Kamis 13 Sept 2012

11:45  CITI Garuda Indonesia (GIAA.JK)

Alert: Strong July 2012 Profits; Valuations Appear Attractive
- Maintain Buy; attractive valuations – Garuda posted a decent Jul-2012 net profitof US$33mn, which more than offset US$2mn loss incurred in 1H12. While this was slightly lower than US$34mn profit recorded in Jul-2011, we think the result is commendable considering seasonal effects. Garuda shares declined 17% over the past 2 months as foreign investors took flight over broader Indo macro concerns (mainly current account deficit concerns). Valuations look attractive. Buy, TP Rp780.

- July has always been a strong month – Last year, we published a report (GarudaIndonesia – Deciphering the Puzzling July Profit Figure) where we explained thatJuly is a seasonally stronger month due to summer holidays, and outsized profits is possible. Today’s news of Garuda’s outsized Jul-2012 profits therefore came as no surprise. The slight decline in Jul-2012 profits (US$33mn vs. US$34mn in Jul-2011) was due to the Muslim fasting month starting earlier this year (20-Jul-2012) compared to last year (1-Aug-2011) so travel demand was lighter YoY in Jul-2012, which is normal.

- Reiterate Buy – We think our profit estimate of Rp1.4bn for FY12E (or US$144mn,as Garuda now reports in US$) is achievable. Our fundamental Buy thesis on

Garuda remains valid, i.e., continuing execution of its turnaround strategy may drive profits and valuations higher. We maintain Buy (1H) and Rp780 target price.

- See also our previous reports – on 19-Jun-2012 and on 27-Jun-2012.



11:35 Bumi resources minerals: revealing significant copper and gold resource estimates of Gorontalo Minerals (BRMS,
Rp425, Buy, TP:Rp830) by mandiri sekuritas


11:26   detikcom - Jakarta, PT Bumi Resources Minerals Tbk anak usaha dari PT Bumi Resources Tbk, yang merupakan perusahaan grup Bakrie melaporkan adanya sumber daya emas dan tembaga jutaan ton pada tambangnya di Gorontalo.Demikian disampaikan Vice President Investor Relations Bumi Resources Minerals Herwin Hidayat dalam siaran pers, Rabu (12/9/2012)."Berdasarkan laporan SRK Consulting, lokasi tambang di Cabang Kiri dan Sungai Mak memiliki total sumber daya bijih sebesar 292 juta ton, dengan rata-rata kadar kualitas 0,5% (tembaga) dan 0.47 g/t (emas)," kata Herwin.Wilayah tambang tersebut dioperasikan oleh PT Gorontalo Minerals, yang 80% sahamnya dimiliki oleh Bumi Resources Minerals dan 20% dimiliki PT Aneka Tambang Tbk (Antam)."Laporan SRK mengenai estimasi sumber daya mineral yang berdasarkan standar Joint Ore Reserve Committee tersebut, diharapkan dapat menambah nilai terhadap konsesi tambang tembaga dan emas yang dikelola oleh Bumi Resources Minerals di Gorontalo, Sulawesi," kata Herwin.Estimasi sumber daya mineral tersebut telah meningkatkan nilai komersial dari tambang tembaga dan emas tersebut. Selain di Sungai Mak dan Cabang Kiri, masih ada beberapa potensi sumber daya mineral di beberapa lokasi tambang yang dioperasikan oleh Gorontalo Minerals yang masih belum dieksplorasi lebih lanjut, seperti di Kayu Bulan, Tubalolo, Cabang Kanan, dan lokasi lainnya


11:19 ASRI announced that it had achieved Rp2.8t

Alam Sutera (ASRI) announced that it had achieved Rp2.8t or 80% of its year end marketing sales target of Rp3.5t. According to the management, close to 80% (Rp2.2t) of the marketing sales are derived from Serpong (Office tower Alam Sutera and Apartment Silkwood). (Kontan)


11:02  ASTRA AGRO LEST: Target Px increased to 22000 by Kim Eng Securities ..

ASTRA INTERNATIO: Target Px decreased to 7600 by CIMB ..

 PERUSAHAAN GAS N: Downgraded to Hold by PT Etrading Secur, TgPx:
4200 (↓10.6%) ..

UNILEVER IND TBK: Upgraded to Neutral by Macquarie, TgPx: 26000 (↑
48.5%) ..


09:54  UNTR: NOMURA SECURITIES Upgrades BUY Target Price UNTR to Rp35,000 due incrasing sales during the stormy day. Sales and profit estimate for FY2013  jumps TO Rp7 Trillion and shares might surges to Rp35,000.


LPLI kelilingan (now 415). disc on