Telkom and Elnusa offered Patrakom stakes to Sinarmas

Telkom (TLKM, Rp8,400)
Elnusa (ELSA, Rp345)
Telkom  and  Elnusa offered their combined 80% stake in Patra Telekomunikasi Indonesia or Patrakom to Tanjung  Mustika,  a  company
owned  by Sinarmas group, local newspaper reported. Tanjung Mustika owned 20% stake in Patrakom. The offer will lapse by the end of this week, the  report  said. If Tanjung Mustika decided not to buy the shares, the companies may tender Patrakom shares to interested investors. Patrakom provides  telecommunication network services in the form of data communication, visual, video, and multimedia. – Investor Daily
 

Newmont's gold mine workers in Indonesia started strike , Bumi Resources (BUMI, Rp1,730)

Workers at the Newmont Nusa Tenggara, the Indonesia-based subsidiary of Newmont Mining Corp., the largest U.S. gold producer, began a strike at the Batu Hijau gold and copper mine.  Production  at  the  mine,  Indonesia’s second-largest  copper producer, hasn’t been affected by the strike which began at midnight when about 200 to  300  workers  downed  tools,  Kasan Mulyono, a spokesman at Newmont Nusa Tenggara, said. The company  is responsible for the direct employment of more than 7,000 people, according to its website. Workers planned to stop work for nine days, local newspaper Investor Daily Indonesia reported July 30, citing Zaenuddin Wanden, deputy
head of  the workers union. The strike came after Newmont Nusa Tenggara said it would take legal action against a  ruling  by  the manpower  office  of West  Nusa  Tenggara  province  ordering the company to pay Rp126bn (US$14.1mn) of overtime covering the period from June 2008 to June 2010, the local newspaper Investor Daily said. Newmont Nusa Tenggara  is partly owned by a venture belonging to PT Bumi Resources and  three  local administrations in West Nusa Tenggara. – Bloomberg, Investor Daily

Another oil discovery in Libya , Medco Energi Internasional (MEDC, Rp3,000)

Oil and gas Medco Energi announced another oil discovery in Area 47 Block, Libya, in exploration well 01-47/02 in the Memouniat and  Lower  Acascus formations. The oil reserves at these two formations flowed at the  rate  of between  1,388  and  2,066  barrel per day with gas flowed at the rate of between 0.55 and 2.36 mmscfd, President Director Darmoyo Doyoatmojo said. The discovery is important as this proved that the  Memouniat  and Lower  Acascus  formations had potential of large crude oil reserves in the northern part of Area 47, citing Darmoyo.  This marked the 15th discovery in the block since September 2006, the report said. – Investor Daily

Bumi Resources (BUMI, Rp1,720) ,Floating of Pendopo Energy Batubara shares

Bisnis Indonesia , Bakrie group may float Pendopo Energy  Batubara  by  end-2011  in  Hong Kong Stock Exchange, an unnamed executive  told  local  newspaper.  The value is being calculated, but the target is big because the IPO proceeds will be used for production development, the source said. The shares  listing  in Hong Kong may be due to regulation in Indonesia did not allow, as Pendopo is yet to commence production, the source added. Bumi Resources acquired 84% stake in Pendopo, the report said.
 

When the Corn Price Getting Softer, Setting-Up Nice Dividends for JPFA and CPIN

Kekhawatiran terhadap deflasi dan pertumbuhan ekonomi yang melambat menghantui bursa U.S, Dow (-0.3%) dan S&P 500 (-0.4%). Penurunan Initial Claim (act 457k Vs cons 464k) yang tidak signifkan juga tidak menolong bursa U.S. Investor masih menunggu cemas data U.S GDP Q2 2010. Tingginya angka pengangguran Jepang dan menurunnya industrial production selama Juni membawa Bursa Asia dibuka negatif, Australia ASX (-0.68%), Nikkei 225 (-1.2%), Kospi (-0.59%) dan Taiwan TAIEX (-0.58%). Yield SUN bertenor 10 tahun kembali turun (8.1%), memicu arus kapital masuk dan mendorong IHSG kembali di teritori positif.

Petani jagung U.S telah menikmati panen yang luar bias

a tahun ini, berpotensi untuk menghasilkan supply berkelebihan. Akibatnya harga jagung per bushel turun dibanding tahun kemarin. Harga jagung sempat menyentuh harga tertinggi di 2008, $7.50/bushel dan YTD berkisar hanya $3.75/bushel (2-yr Lo). Didalam produksi poultry feed, bahan mentah merupakan 90% dari cost produksi. 1 kg untuk poultry feed, ½ nya dari jagung dan sisanya dari soybean. Jadi, harga jagung sangat kritikal untuk biaya produksi JPFA. Tertekannya harga jagung di pasar dunia dan menguatnya rupiah, memungkinkan JPFA dan CPIN untuk menekan opex dan menorehkan profit margin yang meroket. katalis positif bagi JPFA dan CPIN. JPFA dan CPIN mempunyai ROE (29.3% & 52.97 %)dan ROIC (21.5% dan 51.21%) relatif tinggi. Dengan margin yang semakin meningkat, JPFA diperkirakan mampu membayar dividend pertama kali sejak 1997. Dari segi valuasi, JPFA PER 2010 4.8x lebih atraktif di banding  CPIN PER 2010 6.6x.

Bank Mandiri: To be one of the most profitable banks

We re-initiate our coverage on Bank Mandiri (Mandiri),  Indonesia’s largest state-owned bank in terms of assets, with a  BUY
recommendation. Our 12-month fair value of  Rp7,000/share  is derived from a Gordon Growth  Model  assuming  cost-of-equity  of
14.5% and ROE of 24%. It represents  FY11F  PER  and  PBV  of 14.2x and 3.2x, respectively.  We believe the bank will  enjoy
significant improvement in profitability level in the foreseeable future - narrowing the gap with closest peers’ profitability level. We expect
its ROE to reach 24.6% in 2012. The profitability improvement, we believe, is supported by absence of massive provisions, net interest
margin  (NIM) expansion, strong fee-based income growth, and possible tax rate reduction on a rights issue plan.

Sosialisasi Konvergensi PSAK ke IFRS untuk Perusahaan Efek, Manajer Investasi, dan Bank Kustodian

Pada tanggal 28 Juli 2010, PT Bursa Efek Indonesia (BEI) bekerja sama dengan Bapepam-LK, PT Kustodian Sentral Efek Indonesia (KSEI) dan PT Kliring Penjaminan Efek Indonesia (KPEI) mengadakan acara Sosialisasi Konvergensi PSAK ke IFRS untuk Perusahaan Efek, Manajer Investasi, dan Bank Kustodian. Acara tersebut dihadiri 300 perwakilan dari Perusahaan Efek, Manajer Investasi dan Bank Kustodian.

Kegiatan yang mengambil tema Sosialisasi Konvergensi PSAK ke IFRS ini bertujuan untuk mensosialisasikan ketentuan PSAK yang baru. Bertindak sebagai pembicara dalam acara tersebut adalah:

1. Ibu Etty Retno Wulandari, Bapepam-LK
2. Bapak Dudi M. Kurniawan, IAI
3. Bapak Hendang Tanusdjaja, IAI

Tampak dalam gambar Bapak Robinson Simbolon, Kabiro Perundang-Undangan dan Bantuan Hukum, Bapepam - LK bertindak sebagai keynote speaker dalam acara Sosialisasi Konvergensi PSAK ke IFRS untuk Perusahaan Efek, Manajer Investasi, dan Bank Kustodian di Hotel Ritz Carlton, Jakarta, tanggal 28 Juli 2010.