrease logistics costs in regional area.
The Construction companies and cement factory to be the beneficiary because the realization of the project will improve the prospects of the project contractor orders in the medium and long term. Cement company in Sumatra or the supply of cement to the area would be the beneficiaries. HK still NEUTRAL on the construction sector due to the high value of the shares already.
for Indonesia Market Summaries
The President's decision for this appointment is expected to be completed and published in August. Currently, land acquisition of Medan-Binjai section along 17 Km had already been prepared and HK has signed a partnership with three state-owned plantation, PT Perkebunan Nusantara (PTPN) II, III, IV and the local governments.
The next segment is Palembang - Indralaya along 22 Km which will use the land of local government and the local governments are responsible for land acquisition.
Funds worth U.S. $ 200 million in equity allocated as much as 48% for land acquisition, 10% for planning, and 43% for construction. Advanced budget allocation for the project is estimated at U.S. $ 800 million in the APBN next year.
The project was great because Sumatra contributed up to 24% of Indonesia's GDP, the second largest after Java. The toll road will connect the top end of Sumatra (Aceh) to the South end (Lampung) and to other economic center in Sumatra.
The Trans Sumatra highway is a part of Asian High Way network. It is targeted to increase the growth and resilience of economic and to decrease logistics costs in regional area.
The Construction companies and cement factory to be the beneficiary because the realization of the project will improve the prospects of the project contractor orders in the medium and long term. Cement company in Sumatra or the supply of cement to the area would be the beneficiaries. HK still NEUTRAL on the construction sector due to the high value of the shares already.
for Indonesia Market Summaries
Wednesday, July 17, 2013
Indonesia Market Summaries 17 July 2013
- Hong Kong's giant retail company, The Dairy Farm Company Limited (DFCL) absorbs 851 280 units rights issue shares of PT Hero Supermarket Tbk (HERO, Rp3.250) at Rp3.350 per share. With this action, the portion DFCL shareholding increased to 17.195 of the total paid-up capital and issued by HERO.
The exercise price Rp3.350 per share executed on July 2, 2013. The exercise price is lower than the trading price of shares of HERO on July 2, which was at Rp3.700 per share. Thus, the value of purchase transaction by the DFCL worth Rp2, 85 billion. (Bisnis Indonesia) - PT Multi Bintang Tbk (MLBI, Rp1.400.000) as the exclusive rights holder of the brand Guinness Foreign Extra Stout (FES) reveals, Guinness's market share reached 34% in Indonesia. That number represents Guinness' largest market share in the Asia Pacific. Not only that, the figures were also made Indonesia into six largest country buyers Guinness, after Britain, Ireland, Nigeria, the United States and Cameroon.
Based on the financial statements of the company in September 2012, total net sales of MLBI reached Rp1,57 trillion. This figure is up 29% over the same period of previous year, Rp1,22 trillion. From the total net sales, amounting to Rp1,55 trillion derived from domestic sales, while the remaining Rp13,46 billion derived from export sales. (Kontan) - PT Bank Pembangunan DKI Jakarta (Bank DKI) is currently stopping foreign currency loans due to foreign exchange funding is relatively difficult, especially with the condition of Rupiah that being weakened. However, the management claim that the dismissal of foreign currency loans is does not give effect to Bank DKI because the demand is not much.
forex loans of Bank DKI almost Rp 1 trillion and this foreign currency loans supported by foreign banks such as Standard Chartered Bank (still in the process) and HSBC worth of U.S. $ 20 million. The new company intends to enter into foreign currency loans if the net interest margin (NIM) was good.
Tuesday, July 16, 2013
Indonesia Market Summaries 16 July 2013
Japanese car manufacturer, Nissan, began to introduce low cost green car (LCGC) Datsun GO, the price of Datsun GO type in India today are INR400.000 or USD 6.700 or around IDR 67 million. In Indonesia, distributor for Nissan and Datsun is PT Indomobil Sukses Internasional Tbk (IMAS, Rp5.350, BUY, TP Rp6.000).
