Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) aims to raise Rp1.3 trillion by issuing a 1.53 billion new shares in July. Delta Dunia offers the exercise price of its new shares in the range of Rp850-Rp1,200 per share. Each holder of 500 existing shares will entitle 79-112 preemptive rights or 79-112 new shares to be issued by Delta Dunia, parent company of PT Bukit Makmur Mandiri Utama (BUMA).
PSDN Jual Saham Aneka Widya Graha
http://pasarmodal.inilah.com/read/detail/1503472/psdn-jual-saham-aneka-widya-graha
Inflasi China Picu Rupiah Meroket ke 8.526
http://pasarmodal.inilah.com/read/detail/1503422/inflasi-china-picu-rupiah-meroket-ke-8526
Bentuk JV, AKR Corporindo Bangun Jalan Tambang di Kalimantan
http://economy.okezone.com/read/2011/05/11/278/455988/bentuk-jv-akr-corporindo-bangun-jalan-tambang-di-kalimantan
IDB Siap 'Guyur' US$ 3,3 Miliar ke RI
http://www.detikfinance.com/read/2011/05/11/171100/1637531/4/idb-siap-guyur-us--33-miliar-ke-ri
Coal miner
PT Indo Tambangraya Megah Tbk (ITMG), that is controlled by Thai Banpu Plc, experienced a 41.77% increase in net profit for the first quarter of this year on the back of higher net sales. Indo Tambang posted US$95.23 million net profit or US$0.08 per share in 1Q 2011 from US$67.17 million or US$0.06 per share in 1Q 2010. Operating profit increased 25.82% to US$117.43 million from US$93,33 million, reflecting a higher margin to 25.07% from 23.17%. Indo Tambang booked a 16.24% increase in net sales to US$468.33 million from US$402.89 billion. Enel Trade SpA made a US$48.67 million of coal purchase from Indo Tambang, counting 10.4% of consolidated total sales.Banpu Minerals (Singapore) Pte Ltd controls 65% shareholding in Indo Tambang, President Director Hartono Widjaja owns 0.01% stake, and public shareholders own 34.99%
Euforia Kenaikan Dow Dukung IHSG di Zona Positif
http://pasarmodal.inilah.com/read/detail/1502972/euforia-kenaikan-dow-dukung-ihsg-di-zona-positif
Menanjak 37 Poin, IHSG Naik Paling Tinggi di Asia. Asing net buy Rp 354 miliar
http://www.detikfinance.com/read/2011/05/11/160533/1637468/6/menanjak-37-poin-ihsg-naik-paling-tinggi-di-asia
Makin Optimis, IHSG Melejit 37 Poin
http://economy.okezone.com/read/2011/05/11/278/455946/makin-optimis-ihsg-melejit-37-poin
Inilah 10 Top Foreign Buy Hari Ini
http://pasarmodal.inilah.com/read/detail/1503142/inilah-10-top-foreign-buy-hari-ini
Inilah 10 Top Foreign Sell Hari Ini
http://pasarmodal.inilah.com/read/detail/1503172/inilah-10-top-foreign-sell-hari-ini
Jakarta - PT Energi Mega Persada Tbk (ENRG) memasok gas ke PT PLN (Persero) sebesar 4.990 BBTU dengan masa kontrak 6 enam tahun terhitung mulai Mei tahun ini dan berakhir di Mei 2017. Gas yang disalurkan tersebut berasal dari Blok Gelam TAC, Jambi. Blok tersebut diharapkan dapat mulai memproduksi dan menyalurkan gasnya ke PLN pada Oktober 2011. Rata-rata produksi gas di blok tersebut sekitar 2,5 juta kaki kubik per hari. Sementara harga jualnya sebesar US$ 4,9 per MMBTU. Perjanjian itu juga termasuk eskalasi harga jual gas sebesar 3% per tahun. "Kami berharap untuk dapat meningkatkan harga jual gas secara berkala menjadi di atas US$ 4 per MMBTU dalam 24 bulan ke depan," kata Presiden Direktur ENRG Imam Agustino dalam siaran persnya, Rabu (11/5/2011).Emiten berkode ENRG itu melalui anka-anak usahanya menguasai 100% kepemilikan di blok Gelam TAC, Jambi. Selama 2010 lalu, blok Gelam telah memproduksi hampir 300 barel minyak per hari.
