Laba emiten BUMN tambang meroket
http://investasi.kontan.co.id/v2/read/1304145568/66170/Laba-emiten-BUMN-tambang-meroket
Pendapatan Tol Topang Laba CMNP Jadi Rp76,8 Miliar
http://pasarmodal.inilah.com/read/detail/1467582/pendapatan-tol-topang-laba-cmnp-jadi-rp768-miliar
Laba bersih Fajar Surya Wisesa turun 4%
http://www.bisnis.com/market/saham/22006-laba-bersih-fajar-surya-wisesa-turun-4
Bank OCBC NISP raih laba Rp47,8 triliun
http://www.bisnis.com/market/saham/22009-bank-ocbc-nisp-raih-laba-rp478-triliun
Pendapatan dan Kurs Ikut Naikan Laba TBLA
http://pasarmodal.inilah.com/read/detail/1467452/pendapatan-dan-kurs-ikut-naikan-laba-tbla
WIKA Catatkan Laba Bersih Jadi Rp92,3 Miliar
http://pasarmodal.inilah.com/read/detail/1467332/wika-catatkan-laba-bersih-jadi-rp923-miliar
Laba Bersih JSMR Naik 21,5% Jadi Rp371,7 Miliar
PT Jasa Marga Tbk (JSMR) pada kuartal I 2011 meraih laba bersih Rp371,7 dari periode yang sama tahun 2010 Rp291,6 miliar atau naik 21,5%. Untuk pendapatan usaha pada periode ini sebesar Rp1,154 triliun dari 1,01 triliun pada periode yang sama tahun 2010. Pendapatan ini didukung pendapatan tol mencapai Rp1,1 triliun dari Rp995,8 miliar. Dengan beban usaha sebesar Rp552,9 miliar pada kuartal I 2011 maka laba usaha menjadi Rp601,7 miliar dibandingkan periode yang sama 2010 sebesar Rp488,02 miliar dengan beban usaha mencapai Rp526,6 miliar. Untuk beban penghasilan sebesar Rp134,4 miliar sehingga laba sebelum pajak Rp467,3 miliar setelah diporong beban pajak penghasilan maka laba bersih menjadi Rp370,7 miliar. Untuk laba bersih per saham (EPS) menjadi Rp54,9 per lembar dari Rp43,02 per lembar di kuartal I 2010. Untuk aset perseroan pada kuartal 1 2011 menjadi Rp19,6 miliar dari Rp18,8 miliar di periode yang sama tahun 2010.
Laba Telkom Naik Tipis Menjadi Rp 3,82 Triliun
http://www.detikfinance.com/read/2011/04/30/101529/1629144/6/laba-telkom-naik-tipis-menjadi-rp-382-triliun
PGAS Bukukan Kenaikan Laba Menjadi Rp2,1 Triliun
http://pasarmodal.inilah.com/read/detail/1466192/pgas-bukukan-kenaikan-laba-menjadi-rp21-triliun
Pendapatan Bunga Dorong Laba BII Naik Jadi Rp150 M
http://pasarmodal.inilah.com/read/detail/1466262/pendapatan-bunga-dorong-laba-bii-naik-jadi-rp150-m
Dividen TGKA sebesar Rp 51 per saham
http://investasi.kontan.co.id/v2/read/1304086621/66144/Dividen-TGKA-sebesar-Rp-51-per-saham
Garuda Raup Rp 5,1 Triliun Dalam 3 Bulan
http://www.detikfinance.com/read/2011/04/29/190400/1628929/6/garuda-raup-rp-51-triliun-dalam-3-bulan
Sampoerna Raup Laba Bersih Rp1,24 Triliun
http://pasarmodal.inilah.com/read/detail/1465872/sampoerna-raup-laba-bersih-rp124-triliun
Mandiri Cetak Kenaikan Laba 88,7% Jadi Rp3,78 T
http://pasarmodal.inilah.com/read/detail/1465642/mandiri-cetak-kenaikan-laba-887-jadi-rp378-t
Laba Bersih CNKO Naik 2.471,64% di Q1-2011
http://pasarmodal.inilah.com/read/detail/1465592/laba-bersih-cnko-naik-247164-di-q1-2011
Laba Bersih EMTK Terkerek 199,94% pada Q1-2011
http://pasarmodal.inilah.com/read/detail/1465512/laba-bersih-emtk-terkerek-19994-pada-q1-2011