Cars with a capacity of five people was also the first Datsun LCGC which will be released in 2014 in Indonesia, Russia, and South African. Next the LCGC is a versatile type (multi-purpose vehicles / MPV) with a capacity of 7 people. Other manufacturers which is planning to release a 7 MPV capacity is Honda, while the other principals such as Toyota, Daihatsu, and Suzuki has not revealed similar plans.
While the market share of automotive vehicles (4W) PT Astra International Tbk (ASII, Rp6.650, NEUTRAL, TP Rp7.300) and IMAS down in June. The decline occurred even the car sales in the industry increased by 4.7% MoM and 2.5% YoY to 104.265 units.
The increase was supported by higher sales by Suzuki (+55.7% mom) and Mitsubishi (+11.7%), meanwhile Toyota (-3.2% mom), Daihatsu (-6.6% mom), Nissan (-8.1% mom), and Honda (-9.2% mom).
As a result of that achievement, ASII market share fell to 50.9% in June (down by -4.4 percent points MoM and -2.6 percent points YoY) or 53.4% during the semester I/2013 (down -3.0 percent points). For IMAS (just Nissan), its market share also fell to 5.2% in June (down -0.7 percent point MoM and -0.5 percent points YoY) and amounted to -1.2 percent points throughout the semester I/2013.
For the semester I/2013, car sales are recorded as many as 601 952 units (up +12.5% YoY), which is 47.8% from the target of 1,259,008 units this year, compared with the realization of 48%. Sales in the quarter II/2013 rose 3.4% quarter on quarter (QoQ) or 7.6% year on year (YoY) to 306,036 units.
for Indonesia Market Summaries 16 July 2013
Cars with a capacity of five people was also the first Datsun LCGC which will be released in 2014 in Indonesia, Russia, and South African. Next the LCGC is a versatile type (multi-purpose vehicles / MPV) with a capacity of 7 people. Other manufacturers which is planning to release a 7 MPV capacity is Honda, while the other principals such as Toyota, Daihatsu, and Suzuki has not revealed similar plans.
While the market share of automotive vehicles (4W) PT Astra International Tbk (ASII, Rp6.650, NEUTRAL, TP Rp7.300) and IMAS down in June. The decline occurred even the car sales in the industry increased by 4.7% MoM and 2.5% YoY to 104.265 units.
The increase was supported by higher sales by Suzuki (+55.7% mom) and Mitsubishi (+11.7%), meanwhile Toyota (-3.2% mom), Daihatsu (-6.6% mom), Nissan (-8.1% mom), and Honda (-9.2% mom).
As a result of that achievement, ASII market share fell to 50.9% in June (down by -4.4 percent points MoM and -2.6 percent points YoY) or 53.4% during the semester I/2013 (down -3.0 percent points). For IMAS (just Nissan), its market share also fell to 5.2% in June (down -0.7 percent point MoM and -0.5 percent points YoY) and amounted to -1.2 percent points throughout the semester I/2013.
For the semester I/2013, car sales are recorded as many as 601 952 units (up +12.5% YoY), which is 47.8% from the target of 1,259,008 units this year, compared with the realization of 48%. Sales in the quarter II/2013 rose 3.4% quarter on quarter (QoQ) or 7.6% year on year (YoY) to 306,036 units.
for Indonesia Market Summaries 16 July 2013
Monday, July 15, 2013
PT Waskita Karya Tbk absorb 77% funds
PT Waskita Karya (Persero) Tbk (WSKT) obtained the effective date of an initial public offering (IPO) on December 19, 2012. Through the event, WSKT collected fresh money worth Rp 1.14 trillion.
Indonesia Market Summaries based on information from disclosure of Indonesia Stock Exchange (IDX) on Monday (15/7), the proceeds from the IPO issuers still remaining Rp 257.54 billion. In other words, WSKT absorb 77% or equivalent to Rp 879.74 billion.
The details of the actual use of funds is, Rp 170.59 billion will be used for the production of Betan precast, then valued at USD 25 billion allocated to equity highway construction projects, and Rp 1.78 billion will be used for property development. And Rp 682.37 billion, will be used for working capital. Today, the stock of WSKT currently exist at the level of 740. This figure is up 3% or 20 points higher than the level in the previous trade, 720.
for Indonesia Market Summaries
Indonesia Market Summaries based on information from disclosure of Indonesia Stock Exchange (IDX) on Monday (15/7), the proceeds from the IPO issuers still remaining Rp 257.54 billion. In other words, WSKT absorb 77% or equivalent to Rp 879.74 billion.
