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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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)

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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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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.

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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.

for Indonesia Market Summaries 23 July 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)

for Indonesia Market Summaries 19 July 2013

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.



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.

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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:

1. PT Adhi Karya Tbk (ADHI)
2. PT Hutama Karya (HK)
3. PT Wijaya Karya Tbk (WIKA)
4. PT Waskita Karya Tbk (WSKT
5. 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.

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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.

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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.

for Indonesia Market Summaries 17 July 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

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.

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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)

for Indonesia Market Summaries 15 July 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)

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)

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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

Indonesia Market Summaries 9 July 2013

• PT Bakrie Sumatra Plantations Tbk (UNSP, Rp51) intends to sell the company's assets, six oil palm plantation in Sumatra. Asset sales made ​​to cover short-term debt of the company. Total land area that will be sold are 30,000 acres.
  
  The oil palm plantations spread in Sumatra, precisely in the province of South Sumatra and Jambi. In addition to cover short-term debt, it is also requires for maintenance costs.
• PT Mustika Ratu Tbk (MRAT, 500) plans to build an apartment unit, shop, and warehouse in Bekasi, West Java, in early 2014. Total investment to prepare this project reach Rp190 billion, about 85 billion dollars (50%) will be supported by internal funds, while the remaining 50 percent will be obtained through a bank loan facility.
• Motorcycle (2W) sales throughout the semester I/2013 up 6% YoY to 3.9 million units. Sales in June alone accounted for 661,282 units, representing a growth of 22% yoy on a low base calculation after enactment DP minimally effective in June 2012.
  
  |Achievement of the motorcycle sales in June was up 2.6% on a monthly basis in line with the height of the purchase before and during the month of Ramadan. The seasonal increase will be reflected in sales this month and will go down in August due to fewer working days. (Investor Daily)
• JPMorgan Cleaning Corp., a subsidiary of JPMorgan Securities, bought 248.28 million (5.18%) shares of PT Tower Bersama Infrastructure Tbk (TBIG, Rp5.150). Assuming the transaction is carried out by the current market price, then the sale of the majority shares of the issuer owned by Saratoga Capital and Provident Capital was performed at Rp1, 27 trillion. (Investor Daily)

for Indonesia Market Summaries 9 July 2013

IDX recorded three new issuers which register initial public today

The Indonesia Stock Exchange has recorded three new issuers which register initial public today, Monday (8/7). The issuer's shares are listed; PT Victoria Investama Tbk (VICO), PT Multipolar Technology Tbk (MLPT) and PT Bank Mestika Dharma Tbk (BBMD).

These issuers are 19th, 20th and 21st issuers that were recorded during the year 2013. Overall, VICO is listed as 474, MLPT as 475 and BBMD as 476 on IDX (BEI).

In the initial trading, VICO offered at Rp 125 per share, had touched the highest price at Rp 155 and the final price at Rp 168, up to Rp 43 rupiah or 34.4% from the initial price.

While MLPT stock offered at a price of Rp 480, and touched the highest price of Rp 610. Last price is at Rp 700, up 240 or 50% compared to the initial price.

Meanwhile, shares BBMD offered at a price of Rp 1,380, BBMD had touched the highest price at Rp 1,500 and last price is at Rp 1,460 or up to Rp 80 (5.8%) of the initial price. (Kontan)

for Indonesia Market Summaries

PT Bank Mestika Dharma Tbk (BBMD) touched highest level at 1.500

Shares of PT Bank Mestika Dharma Tbk (BBMD) opened at Rp1.450 in trading this morning, Monday (08/07/2013).



The price rose 5.07% compared with the IPO price set at the level of Rp1.380. This morning, the stock price of BBMD had touched the lowest level at Rp1.420 and the highest level at Rp1.500.
Meanwhile, the market capitalization of the company recorded Rp 5,93 trillion in the morning.

BBMD is engaged in the banking sector, it plans to sell 818.01 million shares to the public.
In the beginning, the company set the initial price range of Rp1.370-1.570 per unit share. (Bisnis Indonesia)

for Indonesia Market Summaries

PT Semen Indonesia Tbk want to keep the average selling price

PT Semen Indonesia Tbk (SMGR, Rp16.100, NEUTRAL, Rp19.000) want to keep the average selling price (ASP) amid rising fuel prices and electricity. Transportation component in the production cost is 17%, and 40% of them from the cost of fuel.

Electrical load contribute 11% of cost production, but will not have a major impact on the company because SMGR already using electricity industry. Since June, SMGR has raised their ASP less than 2% and not intend to raise its ASP so that no more than inflation rate of 7.2%. Price increases can be done again by 2% - 3% in the first half semester II/2013, so total increase of ASP during 2013 worth 4% -5%.