Gajah Tunggal,Tbk
(GJTL IJ; BUY; TP IDR 2,850 ):
OSK Nusadana
1Q11 results review - Non operating income boost bottom line GJTL 1Q11 net income came in at IDR332bn (+99.3% q-o-q or +34.6% y-o-y), above our expectation which comprised of 32.1% of our full year estimate, boosted by higher forex gain of IDR128bn (vs IDR40bn in 2011f forecast) and higher equity income from associate company of IDR57bn (+53.5% q-o-q or +291.8% y-o-y; vs IDR18bn in 2011f). However gross margin came in at 14.8% (vs 17.9% in 4Q10), lower than our estimate’s 19.6% for 2011f.
Raw material price put pressure on gross margin. Given GJTL’s purchasing policy of using previous month average spot price and around one month average inventory days, rubber price benchmark for GJTL raw material manufacturing expense increased approximately by 35% q-o-q from USD3.57/kg in 4Q10 to USD4.83/kg in 1Q11. In the same period, oil price also increased by 12.4%. With raw material consist of 77% production cost (FY10 basis; 37% natural rubber and 67% oil derivatives) and only around 8% ASP increased, 1Q11 gross margin declined to 14.8% in 1Q11. We revise up our rubber and oil price assumption to USD5.25/kg and USD95/barrel, respectively for 2011 onward which bring down our 2011f gross margin forecast to 16.2% from 19.6% previously. Nevertheless we expect the gross margin to be better in 2Q11 as GJTL applied another price increase in April.
∙ Higher than expected non operating income. The lower gross profit is offset by higher than expected forex gain of IDR128bn which mainly came from USD435m bond as IDR strengthen by 3.04% from end of 4Q10 to end of 1Q11. Another positive surprise also came from higher than expected Polychem (ADMG IJ) net income which contributed IDR57bn to GJTL. We revise our USD assumption to IDR8,750/USD for 2011 and onward which will bring our 2011f forex gain forecast to IDR108bn. We also increase the expected equity in net income from associate company item to IDR105bn.
From Maxi (analis BNI Securities);
*Kinerja SSIA mencatat perkembangan yg sgt signifikan pada 1Q11 Pendapatan meningkat tajam menjadi Rp976,8 milyar pada 1Q11 dari Rp325,4 milyar pada 1Q10
Pada tahun ini SSIA menjual tanah kawasan industri Rp519,4 milyar. Laba bersih melonjak tajam menjadi Rp127,7 milyar dari Rp3,3 milyar
Dolar Gamang, Rupiah Menguat ke Rp8.546/USD
http://economy.okezone.com/read/2011/05/11/278/455931/dolar-gamang-rupiah-menguat-ke-rp8-546-usd
Bloomberg: Indonesia Coal Producers ‘Optimistic’ on Exports, AsiaPulse Says
Anindya Bakrie: IPO Visi Asia Media Q2-2011
http://pasarmodal.inilah.com/read/detail/1502642/anindya-bakrie-ipo-visi-asia-media-q2-2011
JP Morgan: ASRI Take Profit at Rp 400
JPFA & GJTL calon masuk msci indnesia index; weighting 0.15 each.
REMINDER::12 May 2011 Rups BAYU, WIKA, FASW, MEGA, BRPT, BBCA, SMDR, PENGUMUMAN BI RATE, Akhir penawaran IPO Buana Listya Tama 105-175, Cum Dev TOTL 14,67, Cum Dev BPFI 10, Cum Dev LPGI 112
12 May 2011 Rups BAYU, WIKA, FASW, MEGA, BRPT, BBCA, SMDR, Pengumuman BI Rate, Akhir penawaran IPO Buana Listya Tama 105-175, Cum Dev BPFI 10, Cum Dev LPGI 112
13 May 2011 Rups TRAM, BNII, PBRX (stock split 1:4), NIPS. Toko Gunung Agung, Listing Ipo Metropolitan Land, Akhir Penawaran Obligasi Subordinasi I BNII
16 May 2011 Rups JPFA, MBAI, Cum Dev AKSI 1
18 May 2011 Rups HMSP, EPMT, PYFA, KKGI, PTSP, Pembangunan Graha Lestari, CPIN, BBNI, PGLI, BBKP, ADRO -mengikuti tender PLTU 2 x 1000 US$ 3 miliar megawatt di Kalimantan Selatan. PLN akan melakukan prakualifikasi ulang untuk proyek ini karena jumlah peserta tendernya kurang. Prakualifikasi ulang ini akan berjalan pada 18 Mei 2011.