The details of the actual use of funds is, Rp 170.59 billion will be used for the production of Betan precast, then valued at USD 25 billion allocated to equity highway construction projects, and Rp 1.78 billion will be used for property development. And Rp 682.37 billion, will be used for working capital. Today, the stock of WSKT currently exist at the level of 740. This figure is up 3% or 20 points higher than the level in the previous trade, 720.
for Indonesia Market Summaries
Indonesia Market Summaries 15 July 2013
- Otoritas Jasa keuangan (OJK) announced dissolution of protection insurance consortium of Tenaga Kerja Indonesia (TKI / Indonesian workers) as management assessed deviated in order to protect Indonesian workers abroad. The consortium consists of 10 companies and one insurance broker, namely PT Paladin International.
The 10 insurance companies are PT Asuransi Jiwa Central Asia Raya, PT Asuransi Jiwa Recapital, PT Asuransi Takaful Keluarga, PT Asuransi Umum Mega, PT Asuransi Raya, PT Asuransi Purna Artanugraga, PT LIG Insurance Indonesia and PT Asuransi Ramayana Tbk (ASRM, Rp1.040). (Vivanews) - Lembaga Pembiyaan Ekspor Indonesia (Indonesian Export Financing Institution / Indonesia Eximbank) recorded assets worth Rp39 trillion in semester I/2013, an increase of 25.4% compared to the same period last year. Eximbank has also disbursed Rp30,6 trillion in the same period. The company targets surge in financing up to 100% from last year achievements Rp26,7 trillion.
- PT Kimia Farma Tbk (KAEF, Rp850) through its subsidiary, PT Kimia Farma Trading & Distribution (KFTD) won a contract procurement of medical equipment and medicines from the Ministry of Health of the Democratic Republic of Timor-Leste. The contract is worth USD 11.6 million or equivalent to IDR 110 billion.
The contract includes the procurement and distribution of medicines, medical equipment, reagents and instruments Hospital. (DetikFinance) - Vehicle rental business of PT Mitra Pinasthika Mustika Tbk (MPMX, 1,200) in the first half of 2013 recorded a growth of about 74% to 12,104 units. In addition to operational performance MPM Rent which grew 74%, sales of Honda motorcycles by MPMMulia in the first semester of 2013 also reached 447 578 units or increased 26% from the first half of 2012 that as many as 355 758 units.
This increase is well above the national Honda motorcycle sales were up 12% and the national motorcycle sales rose 6% from the month of January to June 2013. (Inilah.com)
Friday, July 12, 2013
Indonesia Market Summaries 12 July 2013
- PT Borneo Lumbung Energi & Metal Tbk (BORN, Rp330) agreed to separate with Group Bakrie. BORN affiliated companies namely Ravenwood Pte Ltd has signed an agreement to buy a 23.8% Group Bakrie stake in Bumi Plc for U.S. $ 223 million.
BORN will then increase its stake in Bumi Plc to 47.6% through the purchase of shares of Ravenwood. In addition, BORN will also continue to reduce its debt by some means. (Bisnis Indonesia) - Dry ports of PT Kawasan Industri Jababeka Tbk (KIJA, Rp320) expects to serve as many as 100 corporate customers by the end of this year from the current position that has 18 companies.
Dry port operator PT Cikarang Dry Port (CDP) is also targeting 30,000 units of container flows equivalent size of twenty-foot equivalent units (TEU), of a total capacity of 400,000 TEU. CDP also plans to expand its area so as to increase profits 10% this year. (Kontan) - PT Lippo Karawaci Tbk (LPKR, Rp1.130) will build a superblock Embarcadero in Bintaro area. Construction will begin in September-October and will continue for the next 3 years with an investment of Rp2,2 billion on 260,000 square meters area.
