Selasa 4 Sept 2012

15:45  CLSA INDO UPDATE - BAKRIE NAMES WEIGHING ON THE INDEX TODAY

- Having been lulled into a false sense of stability, especially after the better than expected trade and current account numbers from yesterday, the index unfortunately has not been able to continue the bullish momentum from yesterday.
- The index is down a tad, but mostly on the back of further weakness in all the Bakrie related names again today.
- Making matters worse is the fact that BTEL has been suspended from trading today; apparently on the back of a bond default.
- E.g: BUMI-8.1%, ENRG-14.7%, BRAU-15.3%, BRMS-5.6%, UNSP-8.8% at the moment.
- The rumors remain persistent about alledged cash needs by the Bakrie family and talk about continued collateral dumping by repo holders.




14:37   PRESS RELEASE
BTEL Still Pays Debt On Time, Suspension of Shares Necessary to Prevent Speculations

Jakarta, 4 September 2012 - PT Bakrie Telecom, Tbk (BTEL) remains calm in responding to measures taken by the Stock Exchange authority by suspending the company's stock trading. BTEL Management understands fully that such measure is necessary to prevent market speculations.

BTEL Deputy President Director and CFO Jastiro Abi stated "We fully understand and agree on the measure to suspend trading of BTEL's stock. From a total of Rp.650 billion worth of  bonds due today, we have paid Rp.250 billion to KSEI account. The remaining will be paid directly from our creditors' account to bondholders'."

Earlier, the division head for stock valuation from the  Indonesia Stock Exchange (BEI) announced to the market that BTEL stock will be suspended awaiting payment from creditors which was not yet received until yesterday afternoon, 3 September 2012.

Last Friday, BTEL announced that of the total Rp.650 billion to be paid to bondholders, Rp.250 billion was paid by BTEL to KSEI (Stock Custodian Agency) account together with Rp.19.3 billion in interest payment. It was also announced that the remaining payment of Rp.400 billion would be received by the custodian agency (KSEI) on the bonds' due date, Tuesday, 4 September 2012. 

In previous announcement, BTEL management aimed to complete the fund transfer by one day before the due date. However due to holiday in New York yesterday, the fund transfer is only to be made today.

Responding to some analysts' statement that BTEL stock was suspended from trading due to event of default, BTEL President Director Anindya Bakrie said "We regret the speculations made by some parties. That is why we fully agree that suspension of stock trading is necessary to prevent this kind of speculation. BTEL Management is fully committed to meet the company's obligation on the agreed schedule."
- END -



14:35  BTEL kemungkinan besar pasti bayar ...


11:59   Indonesian property

Developers maintain confidence

OVERWEIGHT CTRA


Property counter has been excessively hit since the introduction of regulation in June, implying fully-factored in the downside by the market. We still like CTRA on the highly mortgage exposed above. A jump by 99% yoy marketing sales up to July offers an exciting EPS growth outlook over next two years. We have BUY rating on CTRA at TP Rp685/sh, the stock is currently trading at 33% disc to RNAV and 2013 PE of 13x (vs. MS universe 58% disc and 17x PE





11:32   *DJ Australia's RBA Says No Difficulty For Banks To Access Funding
*DJ Australia's RBA: Global Outlook More Subdued
*DJ Australia's RBA Cash Rate Target Unchanged at 3.5%
*DJ Australia's RBA Cash Rate Target Unch At 3.5%


10:03   DJ Bakrie Telecom Finance Director: To Complete Bonds Repayment Later Tuesday
*DJ Bakrie Telecom Finance Director: Repaid Part Of Bonds Friday

tgl 11 sept obligasi elty


09:56   BTEL disuspend karena penundaan pembayaran pelunasan obligasi + pembayaran bunga


MDRN akan melakukan rights issue sebanyak 959.73 juta saham dengan ketentuan setiap 100 pemegang saham lama akan mendapatkan 30 HMETD untuk membeli 30 saham baru dengan harga penawaran Rp450–Rp550 per saham.