Standard & Poor’s tetapkan peringkat utang di BBB-, saham ASII melaju 3,7%
http://investasi.kontan.co.id/v2/read/1305100489/67228/Standard-Poors-tetapkan-peringkat-utang-di-BBB-saham-ASII-melaju-37
Analis Pun Memilih Saham Bakrie
http://pasarmodal.inilah.com/read/detail/1502172/analis-pun-memilih-saham-bakrie
Bapepam Restui Bakrie & Brothers Kuasi Reorganisasi
http://www.detikfinance.com/read/2011/05/11/134938/1637288/6/bapepam-restui-bakrie-brothers-kuasi-reorganisasi
Top Pick Saham Pilihan CIMB (idx 4.370)
ASRI TP 380
BBKP TP 1.200
BMRI TP 9.300
BBTN TP 2.800
BORN TP 2.250
CTRA TP 460
GGRM TP 55.000
ITMG TP 60.900
INDF TP 6.200
HRUM TP 12.000
SGRO Outperform dr Netral
Bapepam Restui Bakrie & Brothers Kuasi Reorganisasi
Ketua Bapepam-LK Nurhaida, menilai setiap emiten dapat melakukan kuasi reorganisasi, termasuk Bakrie & Brothers (BNBR), asalkan memenuhi syarat yang ditentukan.
Jp Morgan: ( Brau ) the cheapest valuation on coal in 15X Pe. The completed tender offer its gonna be intersting to go private after bumi plc announce . Tp 750. Another story from clsa : switching born to brau.
JPFA: 3,400-4,800. Japfa should benefit from the increased consumers' purchasing power that could support well its core business: the upstream and downstream poultry feed. It is now trading at a p/e ratio of only 6.2X its 2011 prospective earnings compared with closest rival CPIN of 10.4X. On the PBV terms, JPFA is now trading at a pbv ratio of only 2.3X which looks more attractive than CPIN OF 6.08X. Dividend per share may be at IDR200/share compared with IDR60/share of CPIN. My 12-month target is at IDR4,500
Bank Mandiri & BNI Siap Biaya proyek PLN Rp 15 Triliun
http://www.detikfinance.com/read/2011/05/11/132757/1637256/5/bank-mandiri-bni-siap-biaya-proyek-pln-rp-15-triliun
Akuisisi perusahaan 4G lokal, BTEL butuh dana US$ 100 juta
http://investasi.kontan.co.id/v2/read/1305095282/67208/Akuisisi-perusahaan-4G-lokal-BTEL-butuh-dana-US-100-juta
ASII, UNTR, dan BBRI menjadi tiga bluechips yang bikin indeks garang
http://investasi.kontan.co.id/v2/read/1305091133/67201/ASII-UNTR-dan-BBRI-menjadi-tiga-bluechips-yang-bikin-indeks-garang
Astra Angkat IHSG Sesi I Ditutup Naik 0,5%
http://pasarmodal.inilah.com/read/detail/1501912/astra-angkat-ihsg-sesi-i-ditutup-naik-05
Inflasi China Melambat, IHSG Melaju 19 Poin
http://www.detikfinance.com/read/2011/05/11/120404/1637168/6/inflasi-china-melambat-ihsg-melaju-19-poin
UBS AG Singapore Naikkan Kepemilikan di CMNP
http://pasarmodal.inilah.com/read/detail/1502122/ubs-ag-singapore-naikkan-kepemilikan-di-cmnp
Eksplorasi INCO April Telan Biaya US$414,48 Juta
http://pasarmodal.inilah.com/read/detail/1501932/eksplorasi-inco-april-telan-biaya-us41448-juta
RUPST TBIG setuju membagikan dividen 34,86% dari laba bersih 2010
http://investasi.kontan.co.id/v2/read/1305089726/67197/RUPST-TBIG-setuju-membagikan-dividen-3486-dari-laba-bersih-2010
Holcim Indonesia (SMCB) menginvestasikan Rp 1,2 miliar untuk mengembangkan pola distribusi dengan membangun Concrete Products Manufacture di Jawa Timur. CPM Holcim ke-24 yang didirikan di kawasan Manukan, Surabaya itu diproyeksikan akan melayani lebih dari 150 ritel Holcim di Jatim. Pembangunan CPM juga untuk membantu mewujudkan kebutuhan rumah yang mencapai 8 juta. Sebagai target didirikannya CPM di Surabaya,Holcim tidak akan memfokuskan pada penjualan, tapi pada distribusi merata dan produk Holcim mudah didapat.