We still concern at cement sector, especially considering the limited capacity of the two competitors of SMGR, PT Holcim Indonesia Tbk (SMCB, Rp2.650, SELL, TP Rp 3,000) and PT Indocement Tbk (INTP, Rp22.750, NEUTRAL, TP Rp25. 000). (Kontan)

for Indonesia Market Summaries

Indonesia Government intends to block the distribution of illegal phone

The Government intends to block the distribution of illegal phone through IMEI activation. Trade Minister Gita Wirjawan has summoned the leaders of PT Telekomunikasi Cellular, PT Indosat Tbk (ISAT, Rp4.850), and PT XL Axiata Tbk (EXCL, Rp4.625) related to this plan, given the predicted 28% of the total 250 million active mobile phone is illegal goods.

Mobile operators agreed and the possibility of new regulations implemented one year ahead, including making preparations. The government has shown its intention to reduce the illegal distribution of mobile phone working with importers and distributors, including the implementation of regulations on the import of mobile phones mid-March.

However, the results of this policy are still disappointing, considering to the increasing number of illegal mobile phones in May-June. IMEI activation registration plan also positive for the industry, especially against distributors such as PT Erajaya Swasembada Tbk (ERAA, Rp2.725, BUY, TP Rp3.875) and PT Tiphone Mobile Indonesia Tbk (TELE, Rp630, BUY, TP Rp810). (Bisnis Indonesia)

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Indonesia Market Summaries 5 July 2013

ADHI Beton, concrete unit of PT Adhi Karya Tbk (ADHI, Rp2.975, BUY, TP Rp4.200) intended to be used as a separate subsidiary by its parent. The business units targeting income of Rp600 billion and EBIT income of Rp67 billion this year, including precast frame order of SOE monorail project.
ADHI intends to build third concrete plants in the next 3 years with an investment of Rp149 billion so ADHI Concrete predicted to increase its revenue to its parent by 20% for the next 5 years. (Investor Daily)

PT BPD Jabar Banten Tbk (BJBR, 1,200, NEUTRAL, TP Rp1.300) plans to acquire PT Asuransi Staco Mandiri.The maximum value being offered by BJBR for this general insurance owned by Yayasan Kesejahteraan Bank Mandiri Dua and several other pension fund is Rp. 100 billion. (Kontan)

PT Kawasan Industri Jababeka Tbk (KIJA, Rp345) officially operate their first power plant in Jababeka. Electricity will be sold to PLN worth Rp1.050/kWh for 20 years, so the sale of electricity will generate revenue for KIJA Rp900 billion per year. Fuel gas is supplied by Pertamina EP and PT Perusahaan Gas Negara Tbk (PGAS, Rp5.750).
KIJA also plans to develop their Power Generation business, including supply to Tanjung Dimples and Cilegon. (Kontan)

PT Ciputra Development Tbk (CTRA, Rp1.150) targeting sales of 500 billion from several launch of new projects in the quarter III/2013. Several projects were launched are four residential in Batam, Cirebon, and Pontianak, each targeted Rp100 billion. A total of 160 apartment units in Ciputra World predicted can also donate of Rp. 100 billion. (Bisnis Indonesia)

for Indonesia Market Summaries 5 July 2013

Indonesia Market Summaries 4 July 2013

• PT Sumber Alfaria Trijaya (AMRT, Rp6.450) projecting Lebaran Ied moment will boost the company's revenue by 20% more than the usual month. AMRT also anticipate this moment by increasing the stock of necessary public goods, among others, biscuits, syrup and various other snacks. Sales of these products are expected to increase up to 200% compared than usual days.
• PT Electronic City Indonesia Tbk (ECII, Rp3.800) targeting sales growth of 20% -22% during the month of Ramadan. This value would contribute 10% -12% to total revenue as a whole.
  
