Bosowa Corp investing US$600mn in cement
Bosowa is realizing US$600mn investment for new cement and packing plant this year. This is aimed to have 10-1mn capacity by 2015. The total capacity is estimated to contribute up to 20% national market share. The company has started the investment earlier this year by groundbreaking of its new plant in Maros, South Sulawesi (US$310mn), which followed by Banyuwangi, East Java (mill + packing plant = Rp1tn) and Sorong, Papua (mill = Rp679bn). In addition, the company also plans to build mill in Cilegon, Banten (Rp1tn), Amurang, North Sulawesi (Rp500bn) and new port in Barru, South Sulawesi (Rp500bn). Bosowa holds 6% market share as of Dec12, with accelerating trend. (Investor Daily)Feb13 inflation projected at 0.3-0.4% mom
The Minister of Finance Agus Martowardojo, who has been nominated to be the next central bank governor, projects Feb13 inflation to come at 0.3-0.4% mom. The figure is bigger than the realization in the same month in 2011 & 2012 at 0.13% mom and 0.05% mom, respectively. Note that the government is also planning to increase the price of 12kg LPG (Bisnis Indonesia)The government aims to realize more than 10% of budget absorption in 1Q13
The Ministry of Finance attempts to drive spending since 1Q13, targeting 10% of budget absorption. This is supported by simplified tender and procurement process which hopefully will accelerate spending. Though so, the Minister of Finance said that up until now there is not a single government institution starting to disburse budget on projects. In the same period last year, budget absorption is recorded at 11.08%, below target of 14.57% (Kontan)Moody’s downgraded BUMI’s rating to B2
Moody’s has downgraded BUMI’s debt rating to B2 from B1 with outlook remain stable. This reflects Moody’s assessment of the likelihood of lower debt-to-EBITDA ratio below 4.5x over the next 12-18 months. (Bloomberg)Bumi Plc CEO sees vote on Bakrie separation in late April
Bumi Plc CEO, Nick Von Schirnding, reported to Blooomberg that Rotschild’s defeat on EGM last week was a good outcome for Bumi’s board as the board has a firm, clear plan for Bakrie separation and focus to Berau. He sees final vote on Bakrie separation would be in late April 2013. (Bloomberg)Toyota expects cumulative Avanza sales to exceed 1mn units since established in 2004
Toyota Astra Motor (TAM) is confident that the total cumulative sales of Avanza would exceed 1mn units by end of this year, since the model was first being introduced in 2004. As of last month, TAM already sold a total of 912,842 units of Avanza since the model was first introduced in 2004. (Bisnis Indonesia)Mitsubishi aims 20% growth in passenger car sales
Krama Yudha Tiga Berlian Motors, the exclusive dealer of Mitsubishi, expects its passenger car sales in 2013 to grow by 20% higher from last year’s position of 22,464 units. Successful new launchings, such as the new Outlander Sport and Mirage, helped increasing Mitsubishi’s grip in the passenger car segment. Including the commercial car segment, Mitsubishi eyes to sell 155,000 units this year, against 148,918 units realized sales in 2012. (Bisnis Indonesia)Daihatsu aims 15% market share in the domestic market
Daihatsu projects 15% market share in the domestic 4W market this year, with a total sales of 165,000 units, relatively stable as compared to last year’s realization at 163,000 units. The projection was made based on total national car sales of 1.1mn units, unchanged from last year.Comment: The projection implies monthly run-rate of 13,750 units, versus last year’s monthly average of 13,562 units. We view this forecast as conservative. This year, Daihatsu should benefit from the realized booking of its LCGC, Daihatsu Ayla. The regulation for LCGC itself is expected to be announced this quarter, allowing Daihatsu to deliver the cars to the consumers. We forecast monthly average sales of 17,587 units for Daihatsu this year, after factoring in 36,000 units of Daihatsu Ayla sales for the entire year.
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