Bank Rakyat Indonesia (BBRI) telah menyalurkan kredit pemilikan apartemen (KPA) senilai hampir Rp500 miliar di Apartemen Kemang Village, Jakarta Selatan. Perseroan kembali menyasar KPA untuk menara (tower) apartemen Kemang Village yang baru dengan target pencapaian Rp150 miliar.
Malindo Feedmill (MAIN) membukukan laba bersih Rp 40,5 miliar pada selama kuartal I-2011, meningkat 132% dibandingkan periode sama tahun lalu Rp 17,4 miliar. Lonjakan laba dipicu naiknya penjualan hingga 42,4% menjadi Rp 650,8 miliar. Pabrik pakan ternak perseroan di Cikande, Serang, Banten juga mulai beroperasi dan membuat kapasitas produksi naik 2 kali lipat. Perseroan juga akan masuk bisnis hilir dengan memproduksi makanan olahan, seperti nugget dan sosis.
Adaro Energy (ADRO) melunasi hutang penyertaan 25% sahamnya di proyek IndoMet Coal dengan mengucurkan dana USD357.777juta atau sekitar Rp3.2triliun pada kuartal I/2011. Dana tersebut mengalir sebagai investasi ke tujuh perusahaan asosiasi hasil patungan Adaro dengan BHP Biliton yang memiliki 75% sisa saham.
Rumor akuisisi Bank of Tokyo membuat saham SDRA terjungkal
http://investasi.kontan.co.id/v2/read/1305087418/67188/Rumor-akuisisi-Bank-of-Tokyo-membuat-saham-SDRA-terjungkal
JAKARTA, May 11 - Following is a list of events in Indonesia as well as news stories and press reports which may influence financial markets.
PRESS DIGEST
- HOLCIM INDONESIA AND BARITO PACIFIC PLAN TO DELIST FROM IDX IN 2011
The delisting plan of the two big cap Indonesian companies Holcim Indonesia and Barito Pacific from Indonesian Stock Exchange was recovered late yesterday from the most widely accessed Indonesian online news portal, detik.com. While covering the interview with Eddy Sugito, IDX Listed Companies Evaluation Director, on the voluntary suspension of Anta Tour due to its delisting plan, it was indicated in the coverage that the two companies, Holcim and Barito, have also submitted their plans to delist from the exchange. The similar news on Anta Tour suspension and the issues of companies delisting had also been covered in a few local media the same day, but only detik.com apparently did mention the delisting plan of the two other. Knowledgeable sources from the two companies declined to comment. Barito's plan of delisting, however, had been rumored in early March this year, while the news on Holcim delisting after the acquisition of Semen Cibinong was for the first time strongly to resurface. PT Holcim Indonesia, a cement producer, was unchanged at 2,150 rupiah yesterday and PT Barito Pacific (BRPT.JK), the nation’s largest producer of the petrochemical, gained 4.67 percent to 1,120 rupiah. (DetikFinance, http://www.detikfinance.com/read/2011/05/10/163242/1636561/6/bei-pertanyakan-rencana-delisting-anta-tour)
Harga di kuartal I relatif tinggi, ECM Libra naikkan proyeksi harga CPO
http://investasi.kontan.co.id/v2/read/1305087856/67190/Harga-di-kuartal-I-relatif-tinggi-ECM-Libra-naikkan-proyeksi-harga-CPO
Bumi Plc siap tender offer, saham BRAU melayang tinggi
http://investasi.kontan.co.id/v2/read/1305086970/67186/Bumi-Plc-siap-tender-offer-saham-BRAU-melayang-tinggi
Berencana bayar dividen, saham INTP dongkrak laju sektor industri dasar
http://investasi.kontan.co.id/v2/read/1305086622/67185/Berencana-bayar-dividen-saham-INTP-dongkrak-laju-sektor-industri-dasar
Cadangan Devisa RI Naik Lagi Jadi US$ 115,8 Miliar