  Demand for consumer spending in the month of Ramadan usually seen at the end of the first week or toward the second week, and continued to increase until the end of the month. The most high demand items during Ramadan is an audio video, home apliance, and mobile gadgets.
• PT Bank Rakyat Indonesia Tbk (BBRI, Rp 7,500, BUY, TP Rp10.600) increased its investment to its subsidiary, PT Bank BRI Syariah worth Rp500 billion. With this additional capital, then BBRI has paid-in capital amounting to Rp1,48 trillion in its subsidiary, equivalent to 99.99% of the total shares of BRI Syariah.
• Gross profit margin PT Hexindo Adiperkasa Tbk (HEXA, Rp4.575, SELL, TP Rp 4,000) fell to 17.5% in the fourth quarter of 2012-2013 compared with 22.9% in the third quarter of 2012-2013, this is because the increasing competition that is expected to continue in line with CPO and coal prices that are still falling.
• There will be a surprising decline in the financial statements reports on first quarter of 2013 and 2014 related to the cessation of two workshops (workshops) in Satui & Senakin since April. SELL recommendation with a target price of Rp 4,000 for the next 12 months.
• World Bank lowered its economic growth forecast of Indonesia to 5.9% in 2013, compared with a previous prediction of 6.2%. Several factors affect this projections are that the global economy has not improved and the increasing prices of subsidized fuel that makes household consumption fell. Minister for Economic Affairs, Mr. Hatta Rajasa still optimistic target of 6.3% is to be achieved (Bisnis Indonesia)
• The government of Indonesia is designing a fuel subsidy scheme more regularly to the State Budget (APBN) 2014. Deputy Finance Minister, Mr. Mahendra Siregar said the government is willing to set the exact amount of subsidy per liter of fuel It is no longer refers to the price of crude oil. (Bisnis Indonesia)
• PT Summarecon Agung Tbk (SMRA, Rp1.140) recorded sales marketing Rp 2 trillion during the first 6 months of this year. This achievement represented 44.4% of this year's target that is set at Rp 4, 5 trillion.
  
  SMRA' new mall in Bekasi which opened last week had a 91% occupancy rate. The company is also targeting 100 hectares of land in Bekasi, Bandung, and other locations in Greater Jakarta Area began at third quarter of 2013. (Investor Daily)
• Sales of four-wheeled vehicles throughout the first semester of 2013 rose 12% year-on-year (yoy) that is to be as many as 601,200 units. (Investor Daily)

for Indonesia Market Summaries 4 July 2013

PT Ultra Jaya Milk Industry Tbk create a joint venture with Japanese company

50% market share of ultra high-temperature (UHT) milk company, PT Ultra Jaya Milk Industry Tbk (ULTJ, Rp4.750) create a joint venture in manufacturing and wholesale of instant drink with Japanese company called ITO EN. ULTJ which has a 60% share of the tea UHT' market intend to focus on the consumer sector which is dependable and great growth potential.

ULTJ will have a 55% stake in the company manufacturing but only 45% in wholesale trade. Both are targeted for completion in September 2013. Revenues in 2013 is predicted to reach Rp460 billion and rise 30% YOY and became the regional F & B company with the greatest growth. Issuers also have abundant cash, more than Rp590 billion in the quarter I/2013.

Currently, the ULTJ shares has been transaction at price to earnings ratio (PE ratio) of 2013 and in 2014 is 35x-25.4x.

for Indonesia Market Summaries

Indonesian financial news July 2013

The inflation rate (consumer price index / CPI) announced in June by 1.03% month-on-month (mom), or up 5.9% year over year (yoy). The announcement is below forecast and consensus, respectively 1.2% mom and 1.09% mom.

Is Bank Indonesia will raise interest rates again? The newspaper assess central bank will totally raise interest rates by 50 basis points (bps) until August, and the rise of 25 bps will be done at the next governing council meeting (July 11, 2013). Action was carried out in order to reduce expectations that inflation will rise and to help stabilize the exchange rate.

The trade balance also improved in May, the deficit fell to USD 0.6 billion from USD 1.7 billion in April. Cash crunch conditions in China would impact the external balance. Exports to China from Indonesia reached USD 21 billion in 2012, 11% of the total exports. The estimation is that every 1% increase in GDP of China will raise 4 ppt of Indonesian export4. It still believe in predictions that rupiah is Rp9.780 per U.S. dollar in 2013.

for Indonesia Market Summaries 2 July 2013

Indonesia Market Summaries 1 July 2013

PT Bank Central Asia Tbk (BBCA, Rp9.950, NEUTRAL, TP Rp10.300) bought a 75% shares of PT Central Sejahtera Insurance from their affiliate, Dana Pensiun BCA. The purchase was valued at Rp102 billion, Rp104,42 billion under reasonable rates by public appraisal. A total of 25% shares of Central Sejahtera Insurance owned by its subsidiary, PT BCA Finance BCA. (Disclosure)

PT Semen Indonesia Tbk (SMGR, Rp17.050, NEUTRAL, TP Rp19.000) get an export loan from export credit agency (ECA) worth of USD 200 million from several banks in Europe. (Bisnis Indonesia)

A total of 75.1% stake in PT Multi Bintang Indonesia Tbk (MLBI, R1, 2 million) will be bought by Heineken International BV. The Purchases valued at Rp18,99 trillion will be made from Heineken subsidiary, Asia Pacific Breweries Ltd, so it will not be required to hold a tender offer. (Kontan)

for Indonesia Market Summaries 1 July 2013