swan silo
Thu, 11 Mar 2010 01:53:58 -0800
Telekomunikasi Indonesia (TLKM-BUY-IDR8,750-TP:IDR11,000) indicated 2009 net profit of IDR12.1t or 5% - 7% y-y growth, above our forecast of IDR11.9t. Sudiro Asno, finance director of TLKM, added revenue was expected to grow by 5% y-y, mainly on the back of solid performance from its cellular-phone business, Telekomunikasi Selular (Telkomsel). On separate news, TLKM will seek IDR6t-IDR7t loans to fund their working capital and to refinance their debts. (Jakarta Globe, Bahana, Investor Daily)
• Bank Negara Indonesia (BBNI-BUY-IDR1,900-TP:IDR2,500) is waiting for the
government’s approval on the rights
issue of 13% shares in 2H10. The proceeds will be used to expand its loan book
and, at the same time, enhance the
bank’s capital base. (Bisnis Indonesia)
• Bank Rakyat Indonesia (BBRI-BUY-IDR7,450-TP:IDR9,200) will acquire Bank
Agroniaga (AGRO-NOT RATEDIDR127)
worth not more than IDR1t. (Investor Daily)
• Perusahaan Gas Negara (PGAS-BUY-IDR3,800-TP:IDR4,800) plans to import between
1.5m and 2m tons of LNG per
year from Qatar. LNG to be imported from Qatar would be supplied to two LNG
floating receiving terminals to be
located adjacent to North Sumatra and Banten said PGAS vice president for gas
supply, Imam Santoso. (The Jakarta
Post)
• Bank Danamon Indonesia (BDMN-HOLD-IDR5,300 -TP:IDR5,400) will appeal on high
court decision regarding
derivative transaction case against Esa Kertas Nusantara. Ricardo, BDMN legal
council, said that the appeal proposal
has been sent to the court. (Bisnis Indonesia)
• Tambang Batubara Bukit Asam (PTBA-BUY-IDR16,000-TP:IDR19,850) plans to
acquire 9.36% stake in Freeport’s
divested shares. “If the financial statement is good and will bring profit to
our company, then we will take it,” said
PTBA president director, Sukrisno. (Kontan)
• Jasa Marga (JSMR-BUY-IDR1,820-TP:IDR2,300) will spend IDR3t in 2010 capex for
toll road construction with the
greater part financed by bank loans. (The Jakarta Post)
• Timah (TINS-BUY-IDR2,250-TP:IDR3,100) plans to lower its 2009 dividend payout
ratio of 30%, while Ministry of
SOE aims at the payout ratio of 50%. (Kontan)
• Bakrie Development (ELTY-BUY-IDR250-TP:IDR300) is offering 30% shares of its
projects to Japanese investors.
(Kontan)
• Warner Investments Bhd has sold 1.61b of Bumi Serpong Damai’s
(BSDE-BUY-IDR620-TP:IDR1,250) shares or
14.77% of ownership. Group Sinarmas through PT Paraga Artamida, is still the
majority shareholder with 37%
ownership. (Bisnis Indonesia)
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