Laba bersih ANTM di kuartal I naik 71% mencapai Rp 346,6 miliar
http://investasi.kontan.co.id/v2/read/1304069655/66125/Laba-bersih-ANTM-di-kuartal-I-naik-71-mencapai-Rp-3466-miliar
Bank Danamon Cetak Laba Rp 763 Miliar
http://www.detikfinance.com/read/2011/04/29/163514/1628779/5/bank-danamon-cetak-laba-rp-763-miliar?f9911023
UNVR berhasil catatkan laba bersih Rp 998,1 miliar di kuartal I 2011
http://investasi.kontan.co.id/v2/read/1304068263/66122/UNVR-berhasil-catatkan-laba-bersih-Rp-9981-miliar-di-kuartal-I-2011
Kuartal I 2011, laba bersih AALI melonjak 140,5%
http://investasi.kontan.co.id/v2/read/1304089046/66148/Kuartal-I-2011-laba-bersih-AALI-melonjak-1405
Astra Agro Bagi Dividen Rp830/Saham
http://pasarmodal.inilah.com/read/detail/1465242/astra-agro-bagi-dividen-rp830saham
Harga Dunia Naik, Laba PT Timah Melonjak 150%
http://www.detikfinance.com/read/2011/04/29/161105/1628755/6/harga-dunia-naik-laba-pt-timah-melonjak-150
Outlook kinerja menunjukkan tanda-tanda melambat, saham BBRI tergerus tajam
http://investasi.kontan.co.id/v2/read/1304066864/66119/Outlook-kinerja-menunjukkan-tanda-tanda-melambat-saham-BBRI-tergerus-tajam
Beban operasional membengkak, RIGS merugi di kuartal I 2011
http://investasi.kontan.co.id/v2/read/1304065160/66114/Beban-operasional-membengkak-RIGS-merugi-di-kuartal-I-2011
SGRO membukukan Pendapatan K1-11 Rp759M , naik +151,3%yoy dan Laba Bersih K1-11 Rp189M , naik +337,7%yoy.
Indosat Catat Laba Rp 453 Miliar, Naik 63%
http://www.detikfinance.com/read/2011/04/29/145556/1628651/6/indosat-catat-laba-rp-453-miliar-naik-63
Kuartal I 2011, laba bersih SMGR naik tipis 8,5%
http://investasi.kontan.co.id/v2/read/1304062465/66106/Kuartal-I-2011-laba-bersih-SMGR-naik-tipis-85
Laba Holcim Naik Tipis ke Rp 209 Miliar
http://www.detikfinance.com/read/2011/04/29/140223/1628572/6/laba-holcim-naik-tipis-ke-rp-209-miliar
HERO Cetak Laba Bersih Rp55,54 Miliar pada Q1-2011
http://pasarmodal.inilah.com/read/detail/1464492/hero-cetak-laba-bersih-rp5554-miliar-pada-q1-2011
Laba Bersih XL Naik 26% pada Q1-2011
http://pasarmodal.inilah.com/read/detail/1464252/laba-bersih-xl-naik-26-pada-q1-2011
Bentoel Cetak Laba Bersih Naik 210,45%
http://pasarmodal.inilah.com/read/detail/1464212/bentoel-cetak-laba-bersih-naik-21045
Tiga bulan pertama 2011, laba bersih GGRM tumbuh 18,6%
http://investasi.kontan.co.id/v2/read/1304055302/66096/Tiga-bulan-pertama-2011-laba-bersih-GGRM-tumbuh-186
Laba Bukopin kuartal I terkerek 43,61%
http://www.bisnis.com/finansial/perbankan/21974-laba-bukopin-kuartal-i-terkerek-4361
Laba Kimia Farma Merekah 108% Menjadi Rp 24 Miliar
http://www.detikfinance.com/read/2011/04/29/131553/1628517/6/laba-kimia-farma-merekah-108-menjadi-rp-24-miliar
Indofood Raup Laba Rp 1 Triliun dalam Tiga Bulan
http://www.detikfinance.com/read/2011/04/29/110213/1628403/6/indofood-raup-laba-rp-1-triliun-dalam-tiga-bulan
Penjualan Dongkrak Laba Bersih PTBA Naik 108%
http://pasarmodal.inilah.com/read/detail/1463882/penjualan-dongkrak-laba-bersih-ptba-naik-108
