Indonesia Market Summaries 15 May 2013

BCA and BNI connected through ATM

The customers of the two banks are now connected through ATM under ATM Prima. Together the two banks have more than 20,000 ATMs, BCA 12,173 units and BNI 8,279 units in March 2013. (Bisnis Indonesia)

LPS said that there are five interested buyers for Bank Mutiara

Lembaga Penjamin Simpanan (LP) or the Deposit Insurance Company said that there are five interested buyers for Bank Mutiara, which is to be sold this year. LPS will sell the bank at minimum price of Rp6.7tr, the amount it spent to save the bank from failure back in 2008. If they fail to sell the bank this year, they will have to sell it to the highest bidder next year, which is a more likely scenario given the high asking price of more than 6x P/BV 2012.  (Bisnis Indonesia)

Nobu Bank  IPO

Nobu Bank  IPO – owned by Lippo Group, Bank Nobu is offering 2.155bn new shares, equivalent to 52% of the enlarged capital, at Rp375/share, raising Rp808bn. Listing is on 20 May 2013. The funds will be used to strengthen the capital and for expansion. (Kontan)

Sentul City recorded 83.4% yoy marketing sales growth in April 2013

In April 2013, BKSL’s Sentul City estate booked marketing sales of Rp145.5bn implying 83.4% yoy growth. Cumulative marketing sales up to April is recorded at Rp504.1bn (50.4% to full year target) which grew by 150% yoy. Sentul Tower Apartment Tower A and B contributed 57% to sales, while 31% came from landed houses and 12% came from shophouses. Meanwhile, Sentul Nirwana booked marketing sales of Rp36.8bn in April 2013 or Rp186.3bn cumulatively from January (34.8% to full year target), implying a 9.6% yoy growth. Landed houses contributed 47%, apartment 37%, while 16% came from sales of the Jungleland Avenue. (Company release)

Indocement to pay out Rp450/sh dividend

INTP is planning to pay out dividend of Rp1.65tn (34.8% of FY12 net profit) or equivalent to Rp450/sh. The dividend payment this year is higher compared to last year of Rp1.07tn. (Investor Daily)
Comment: The dividend payment implies a yield of 1.8%.

Bumi Serpong Damai targets Rp2.9tn from rights issue

Quoted from the news, that BSDE is targeting proceeds of at least Rp2.95tn from their planned non-preemptive rights issue. The company is ready to issue 1.74bn new shares with a minimum price of Rp1,691/sh. The proceeds will be used for land acquisition and infrastructure development. (Investor Daily)

Budget deficit reached Rp39.2tn in 4M13

At a time when government tax and non-tax revenues realization are falling in line with slowing economic growth, expenditure post is about as high as last year with subsidy spending dominating (Rp66.6tn or 24.2% of 2013 budget compared with Rp14.9tn or 8.8% 2012 budget). This resulted in Rp39.2tn budget deficit as of 30 Apr13. The government estimates budget deficit to increase to 2.5% from 1.65% initially expected; this change is proposed under the 2013 Revised State Budget (Kontan)

Semen Indonesia expanding to Myanmar

After expanding to Vietnam by acquiring Thang Long Cement, SMGR is now planning to build a new 1mt capacity cement plant in Myanmar which will cost US$200mn. The company is selecting from 3 local companies as their JV partner which should be completed by 2H13. (Investor Daily)

for Indonesia Market Summaries 15 May 2013