14:55
Research Today: XL Axiata (EXCL IJ), disciplined value creator, initiating coverage, BUY, TP Rp7,600
CLSA Indonesia Head of Research Dee Senaratne initiates Xl Axiata (EXCL IJ) coverage with a BUY call and TP of Rp7,600 (30% upside). Despite being the late entrant, EXCL has grown sustainably and taken share in a tough market. We expect the company to continue to win incremental market share.
Unencumbered by a capital intensive/low return fixed-line the company was able to gain market share by offering cheaper prices whilst at the same time being very cost efficient. On the cost issue, when I visited the office recently, I saw that the company switched off the electricity during lunch time. Nice to see.
As a pure-play mobile operator, EXCL has generated a 5-year 42% revenue Cagr by building scale. We expect EXCL to focus on data and it will allow EXCL to grow above the industry growth rate. Due to its superior cost control and capital efficiency it is able to generate superior returns on capital than its peers. ROE and ROIC of 32% and 30% respectively is best in class.
Key points from the report:
· Superior opex/capex = best in class ROE.
· EXCL generates ~3x more revenue per employee then TLKM or ISAT.
· Our forecasts are 15% above consensus but EXCL continues to positively surprise the market.
· The rapid de-gearing of the balance sheet from peak gearing of 400% in 2008 to 42% by FY11, going to negative 9% in 2013CL.
· We would also note that Excel generates nearly 3x more revenue per employee than TLKM or ISAT.
· Valuation: Currently trading on 12x 11CL PE Excel is at a discount to regional and Indonesian telecom peers despite 48% earnings growth and 30% ROE
· Recent MSCI inclusion (only 25 of the 424 Indonesian public companies) affirms Excel’s blue-chip status and ensures it will be a core component of any ETF creation. (CLSA)
13:57 China urges more coal imports to keep lights on - Reuters
China will encourage coal imports and urge miners to boost output to increase supplies to power plants, China's economic planning agency said, as the world's largest energy consumer tackles its worst power shortages in seven years.
12:58 PT Bhakti Investama (BHIT) Tbk, an investment holding controlled by Tanoesoedibjo family, has reportedly sold 20.28% shares in PT Global Mediacom (BMTR) to foreign investors for Rp2.1 trillion or about US$246 million.
Detik.com reported today that PT MNC Securities, affiliated to Bhakti, facilitated the crossing of 1.463 billion shares Wednesday (June 1) at Rp752.56 per share or a discount of 10.44% from yesterday’s closing. Global Mediacom closed lower by 1.19% to Rp830 Wednesday.
On Monday, MNC also facilitated the crossing of shares worth Rp191 billion, followed with the crossing of shares worth Rp811 billion on Tuesday.
Bhakti controlled 51.57% BMTR shares before the crossing. Other shareholders are PT Asriland (12.29%), MediaCorp Investments Pte Ltd (6.18%), and public (29.96%).
At Rp830 per share, Global Mediacom, controlling shareholder of PT Media Nusantara Citra (MNCN) Tbk, has market capitalization of Rp11.44 trillion or about US$1.3 billion.
Global Mediacom controls 71.46% shares in MNCN, which controls 100% shares in PT Rajawali Citra Televisi Indonesia (RCTI). (Theindonesiatoday)
12:55 Laju saham BUMI, Jumat (3/6) diprediksi naik tipis karena situasi market yang sepi. Tapi, listingnya BUMI Inc pada 17 Juni, bisa menjadi katalis kenaikan harga saham ini ke level Rp4.000 akhir bulan ini.
Pengamat pasar modal Irwan Ibrahim mengatakan, katalis penguatan saham PT Bumi Resources (BUMI) selain faktor harga batu bara juga karena BUMI Inc akan segera listing di bursa London pada 17 Juni 2011. Hal itu menjadi katalis positif meskipun dari sisi fundamental tidak terlalu berpengaruh banyak pada emiten ini di dalam negeri.
Irwan memperkirakan, sentimen tersebut, bisa menggiring harga saham sejuta umat ini menuju level Rp4.000. Angka ini bisa dicapai saham ini saat window dressing akhir Juni 2011 dan Rp5.000 merupakan target harga di akhir tahun.