Bahan baku naik, laba bersih ICBP hanya tumbuh 17,8% di kuartal pertama
http://investasi.kontan.co.id/v2/read/1304051175/66089/Bahan-baku-naik-laba-bersih-ICBP-hanya-tumbuh-178-di-kuartal-I-
Laba bersih KRAS di kuartal I anjlok 76%
http://investasi.kontan.co.id/v2/read/1304049354/66084/Laba-bersih-KRAS-di-kuartal-I-anjlok-76
Pemegang Saham BLTA Setujui IPO Anak Usaha
http://pasarmodal.inilah.com/read/detail/1463922/pemegang-saham-blta-setujui-ipo-anak-usaha
Beban Tinggi, Laba Bank Panin Tergerus 20%
http://www.detikfinance.com/read/2011/04/29/105734/1628394/5/beban-tinggi-laba-bank-panin-tergerus-20
Laba PT Pelat Timah Nusantara Tbk (NIKL) atau Latinusa di triwulan I-2011 anjlok 90,23% menjadi Rp 2,74 miliar, dari periode yang sama tahun lalu Rp 28,05 miliar.
Lonsum laba bersih 1Q lonjakan 134,8%
Produsen minyak kelapa sawit PT PP London Sumatra Indonesia Tbk (Lonsum) hari ini mengumumkan lonjakan 134,8% laba bersih pada kuartal pertama tahun ini di bagian belakang peningkatan volume penjualan. Lonsum membukukan laba bersih Rp394.2 miliar atau Rp58 per saham pada 1Q 2011 dari Rp167.9 miliar atau Rp25 per saham pada 1Q 2010, mengirimkan marjin bersih menjadi 33,5% dari 24,7%.
Laba Bersih LPKR Naik 20,3% pada Q1-2011
http://pasarmodal.inilah.com/read/detail/1463602/laba-bersih-lpkr-naik-203-pada-q1-2011
Laba Bank BJB Naik Rp71,18 Miliar
http://www.investor.co.id/moneyandbanking/laba-bank-bjb-naik-rp7118-miliar/10785
Asing Bawa IHSG Cetak Rekor Baru di 3.819,62
http://pasarmodal.inilah.com/read/detail/1465382/asing-bawa-ihsg-cetak-rekor-baru-di-381962
Indeks berhasil berbalik arah di penutupan akhir pekan
http://investasi.kontan.co.id/v2/read/1304069085/66124/Indeks-berhasil-berbalik-arah-di-penutupan-akhir-pekan
Bergerak Fluktuatif, IHSG Sempat Cetak Rekor Lagi
http://www.detikfinance.com/read/2011/04/29/161034/1628758/6/bergerak-fluktuatif-ihsg-sempat-cetak-rekor-lagi
TBLA TO GIVE IDR20/SHARE DIVIDEND
DEWA: 84-120. Dharma Henwa has a similar business with DOID. Dewa is now trading at a pbv ratio of only 0.62X PBV (BV:IDR173/Share) Vs DOID 66X PBV (BV: IDR20). Dewa's assets as of December 31 were at IDR4.0 trillion vs Doid's IDR7.6 trillion. 2010. Net profit of DEWA was at IDR5.1 billion vs DOID's IDR158.67 billion in NET LOSSES. DEWA's liabilities (DEBTS) were at IDR1.08 trillion VS DOID's liabilities of IDR7.5 trillion. DEWA's equity capital was at IDR2.9 trillion vs DOID's IDR136 billion. DEWA DER is now at 0.57X VS DOID's 55X. In the long run, the above figures could reflect that DEWA has more rooms for expansion should the company needs fundraising. DEWA first quarter net profit may double than it had in the full year of 2010, while DOID will likely still have to fight with debt management to return to green. I prefer to invest in DEWA. My 12-month target is at a conservative PBV ratio of 1.8X of IDR311/share (vs DOID now of 66X BV). BUY and HOLD these shares at any levels for midterm investment.