http://www.detikfinance.com/read/2011/05/11/103455/1637034/5/cadangan-devisa-ri-naik-lagi-jadi-us--1158-miliar
Inflasi China Turun Jadi 5,3%
http://economy.okezone.com/read/2011/05/11/213/455720/inflasi-china-turun-jadi-5-3
BLOOMBERG: *INDONESIA CONSIDERING LOWERING MAXIMUM PALM OIL EXPORT TAX RATE
BLOOMBERG: *INDONESIA CONSIDERING USING LOCAL PALM OIL PRICE FOR BENCHMARK
BBCA bakal terbitkan obligasi Rp 2 triliun
http://investasi.kontan.co.id/v2/read/1305086032/67183/BBCA-bakal-terbitkan-obligasi-Rp-2-triliun
Saham ANTM melesat seiring lonjakan harga nikel
http://investasi.kontan.co.id/v2/read/1305086263/67184/Saham-ANTM-melesat-seiring-lonjakan-harga-nikel
BLOOMBERG: BANK CENTRAL ASIA MAY SELL SUBDEBT IN Q3 OR Q4, DIRECTOR SAYS
BLOOMBERG: BANK INDONESIA MAINTAINS `TIGHT' MONETARY POLICY STANCE :BI IJ
Bloomberg: Indocement Gains, Boosting Industry Index, After Dividend Plan
REMINDER:::UNSP: Vallar Plc disebut” akan membeli 15% saham UNSP, dan masuknya Vallar diduga bakal menambah cash flow UNSP setelah membeli PT Domba Mas, Laba Bersih 1Q diprediksi meroket 300% menjadi Rp 192 Miliar, karena lonjakan harga karet dn CPO
UNSP is now trading at a 32% discount to its book value and more than a 69.5% discount to its NAVs. It is now trading at a p/e ratio of 17X its 2011 prospective earnings. Fair value based on an industrial PBV ratio of 2.2X is at IDR1,266 per share on a p/e ratio is at IDR522. It's a buy at any levels below 405.
REMINDER::: Cum Dev PANS idr 80 tgl 08 Juni 2011
SIAMCEMENT HAS FILED A LETTER TO THE THAI STOCK EXCHANGE REGARDING ITS PLAN TO BUY MAJORITY IN TWO INDONESIAN COMPANIES, NAMELY PT KOKOH INTI AREBAMA TBK (KOIN) AND PT KERAMIKA INDUSTRI ASOSIASI (KIAS). IT WILL COMPLETE THE ACQUISITION IN LATE MAY. Bookmark
Rumor proses pelepasan 10% ADRO ke grup Astra dikabarkan tetap berjalan. ADRO dikabarkan bakal melepas 10% sahamnya di harga Rp 2.800 (Disc on).
Rumours: Bank of Tokyo akuisisi Bank Saudara (SDR) melalui tender offer di harga Rp300, senilai 2 kali nilai buku. Pelaksana aksi korporasi ini adalah UBS dan Kresna Securities. Disclaimer ON
PT Delta Dunia Makmur Tbk (DOID), parent of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), is nigh to launch a preemptive rights issue in a bid to put down its leverage. For sure, Delta Dunia, which is indirectly owned by Texas Pacific Group, Government of Singapore's Investment Corporation, and China Investment Corporation, urgently requires an equity injection to underpin its expansion strategy.If you compare with the leverage of PT United Tractors Tbk (UNTR), parent of Indonesia's largest coal mining contractor PT Pamapersada Nusantara, DOID's debt to equity ratio (DER) is 5 folds higher than United Tractors's DER, a measure that calculates a company's leverage.In tandem with the proposed rights issue.
BLOOMBERG: BANK INDONESIA SEES `PROBABILITY' OF `SLIGHT DEFLATION' IN MAY
Optimisme UNTR meski terkendala pasokan
http://investasi.kontan.co.id/v2/read/1305079275/67155/Optimisme-UNTR-meski-terkendala-pasokan
Aneka, Berlian Laju, Inco, Indocement: Indonesia Equity Preview
http://www.bloomberg.com/news/2011-05-11/aneka-berlian-laju-inco-indocement-indonesia-equity-preview.html
TMPO targetkan laba bersih naik 60% di 2011
http://investasi.kontan.co.id/v2/read/1305082035/67169/TMPO-targetkan-laba-bersih-naik-60-di-2011
Rekomendasi Saham TA & FA:
http://investasi.kontan.co.id/v2/rekomendasi
Rekomendasi: Saham apa yang menarik hari ini?