The area will include a shopping center, four condominium towers with a capacity of 650 rooms, Siloam Hospital with capacity of 300 bed, Pelita Harapan international school, and family club. (Investor Daily)
Thursday, July 11, 2013
Share of PT Bank Maspion Indonesia Tbk absorbed by institutional investors
PT Bank Maspion Indonesia Tbk, new issuers from banking sector, about 92% or 708.4 million shares issued through the IPO absorbed by institutional investors.
Individual shareholders recorded only about 8% share of the total shares sold that as many as 770 million units of shares.
Bank Maspion also had oversubscribed up to 15% during the offering period that ended on July 4, 2013.
The Company that established in 1989 has a network in 11 cities, including Surabaya, Jakarta, Semarang, Denpasar, Medan, Bandung, Makassar, and Solo. In addition, the Bank's network Maspion also been in Malang, Purwokerto, and Palembang.
As of June 2013, the assets of Bank Maspion recorded 3.82 trillion, an increase of 21.74% compared to the end of June 2012. (Bisnis Indonesia)
for Indonesia Market Summaries
Individual shareholders recorded only about 8% share of the total shares sold that as many as 770 million units of shares.
Bank Maspion also had oversubscribed up to 15% during the offering period that ended on July 4, 2013.
The Company that established in 1989 has a network in 11 cities, including Surabaya, Jakarta, Semarang, Denpasar, Medan, Bandung, Makassar, and Solo. In addition, the Bank's network Maspion also been in Malang, Purwokerto, and Palembang.
As of June 2013, the assets of Bank Maspion recorded 3.82 trillion, an increase of 21.74% compared to the end of June 2012. (Bisnis Indonesia)
for Indonesia Market Summaries
Wednesday, July 10, 2013
100 Emiten Paling Profitable Versi Fortune Indonesia
Kinerja Laba 100 Emiten Versi Fortune 100 Indonesia
| Pos. | Perusahaan |
Laba 2012 (Rp juta)
|
Pertum-buhan (% dari 2011)
|
Omzet 2012 (Rp juta)
|
| 1 | ASTRA INTERNATIONAL |
19.421.000
|
9
|
188.053.000
|
| 2 | BANK RAKYAT INDONESIA (PERSERO) |
18.680.884
|
24
|
58.000.153
|
| 3 | BANK MANDIRI (PERSERO) |
15.504.067
|
27
|
56.917.327
|
| 4 | TELEKOMUNIKASI INDONESIA (PERSERO) |
12.850.000
|
17
|
77.143.000
|
| 5 | BANK CENTRAL ASIA |
11.721.717
|
8
|
35.188.157
|
| 6 | HM. SAMPOERNA |
9.945.296
|
23
|
66.626.123
|
| 7 | PERUSAHAAN GAS NEGARA (PERSERO) |
8.356.994
|
40
|
24.168.916
|
| 8 | BANK NEGARA INDONESIA (PERSERO) |
7.046.145
|
21
|
31.150.328
|
| 9 | UNITED TRACTORS |
5.779.675
|
(2)
|
55.953.915
|
| 10 | SEMEN INDONESIA (PERSERO) |
4.847.252
|
23
|
19.598.248
|
