Wednesday, November 3, 2010
Wednesday, October 27, 2010
Tuesday, September 21, 2010
Seminar AMClicks
Seminar Analisa Fundamental dan Teknikal serta Trading Strategy AmClicks.
Saturday, 25 September 2010.
at 10.00-12.00.
Registrasi,
hubungi 5795-7000.
Gratis!!
Saturday, 25 September 2010.
at 10.00-12.00.
Registrasi,
hubungi 5795-7000.
Gratis!!
Monday, September 6, 2010
STOCK FOCUS OF THE DAY (Indofood CBP)
Indofood CBP: Bring on the leader of the pack Not Rated
Founded in September 2009 as a result of internal restructuring at Indofood Sukses Makmur (ISM), its present parent company, Indofood CBP Sukses Makmur (ICBP) is now a producer of range of packaged foods under number of divisions including instant noodles, dairy, food seasoning, snack food, and nutrition & special foods. ICBP is also supported by food ingredients and packaging divisions.
ICBP is currently offering 1.2 billion new shares, representing 20% of enlarged capital, via an Initial Public Offering (IPO) on the Indonesia Stock Exchange priced at between Rp4,300 to
Rp5,500/share (nominal price: Rp100 per share). This should translate into market cap of Rp25.1tn-32.1tn or US$2.8bn-3.6bn. Based on our projection, the offered price of Rp4,300 to
Rp5,500/share will value ICBP at a 2010F PE of 16.5x and 21.1x, respectively, and down to 14.4x and 18.4x for 2011F.
Founded in September 2009 as a result of internal restructuring at Indofood Sukses Makmur (ISM), its present parent company, Indofood CBP Sukses Makmur (ICBP) is now a producer of range of packaged foods under number of divisions including instant noodles, dairy, food seasoning, snack food, and nutrition & special foods. ICBP is also supported by food ingredients and packaging divisions.
ICBP is currently offering 1.2 billion new shares, representing 20% of enlarged capital, via an Initial Public Offering (IPO) on the Indonesia Stock Exchange priced at between Rp4,300 to
Rp5,500/share (nominal price: Rp100 per share). This should translate into market cap of Rp25.1tn-32.1tn or US$2.8bn-3.6bn. Based on our projection, the offered price of Rp4,300 to
Rp5,500/share will value ICBP at a 2010F PE of 16.5x and 21.1x, respectively, and down to 14.4x and 18.4x for 2011F.
Wednesday, August 18, 2010
Bakrie & Brothers (BNBR, Rp50) , Bumi Resources (BUMI, Rp1,490)
Panax to develop geothermal projects with Bakrie Power Panax Geothermal Ltd., an Australian project developer, agreed with Bakrie Power to establish geothermal plants in Indonesia. The joint venture accord replaces a memorandum of understanding between the two companies signed in June 2010, Panax said in a statement on Aug. 16. Bakrie Power is
a subsidiary of Bakrie & Brothers. The agreement covers geothermal project areas that have already been awarded to Bakrie and areas for which Bakrie has already bid in Indonesia. It also includes geothermal areas that the two
companies will jointly identify as suitable for geothermal development, Panax said. The companies will initially develop the 30MW Sokoria Project located on Flores Island. Panax will have a 45% stake. Bakrie won a tender in
September 2009 to develop the Sokoria geothermal field at an electricity tariff of US$12.5cents per kWh. Panax and Bakrie will also supply 25MW of baseload geothermal power from existing geothermal resources to Dairi
Prima Minerals’ planned underground zinc and lead mine in northern Sumatra. Panax will hold a 51% stake in this project. Dairi Prima Minerals, a subsidiary of Bumi Resources, will buy electricity at US$15cents per kWh for the first 8 years, starting from late 2012, and US$12.5cents per kWh subsequently. – Bloomberg
a subsidiary of Bakrie & Brothers. The agreement covers geothermal project areas that have already been awarded to Bakrie and areas for which Bakrie has already bid in Indonesia. It also includes geothermal areas that the two
