Rabu 15 feb 2012

11:26  DOID incar tambang batubara baru
JAKARTA. Delta Dunia Makmur Tbk (DOID) incar akuisisi tambang batubara dengan cadangan 20 juta hingga 50 juta ton. "Kita sudah liat-lihat, tapi belum tahu kapan akan dilaksanakan," kata Corporate Finance Head DOID Andre Soelistyo di Jakarta, Selasa (31/1).

Keinginan DOID untuk masuk juga ke tambang batubara ini agar dapat terintegrasikan dengan usaha perusahaan saat ini yang disokong dari jasa kontraktor batubara. Dana akuisisi tambang batubara tersebut akan berasal dari hasil right issue yang sudah dilakukan perusahaan tahun lalu.



SSIA

Key points:



·         SSIA is in the right spot to capture the boom in industrial land demand. SSIA recorded 208ha sales in FY11.

·         This year SSIA is targeting 135ha sales (120ha is already secured). Soaring industrial land prices can widen net profit margin.

·         Construction remains the company’s backbone. This steady-but-low-margin segment is expected to still grow at 15% annually in the mid-term and provides approximately 50% and 18% of revenue and net profit, respectively.

·         A venture into infrastructure, as the potential Cikampek – Palimanan toll road contractor can add Rp270bn, 20% upside to current  construction revenue.

·         SSIA plans to open up to five 3-star hotels annually starting in 2013 to take advantage of blossoming demand for budget hotels.

·         VALUATION: SSIA trades at Rp870/share, implying 30% discount to current portfolio NAV of Rp1,126/sh and 8.6xPE12.

(by CLSA)