| 11 | UNILEVER INDONESIA |
4.839.277
|
16
|
27.303.248
|
| 12 | INDOCEMENT TUNGGAL PRAKARSA |
4.760.382
|
32
|
17.290.337
|
| 13 | BANK CIMB NIAGA |
4.233.111
|
33
|
19.426.636
|
| 14 | INDO TAMBANGRAYA MEGAH |
4.052.800
|
(15)
|
22.878.603
|
| 15 | GUDANG GARAM |
4.013.758
|
(18)
|
49.028.696
|
| 16 | BANK DANAMON INDONESIA |
4.011.873
|
22
|
23.971.342
|
| 17 | ADARO ENERGY |
3.614.766
|
(25)
|
34.918.986
|
| 18 | INDOFOOD SUKSES MAKMUR |
3.261.176
|
6
|
50.059.427
|
| 19 | ELANG MAHKOTA TEKNOLOGI |
3.232.144
|
432
|
4.681.030
|
| 20 | ANEKA TAMBANG (PERSERO) |
2.993.115
|
55
|
10.449.886
|
| 21 | TAMBANG BATUBARA BUKIT ASAM |
2.900.113
|
(6)
|
11.594.057
|
| 22 | XL AXIATA |
2.764.647
|
(2)
|
20.969.806
|
| 23 | CHAROEN POKPHAND INDONESIA |
2.684.064
|
14
|
21.310.925
|
| 24 | ASTRA AGRO LESTARI |
2.410.259
|
0
|
11.564.319
|
| 25 | INDOFOOD CBP SUKSES MAKMUR |
2.179.592
|
10
|
21.574.792
|
| 26 | SMART |
2.151.528
|
21
|
27.526.306
|
| 27 | BANK PAN INDONESIA |
2.107.543
|
15
|
13.259.323
|
| 28 | BANK TABUNGAN PENSIUNAN NASIONAL |
1.978.986
|
41
|
9.575.777
|
| 29 | KALBE FARMA |
1.733.928
|
17
|
13.636.405
|
| 30 | MEDIA NUSANTARA CITRA |
1.657.087
|
55
|
6.265.260
|
| 31 | JASA MARGA (PERSERO) |
1.602.090
|
34
|
9.070.219
|
| 32 | ADIRA DINAMIKA MULTI FINANCE |
1.418.638
|
(10)
|
6.752.924
|
| 33 | BANK MEGA |
1.377.412
|
28
|
6.523.187
|
| 34 | BANK PERMATA |
1.368.133
|
18
|
10.320.107
|
| 35 | BANK TABUNGAN NEGARA (PERSERO) |
1.363.962
|
22
|
9.386.318
|
| 36 | HOLCIM INDONESIA |
1.350.250
|
27
|
9.011.076
|
| 37 | GLOBAL MEDIACOM |
1.299.085
|
67
|
8.925.419
|
| 38 | HARUM ENERGY |
1.234.656
|
(15)
|
9.786.736
|
| 39 | BANK INTERNATIONAL INDONESIA |
1.208.223
|
81
|
11.469.174
|
| 40 | BANK BJB |
1.192.684
|
24
|
7.128.148
|
| 41 | SALIM IVOMAS PRATAMA |
1.156.942
|
(31)
|
13.844.891
|
| 42 | GAJAH TUNGGAL |
1.132.247
|
65
|
12.578.596
|
| 43 | LIPPO KARAWACI |
1.060.222
|
50
|
6.160.214
|
| 44 | ASTRA OTOPARTS |
1.053.246
|
5
|
8.277.485
|
| 45 | GARUDA INDONESIA (PERSERO) |
1.037.473
|
85
|
32.573.661
|
| 46 | JAPFA COMFEED INDONESIA |
991.659
|
61
|
17.832.702
|
| 47 | BANK OCBC NISP |
915.456
|
22
|
5.761.903
|
| 48 | BANK BUKOPIN |
830.489
|
13
|
5.788.374
|
| 49 | AGUNG PODOMORO LAND |
811.727
|
40
|
4.689.430
|
| 50 | INDOMOBIL SUKSES INTERNASIONAL |
801.730
|
(1)
|
19.780.838
|
| 51 | MATAHARI DEPARTMENT STORE |
770.881
|
66
|
5.616.932
|
| 52 | MAYORA INDAH |
729.634
|
55
|
10.510.626
|
| 53 | BHAKTI INVESTAMA |
695.003
|
185
|
9.787.237
|
| 54 | AKR CORPORINDO |
649.314
|
(72)
|
21.673.954
|
| 55 | INDIKA ENERGY |
644.261
|
(43)
|
7.032.651