companies will jointly identify as suitable for geothermal development, Panax said. The companies will initially develop the 30MW Sokoria Project located on Flores Island. Panax will have a 45% stake. Bakrie won a tender in
September 2009 to develop the Sokoria geothermal field at an electricity tariff of US$12.5cents per kWh. Panax and Bakrie will also supply 25MW of baseload geothermal power from existing geothermal resources to Dairi
Prima Minerals’ planned underground zinc and lead mine in northern Sumatra. Panax will hold a 51% stake in this project. Dairi Prima Minerals, a subsidiary of Bumi Resources, will buy electricity at US$15cents per kWh for the first 8 years, starting from late 2012, and US$12.5cents per kWh subsequently. – Bloomberg
Friday, August 13, 2010
Bank Negara Indonesia (BBNI, Rp3,000)
Green-shoe shares priced at Rp2,900 a share
The government finally set the price for Bank Negara Indonesia's green-shoe shares at Rp2,900 a share. About 70% of the green-shoe shares will be released to domestic investors and the remaining 30% is offered to foreign investors. Four local pension funds have been the largest buyers, they are, pension funds of Bank Indonesia, Jamsostek, Perkebunan, as well as Pertamina. Meanwhile, the foreign investors that become the largest buyers of the lender's greenshoe stocks are Invesco Hong Kong Ltd and Fidelity Investment Ltd. The Minister of State Enterprises Mustafa Abubakar said the
price actually can reach Rp3,000 a share. But if the government offers higher price, then the foreign investors will be the most potential buyers. The government wants to prioritize the domestic investors for this divestment.
With the price set at Rp2,900 per share, the stocks will have 3.93x oversubscribed. Meanwhile, if the price is set at Rp3,000, the stocks will be 1.36x oversubscribed. – Bisnis Indonesia
The government finally set the price for Bank Negara Indonesia's green-shoe shares at Rp2,900 a share. About 70% of the green-shoe shares will be released to domestic investors and the remaining 30% is offered to foreign investors. Four local pension funds have been the largest buyers, they are, pension funds of Bank Indonesia, Jamsostek, Perkebunan, as well as Pertamina. Meanwhile, the foreign investors that become the largest buyers of the lender's greenshoe stocks are Invesco Hong Kong Ltd and Fidelity Investment Ltd. The Minister of State Enterprises Mustafa Abubakar said the
price actually can reach Rp3,000 a share. But if the government offers higher price, then the foreign investors will be the most potential buyers. The government wants to prioritize the domestic investors for this divestment.
With the price set at Rp2,900 per share, the stocks will have 3.93x oversubscribed. Meanwhile, if the price is set at Rp3,000, the stocks will be 1.36x oversubscribed. – Bisnis Indonesia
Indocement Tunggal Prakarsa (INTP, Rp16,150)
Cirebon-based new cement mill completed
Indonesia’s second largest cement producer, Indocement Tunggal Prakarsa, said it had its new cement mill with capacity of 1.5mn tons in Cirebon, West Java, completed. It may operate the mill on August or at the latest after Aidil Fitri holidays. The company may also plan to start building a new cement plant on 2H10, local newspaper reported. Indocement may allocate US$75mn for capital expenditure in 2010, the report said citing the company’s Corporate Secretary Dani Handajani. – Bisnis Indonesia, Investor Daily
Indonesia’s second largest cement producer, Indocement Tunggal Prakarsa, said it had its new cement mill with capacity of 1.5mn tons in Cirebon, West Java, completed. It may operate the mill on August or at the latest after Aidil Fitri holidays. The company may also plan to start building a new cement plant on 2H10, local newspaper reported. Indocement may allocate US$75mn for capital expenditure in 2010, the report said citing the company’s Corporate Secretary Dani Handajani. – Bisnis Indonesia, Investor Daily
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