Kamis 19 Juli 2012

15:30  UBS : MNCN TP 2800

Another rate card hikes
-MNC TV card rate raised 15% on 1 April
- Improving cash flow
-Linktone divestment plan, potential for higher dividends
-Valuation : maintain Buy rating . We raise our price target from Rp1,900 to Rp2,800 on strong programme ratings
and revenue growth, and increase 2012E earnings 7% and dividend payout 5% to
50%. We derive our price target from a DCF-based methodology and explicitly
forecast long-term valuation drivers using UBS’s VCAM tool. We assume a 5.7%
risk free rate and 10.6% WACC.
-Strong audience shares at MNC TV, another
15% increase in the prime time rate card.
-Strong growth in free cash flow provides dividend payout upside potential
-Raise our earnings forecasts 6-7%



15:25  SMGR: Manajemen PT Semen Gresik Tbk memperkirakan pendapatan tumbuh antara 12%-13% hingga semester pertama 2012 dibandingkan semester pertama 2011.
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11:15 MTLA IJ / MTLA.JK  |  OUTPERFORM - Maintained  |  Share Price Rp530 - Tgt. Rp650
Property Devt & Invt  |  - by Lydia TOISUTA 

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1Q12 was as expected, with margin expansion from a better capital structure after its IPO. MTLA continues to offer one of the highest returns with the help of its operating efficiencies. 1Q12 core is in line at 23% of our FY12 estimate and consensus. Margin expansion marked the quarter for MTLA as well as the whole sector. We maintain our earnings, DCF-based target at Rp650 (WACC: 10.2%) and Outperform rating.



10:25  Inilah ambisi anak usaha PT Metropolitan Land Tbk, PT Metropolitan Golden Management (MGM), di bisnis perhotelan. Perusahaan ini berambisi bisa mengoperasikan 60 hotel di seluruh Indonesia pada tahun 2015.

Demi mencapai target tersebut, MGM menggaet perusahaan yang punya lahan luas namun belum tergarap optimal. Salah satu perusahaan yang baru digaet MGM adalah PT Kereta Api Indonesia (KAI). Keduanya telah meneken nota kesepahaman bisnis atau Memorandum of Understanding (MoU) pada Juli 2012


10:09   CLSA INDO UPDATE- COAL SECTOR DOWNGRADE(19 July 2012)
- Short summary of changes in recommendation in the sector.
- CLSA lowered coal price assumptions by around 9% to USD 99/100 ton for
  2012/2013 (from USD 108/110)
- That has resulted in earnings downgrades averaging 7%-19% for the coal names
  and the resultant recommendation downgrades:
- ADRO: underperform 1400 (from underperform 1330)
- PTBA: outperform 156,00 (buy 17,500)
- BUMI: underperform 1100 (underperform 1300)
- HRUM: underperform 5800 (underperform 6200)
- INDY: outperform 2000 (outperofrm 2100)
- ITMG: outperform 39,000 (buy 41,000)