Bloomberg: Fast Retailing, Telkom Indonesia Added to UBS Global Top 40 List
BW PLANTATION DIVIDEND, RP 9
GLOBAL MEDIACOM DIVIDEND, RP 10
ASTRA OTOPARTS DIVIDEND, RP 434 CUM 23 MAY 2011
ASTRA OTOPARTS STOCK SPLIT, RASIO 5:1
ASTRA GRAPHIA DIVIDEND, RP 25 CUM 27 MAY 2011
Unilever, the world’s second- biggest consumer-goods company, reported first-quarter sales that missed estimates and said profitability will drop in the first half, prompting the biggest stock decline in more than eight months. Underlying sales growth, which excludes the effect of acquisitions, disposals and currency fluctuations, was 4.3 percent, Unilever said today.“The group’s outlook statements underscore the uncertainties regarding its margin performance this year,” Richard Withagen, an analyst at SNS Securities in Amsterdam, wrote in a note today. “Margin pressure will be more intense, while price increases will result in lower volume growth.” Commodity cost volatility is “unprecedented” this year, Chief Financial Officer Jean-Marc Huet said today on a conference call with journalists. Crude oil has risen to about $125 a barrel from about $100 since the company’s annual results, he said, particularly affecting the company’s health and personal-care business. Increasing costs of edible oils including palm oil are also hurting the spreads business, he said.
BI Larang 23 Bank Jaring Nasabah Kaya Selama Sebulan
http://www.detikfinance.com/read/2011/04/29/130323/1628501/5/bi-larang-23-bank-jaring-nasabah-kaya-selama-sebulan
Aksi Ambil Untung Bikin IHSG Melorot 10 Poin
http://www.detikfinance.com/read/2011/04/29/113818/1628451/6/aksi-ambil-untung-bikin-ihsg-melorot-10-poin
Penurunan 108 saham bikin indeks bertekuk lutut di sesi I
http://investasi.kontan.co.id/v2/read/1304052049/66091/Penurunan-108-saham-bikin-indeks-bertekuk-lutut-di-sesi-I
Profit Taking, IHSG Sesi I Ditutup Turun 0,19%
http://pasarmodal.inilah.com/read/detail/1464092/profit-taking-ihsg-sesi-i-ditutup-turun-019
JP Morgan naikkan proyeksi, BUMI naik ke level tertinggi 31 bulan
http://investasi.kontan.co.id/v2/read/1304052332/66092/JP-Morgan-naikkan-proyeksi-BUMI-naik-ke-level-tertinggi-31-bulan
Bank Jabar Banten
Unfavourable duet: falling NIM and rising NPLs - by Mulya Chandra CFA
(BJBR IJ / BJBR.JK, UNDERPERFORM - Downgraded, Rp1,290 - Tgt. Rp1,350, Banks)
DOW JONES NEWSWIRES JAKARTA (Dow Jones)--Indonesia's inflation likely eased in April as food prices continued falling during the current harvest season, which will likely allow the central bank to keep its policy rate unchanged when meets May 12. The median forecast of nine regional economists polled by Dow Jones Newswires is for the Consumer Price Index to rise 6.32% on year in April, slowing from the 6.65% increase on March. Meanwhile, the median forecast of eight economists who made month-on-month predictions is for prices to fall 0.15% from a month earlier after a 0.32% drop in March. "The decline (in food prices) appears to be broader-based compared with March," said Bank Danamon's economist Helmi Arman.
Analysts said that the rupiah's appreciation against the dollar is also helping rein in imported inflation.
The official Central Statistics Agency will release inflation data Monday around 0400 GMT.