http://www.bisnis.com/market/saham/23276-rekomendasi-saham-apa-yang-menarik-hari-ini
Ancora Energi dan AIR Teken Jual Beli RKBM
http://pasarmodal.inilah.com/read/detail/1057732/ancora-energi-dan-air-teken-jual-beli-rkbm
Hanson Beli 60% Saham Usahaprima Bhaktiputera
http://pasarmodal.inilah.com/read/detail/1501022/hanson-beli-60-saham-usahaprima-bhaktiputera
BLOOMBERG: *BANK INDONESIA MUST RAISE RATES AT `SOME POINT:' BRODJONEGORO
Salim Ivomas dan Buana Listya siap masuk bursa
http://investasi.kontan.co.id/v2/read/1305078434/67146/Salim-Ivomas-dan-Buana-Listya-siap-masuk-bursa
Indonesia Stocks Expected To Open Higher
http://news.ino.com/headlines/?newsid=51020111933
Data Ekonomi China Dongkrak Saham Asia
http://pasarmodal.inilah.com/read/detail/1500942/data-ekonomi-china-dongkrak-saham-asia
Bloomberg: Bank DKI Plans to Offer 750 Billion Rupiah of Debt June 9-13
BLOOMBERG: INDOMOBIL SAYS TO SELL NEW SHARES IN 3.28T RUPIAH RIGHTS OFFER
KIAS Bisa Tembus Rp 200
SAHAM PT Keramika Indonesia Assosiasi Tbk (KIAS) berpeluang menembus level Rp 200 seiring kabar akan dijadikan kendaraan backdoor listing oleh perusahaan semen asal Thailand. Selain itu, bakal masuknya dana segar dari bank swasta ternama berpotensi memacu harga KIAS. Saham KIAS kemarin terpangkas Rp 1 (-1,08%) menjadi Rp 92.
Inilah Saham Pilihan Rabu (11/5/2011)
http://pasarmodal.inilah.com/read/detail/1500202/inilah-saham-pilihan-rabu-1152011
IHSG Berpeluang Tembus Level 3.830
http://economy.okezone.com/read/2011/05/10/278/455641/ihsg-berpeluang-tembus-level-3-830
BI Menahan Agar Penguatan Rupiah Tak Terlalu Cepat
http://pasarmodal.inilah.com/read/detail/1499872/bi-menahan-agar-penguatan-rupiah-tak-terlalu-cepat
Penjualan Properti Cowell Capai Rp175 Miliar
http://www.investor.co.id/home/penjualan-properti-cowell-capai-rp175-miliar/11658
Harga Minyak Naik karena Banjir Ancam Kilang AS
http://www.investor.co.id/marketandcorporatenews/harga-minyak-naik-karena-banjir-ancam-kilang-as/11654
Telkom Segera Luncurkan 3 Program Baru Speedy
http://www.investor.co.id/telecommunication/telkom-segera-luncurkan-3-program-baru-speedy/11657
Sampoerna Strategic Resmi Akuisisi 85% Saham Bank Dipo
http://economy.okezone.com/read/2011/05/10/278/455620/sampoerna-strategic-resmi-akuisisi-85-saham-bank-dipo
Tender Offer Vallar Efektif
http://economy.okezone.com/read/2011/05/11/278/455680/tender-offer-vallar-efektif
BI Rate Masih Aman di 6,75%
http://economy.okezone.com/read/2011/05/11/20/455686/bi-rate-masih-aman-di-6-75
Trades of the Day...
Fundamentally:
CIMB mempertahankan rating Astra International (ASII) pada NEUTRAL dengan target harga Rp62000 masih berdasarkan metode SOP atau 13.5x FY12 PER. Dampak pertama dari bencana di Jepang mulai terasa pada bulan April, dengan wholesales hanya sekitar 62k unit, -24% mom dan 5% yoy. Hal ini akan berlanjut hingga Juni dilihat dari komentar senior management. Program discount telah dihentikan sehingga margin akan meningkat pada 2Q11.
CIMB mempertahankan rating XL Axiata (EXCL) pada NEUTRAL dengan target harga Rp7500 masih berdasarkan metode DCF (WACC 11.9%) dan tetap menjadi top pick kami untuk telco Indonesia. XL telah mengganti sejumlah senior management untuk focus pada “user experience”. XL sepertinya mampu meningkatkan kualitas service dan membangun
Branding.
CIMB mempertahankan rating London Sumatera (LSIP) pada NEUTRAL dengan target harga Rp3200 atau sekitar 15x CY12 PER. Katalis akan datang dari listing dari SIMP dan dividend upside. SIMP ditawarkan pada Rp1060-1700. Sejak announcement ini, IFAR telah turun 17% sementara LSIP naik 14%, INDF telah naik 20%. Meskipun tidak ada dampak finansial, apabila SIMP ternyata dihargai pada rentang atas, LSIP sepertinya akan diuntungkan.
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