11:25 Antm (zp) : tp 2450
Foreign nett buy 14bio saja...
11:15 Daftar saham yang akan pembagian deviden di bulan juni 2011.
MEGA. 157/lembar.
Cumdate. 06-06-2011.
Distribusi 23-06-2011.
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BBCA. 70/lembar.
Cumdate. 06-06-2011.
Distribusi 23-06-2011.
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FASW. 45/lembar.
Cumdate. 06-06-2011.
Distribusi 23-06-2011.
__________________________
TRAM. 5/lembar.
Cumdate. 07-06-2011.
Distribusi 24-06-2011.
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SMDR. 160/lembar.
Cumdate. 07-06-2011.
Distribusi 24-06-2011.
__________________________
PANS. 80/lembar.
Cumdate. 08-06-2011.
Distribusi 23-06-2011.
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ADMF. 954/lembar.
Cumdate. 09-06-2011.
Distribusi 28-06-2011.
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WOMF. 14/lembar.
Cumdate. 09-06-2011.
Distribusi 28-06-2011.
__________________________
POLL. 200/lembar.
Cumdate. 09-06-2011.
Distribusi 28-06-2011.
__________________________
TBIG. 25/lembar.
Cumdate. 10-06-2011.
Distribusi 28-06-2011.
__________________________
BBNI. 66/lembar.
Cumdate. 10-06-2011.
Distribusi 30-06-2011.
10.35 Clsa : EXCL 7600
MDLN: P/E RATIO 6.4X 2011; PBV 0.73X
VS INDUSTRY: 14X; PBV 2.4X AVERAGE
10:19 CHINA CNOOC Ltd Is eyeing a majority stake in Ratu Prabu Energy in efforts to bid an indirect stake in Masela gas and oil block which gas reserves of about 150 years. Price for the stake purchase is offered at BETWEEN 1.8x and 2.2X ARTI'S BOOK VALUE. ARTI BOOK VALUE AS OF MARCH 31 IS AT IDR514.
09:50 PT Bhakti Investama (BHIT) Tbk, an investment holding controlled by Tanoesoedibjo family, has reportedly sold 20.28% shares in PT Global Mediacom (BMTR) to foreign investors for Rp2.1 trillion or about US$246 million.
Detik.com reported today that PT MNC Securities, affiliated to Bhakti, facilitated the crossing of 1.463 billion shares Wednesday (June 1) at Rp752.56 per share or a discount of 10.44% from yesterday’s closing. Global Mediacom closed lower by 1.19% to Rp830 Wednesday.
On Monday, MNC also facilitated the crossing of shares worth Rp191 billion, followed with the crossing of shares worth Rp811 billion on Tuesday.
Bhakti controlled 51.57% BMTR shares before the crossing. Other shareholders are PT Asriland (12.29%), MediaCorp Investments Pte Ltd (6.18%), and public (29.96%).
At Rp830 per share, Global Mediacom, controlling shareholder of PT Media Nusantara Citra (MNCN) Tbk, has market capitalization of Rp11.44 trillion or about US$1.3 billion.
Global Mediacom controls 71.46% shares in MNCN, which controls 100% shares in PT Rajawali Citra Televisi Indonesia (RCTI). (Theindonesiatoday)
09:19 0202 GMT [Dow Jones] Indonesian shares are likely to fall, weighed by weak U.S. markets and amid an absence of fresh leads, traders say. They expect the main index in a 3820-3850 range after it ended up 0.02% Wednesday at 3837.761. Indonesian markets were closed Thursday for a holiday. "I expect that market volume will be very thin as many investors, mostly locals, are still on holiday," says a trader with a local securities firm. Car maker Astra (ASII.JK) and cement producer Holcim Indonesia (SMCB.JK) may lead falls on profit-taking after recent gains.
09:17
Here is a Bumi comment on above:-
"Largest KPC mine distance to port is 13.5 km (through hi speed conveyor, 32 m tons/annum, in 25 min) - the 2nd conveyor (commissioning H1'12 latest) will double capacity to 64 m tons/pa. Transporting by conveyors is not only more weather insensitive but operating costs are lower by min 6x vs trucking/barging. So Bumi stands to benefit most"
ASRI laba 1Q11 naik 151,61% jadi Rp 158,47 miliar
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