Forecasts for Change in April Consumer Price Index
Institution On-Yr CPI Forecast On-Month CPI Forecast
Danareksa +6.20% -0.27%
Stanchart +6.30% -0.10%
Action Economics +6.30% -0.20%
CIMB Niaga +6.31% -0.16%
Danamon +6.32% -0.15%
Mandiri Sekuritas +6.32% -0.15%
BII +6.37% -0.11%
OCBC +6.40%
ING +6.50% 0.0%
Median +6.32% -0.15%
March +6.65% -0.32%
*DJ Mitsui Sumitomo Insurance To Buy 50% Stake In Indonesian Sinar Mas Unit
HRUM dividend schedule: cum date 30 may, payment date 17 june. Dividend amount IDR 244/shs.
Bloomberg: Indosat’s First Quarter Subscribers Rise 20% to 46.2 Million
RTT: China Manufacturing Growth Steadies In April
China's manufacturing sector expanded at a steady pace in April, amid relatively lackluster growth of new business and a slower expansion in manufacturing production, a survey by Markit Economics showed Friday. The Markit/HSBC purchasing managers' index was at 51.8 during the month. The reading was unchanged from the March score and the flash estimate. A PMI reading above 50 suggests expansion of the sector. Employment increased at the fastest pace since last December, Markit said. The rate of input cost inflation moderated to an eight-month low in April, but remained strong.
Rampungkan Placement, Cermati Saham DGIK
http://pasarmodal.inilah.com/read/detail/1463532/rampungkan-placement-cermati-saham-dgik
Inilah Saham Pilihan Jumat (29/4/2011)
http://pasarmodal.inilah.com/read/detail/1462942/inilah-saham-pilihan-jumat-2942011
Saham CTTH Berpotensi Menuju Rp150
http://pasarmodal.inilah.com/read/detail/1463542/saham-ctth-berpotensi-menuju-rp150
Analis: Ada kemungkinan harga emas menyentuh US$ 1.800 tahun ini
http://investasi.kontan.co.id/v2/read/1304043229/66066/Analis-Ada-kemungkinan-harga-emas-menyentuh-US-1.800-tahun-ini
Rupiah Makin Perkasa, Cadangan Devisa RI Tembus US$ 110 Miliar
http://www.detikfinance.com/read/2011/04/29/083851/1628249/6/rupiah-makin-perkasa-cadangan-devisa-ri-tembus-us--110-miliar
Bagian I
Kisah Morgan Stanley Tertipu Bank Garansi Palsu 'Bank Mandiri' US$ 55 Juta
http://www.detikfinance.com/read/2011/04/29/063919/1628209/5/kisah-morgan-stanley-tertipu-bank-garansi-palsu-bank-mandiri-us--55-juta
Bagian II
Kisah Morgan Stanley Tertipu Bank Garansi Palsu 'Bank Mandiri' US$ 55 Juta
http://www.detikfinance.com/read/2011/04/29/074023/1628223/5/kisah-morgan-stanley-tertipu-bank-garansi-palsu-bank-mandiri-us--55-juta
DJ Bank Negara Raised To Buy; Target Upped To IDR4700 Vs IDR3900-UOB
ADMF bagi dividen 65%
http://investasi.kontan.co.id/v2/read/1304035494/66055/ADMF-bagi-dividen-65-
Medco Raih Konsesi di Lapangan Dura Tunisia
http://pasarmodal.inilah.com/read/detail/1462852/medco-raih-konsesi-di-lapangan-dura-tunisia
ASGR Berpeluang ke Rp 1200
http://pasarmodal.inilah.com/read/detail/1463272/asgr-berpeluang-ke-rp-1200
Pertumbuhan Ekonomi Diperkirakan 6%
http://www.investor.co.id/macroeconomics/pertumbuhan-ekonomi-diperkirakan-6/10790
*DJ Bank Of Central Asia Cut To Neutral Vs Outperform-Credit Suisse