|
| 56 | VALE INDONESIA |
633.131
|
(78)
|
9.074.057
|
| 57 | TEMPO SCAN PACIFIC |
627.950
|
11
|
6.630.810
|
| 58 | BAYAN RESOURCES |
530.993
|
(71)
|
13.347.397
|
| 59 | SUMBER ALFARIA TRIJAYA |
480.956
|
33
|
23.366.331
|
| 60 | INDAH KIAT PULP & PAPER |
465.350
|
230
|
23.621.073
|
| 61 | WIJAYA KARYA |
457.858
|
29
|
9.816.086
|
| 62 | ERAJAYA SWASEMBADA |
432.901
|
70
|
12.883.578
|
| 63 | MITRA ADIPERKASA |
432.751
|
20
|
7.585.085
|
| 64 | TIMAH (PERSERO) |
431.574
|
(52)
|
7.822.560
|
| 65 | RAMAYANA LESTARI SENTOSA |
423.728
|
12
|
5.699.709
|
| 66 | TUNAS RIDEAN |
420.088
|
30
|
9.963.157
|
| 67 | ENSEVAL PUTERA MEGATRADING |
402.753
|
15
|
13.373.033
|
| 68 | TRIKOMSEL OKE |
367.272
|
21
|
9.587.862
|
| 69 | INDOSAT |
365.600
|
(62)
|
22.420.600
|
| 70 | PABRIK KERTAS TJIWI KIMIA |
326.603
|
(47)
|
12.397.717
|
| 71 | PP (PERSERO) |
309.683
|
29
|
8.003.873
|
| 72 | HERO SUPERMARKET |
302.728
|
11
|
10.510.422
|
| 73 | WASKITA KARYA |
254.031
|
48
|
8.808.416
|
| 74 | MATAHARI PUTRA PRIMA |
220.547
|
110
|
10.868.164
|
| 75 | ADHI KARYA (PERSERO) |
211.590
|
16
|
7.627.703
|
| 76 | TIPHONE MOBILE INDONESIA |
203.602
|
33
|
8.194.499
|
| 77 | DIAN SWASTATIKA SENTOSA |
150.676
|
(49)
|
5.902.518
|
| 78 | ABM INVESTAMA |
127.928
|
(74)
|
8.320.278
|
| 79 | ELNUSA |
127.920
|
399
|
4.777.083
|
| 80 | BAKRIE & BROTHERS |
127.773
|
(72)
|
15.479.335
|
| 81 | MEDCO ENERGI INTERNASIONAL |
118.132
|
(84)
|
8.527.382
|
| 82 | TIGARAKSA SATRIA |
112.414
|
9
|
7.498.945
|
| 83 | FKS MULTI AGRO |
103.246
|
154
|
12.284.681
|
| 84 | LAUTAN LUAS |
81.463
|
7
|
6.213.600
|
| 85 | METRODATA ELECTRONICS |
79.671
|
118
|
5.172.997
|
| 86 | SAMUDERA INDONESIA |
69.402
|
(32)
|
5.759.947
|
| 87 | CATUR SENTOSA ADIPRANA |
57.365
|
(14)
|
4.931.705
|
| 88 | UNGGUL INDAH CAHAYA |
28.656
|
(55)
|
4.317.294
|
| 89 | MULTIPOLAR |
28.636
|
41
|
12.642.770
|
| 90 | TEMBAGA MULIA SEMANAN |
24.905
|
18
|
6.496.902
|
| 91 | INDORAMA SYNTHETICS |
12.947
|
(86)
|
6.988.675
|
| 92 | MULIA INDUSTRINDO |
(30.364)
|
20
|
4.580.710
|
| 93 | DELTA DUNIA MAKMUR |
(143.106)
|
(69)
|
7.910.192
|
| 94 | TITAN KIMIA NUSANTARA |
(154.535)
|
(38)
|
5.347.747
|
| 95 | ASIA PACIFIC FIBERS |
(301.292)
|
(283)
|
5.633.317
|
| 96 | BENTOEL INTERNATIONAL INVESTAMA |
(323.351)
|
(206)
|
9.850.010
|
| 97 | CENTRAL PROTEINAPRIMA |
(435.894)
|
79
|
6.835.813
|
| 98 | CHANDRA ASRI PETROCHEMICAL |
(819.775)
|
(1.266)
|
21.436.034
|
| 99 | BARITO PACIFIC |
(871.884)
|
(548)
|
21.528.573
|
| 100 | BUMI RESOURCES |
(6.249.408)
|
(429)
|
35.416.429
|
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