*DJ Bank Of Central Asia Target Raised To IDR8700 Vs IDR8200-CS
*DJ Bank Of Central Asia Cut To Neutral Vs Outperform-Credit Suisse
Fundamentally:
CIMB mempertahankan rating OUTPERFORM untuk BW Plantation (BWPT) dengan target harga Rp1480 berdasarkan 20% discount to NAV. Pertumbuhan produksi dan penanaman baru menjadi katalis jangka menengah, dengan potensi M&A pada jangka panjang. Laba inti 1Q11 sebesar Rp54bn sekitar 17% dari angka kami dan sesuai ekspektasi
Bloomberg: Mandiri Expects More Deals Between Indonesian, Chinese Banks
CIMB mempertahankan rating OUTPERFORM untuk Borneo Lumbung Energy (BORN) dengan target harga Rp2050 berdasarkan metode DCF (WACC 12.25%). Laba inti 1Q11 hanya mencapai sekitar 19% dari angka kami, namun sesuai ekspektasi karena 1Q secara musiman merupakan kwartal terburuk. Perlu diperhatikan adalah: 1) produksi sesuai target, 2) ASP yang lebih baik $254/ton (vs estimasi kami $240), 3) cash cost $73/ton (vs angka kami $76), 4) harga coking coal yang tinggi pada 2Q11
CIMB mempertahankan rating NEUTRAL untuk Bank Central Asia (BBCA) dengan target harga Rp8300 dari sebelumnya Rp7650 berdasarkan metode GGM. Laba inti 1Q11 sedikit dibawah ekspektasi sekitar 22% dari FY11. Kredit bertumbuh 25% yoy, namun turun 2.3% qoq. CIR cukup tinggi pada 51% namun akan turun kedepannya.
CIMB mempertahankan rating NEUTRAL untuk Astra International (ASII) dengan target harga Rp62000 (dari Rp61k) berdasarkan metode SOP, sekitar 15-13.6x CY11-12 earnings. Laba inti 1Q11 naik 40% yoy ke Rp4.2tr, sekitar 26% FY11 atau sesuai dengan ekspektasi, apalagi dengan bencana gempa di Jepang. Pertumbuhan yang kuat pada otomotif, UNTR, AALI mendorong earning 43% yoy dan penjualan 30%, serta naiknya EBIT margins sebesar 30bp.
CIMB menurunkan rating menjadi UNDERPERFORM dari neutral untuk Bank Jabar Banten (BJBR) dengan target harga Rp1350 berdasarkan metode GGM. Katalis de-rating akan datang dari penurunan asset quality. Laba inti 1Q11 sesuai ekspektasi (sekitar 25% dari FY11) namun NIM turun ke 6.5% dari 7.3%, sementara NPL naik ke 2.4% dari 1.9% pada 4Q10.
Bloomberg: Mandiri Expects More Deals Between Indonesian, Chinese Banks
(Dow Jones)--Thailand's industrial conglomerate Siam Cement PCL (SCC.TH) said Friday its wholly-owned unit has entered into conditional agreements to purchase majority stakes in two listed Indonesian firms, Keramika Indonesia Asosiasi Tbk (KIAS.JK) and Kokoh Inti Arebama Tbk (KOIN.JK). Keramika is one of the top five players in the Indonesian ceramic market, with a current market share of 10% with 3 plants located in west Java near Jakarta and in east Java near Surabaya. It has a combined production capacity of 27 million square meters ceramics tiles and 23 million pieces of ceramic roof tiles and accessories.
Kokoh is an Indonesian based distributor with a nationwide network of stores specializing in building materials including ceramic wall, floor, and roof tile, sanitary ware, paint, and gypsum boards.
Macro Pulse
What to expect when QE2 docks - by Lee Heng Guie
What could happen when the Fed's QE2 winds down? Investors fret that a period of price volatility may ensue when the financial markets transit to a less accommodative monetary policy, especially when the QE2 ends. Will this mean an end to the rally of stocks, bonds, commodities as well as riskier assets as the era of cheap money and ultra-low interest rates comes to an end? In conclusion, we think that the end of the Fed's quantitative easing program by end-Jun is unlikely to have a major impact on financial markets as the Fed will manage the pace of its unwinding to ensure that its portfolio shrinks in an orderly manner. As the Fed will continue to reinvest its maturing securities for both Treasuries and
Palm Oil to be Between 3,000 and 3,500 Ringgit a Ton, Times Says
BLOOMBERG: BUMI RESOURCES MINERALS PRICE EST. 900 RUPIAH AT NOMURA. Bumi Resources Minerals of Indonesia Rated New ‘Buy’ at Nomura
BLOOMBERG: BANK CENTRAL ASIA TARGET RAISED TO 8,700 RUPIAH: CREDIT SUISSE. BANK CENTRAL TARGET RAISED FROM 8,200 RUPIAH AT CREDIT SUISSE
BLOOMBERG: BANK NEGARA ESTIMATE RAISED TO 5,000 RUPIAH AT CREDIT SUISSE. BANK NEGARA ESTIMATE RAISED FROM 4,300 RUPIAH AT CREDIT SUISSE.
Economic Update
1Q11 GDP: A temporary setback in growth - by Julia Goh / Lee Heng Guie
The US economy lost considerable momentum to 1.8% in 1Q11 (3.1% in 4Q10) as high fuel prices pinched household spending and housing sector continues to be depressed. 1Q GDP growth came in a tad lower than ours as well as consensus estimates (2.0%). We expect the setback in 1Q11 GDP growth to be temporary as it was largely due to bad weather in the first two months. There should be a snapback in the coming quarters, thanks to the continued expansion of the manufacturing and services sectors as well as the improving labour market, which bodes well for consumer spending. High energy and food prices could prove to be strong headwinds for the recovery. We keep our full-year 2011 GDP growth
Agenda 29 April 2011 Rups TGKA, GIAA, BLTA, AALI, Akhir tender offer SOBI Rp 3500 , Bank Tabungan Negara (BBTN IJ) is scheduled to announce its 1Q11 result, Lap Keu EXCL
1Q11 results met consensus and our expectations (net and core profits forming 25% and 23% of FY11 forecasts respectively), although earnings quality is deteriorating. NIM fell to 6.5% from 7.3%, while NPL ratio surged to 2.4% from 1.9% in 4Q10, compelling us to downgrade the stock to Underperform from Neutral. Its recent re-rating appears to have been driven by local retail investors, potentially making the stock more volatile. We maintain our FY11-13 earnings forecasts and target price of Rp1,350 (GGM, ROE 21.7%, CoE 15.7%, growth 10.5%). (CIMB)
BW Plantation
2Q may offer upside - by Erwan Teguh / Reinald Wangsanata
(BWPT IJ / BWPT.JK, OUTPERFORM - Maintained, Rp1,200 - Tgt. Rp1,480, Palm Oil)
1Q11 core profit of Rp54bn (+92% yoy) forms 17% of our FY11 forecast and 18% of consensus. Adjusting for seasonality, the results are in line. Sales grew 56% yoy on 11% volume growth and 21% ASP growth. Margins expanded 12% pts yoy to 72%, likely the highest among our planters, reflecting its mostly nucleus estates, while cash costs came down 18%. For now, we maintain our forecasts and target price of Rp1,480, still based on a 20% discount to NAV. Strong production growth and new planting are mid-term catalysts, in our view, while M&As remain possible over the longer term.
Borneo Lumbung Energi [ PDF ]
On track - by Erindra Krisnawan
(BORN IJ / BORN.JK, OUTPERFORM - Maintained, Rp1,710 - Tgt. Rp2,250, Coal Mining)
1Q11 core profit only makes up 19% of our FY11 estimate and 21% of consensus, but the results are deemed to be in line due to stronger quarters expected in the rest of the year. Highlights are: 1) on-track production; 2) slightly better-than-expected ASPs of US$254/ tonne (vs. our full-year estimate of US$240); and 3) in-line costs of US$73/tonne (vs. our US$76). Still-positive coking coal prices in 2Q11 provide comfort and should provide re-rating catalysts. We maintain our Outperform rating, earnings forecasts and target price of Rp2,050, still based on DCF valuation (WACC 12.25%).
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