Hore! Saham (Sari) ROTI Naik Rp175 ke Rp3.575
Laporan keuangan semester I INDF bakal telat dirilis
Dikabarkan akan menerbitkan obligasi, saham ASRI diburu investor
Melonjak 6%, investor gencar mengoleksi saham GJTL
Hebat, rekor baru indeks tembus di atas level 4.100
In The Middle Of Debt Restructuring
• The biggest player in yarn and fiber market.
• Limit on expansion fund.
• Debt restructuring plan.
Debt restructuring plan. POLY tries to restructure its secure debt as much as US$1 Bn or translate to
81% of total debts, with this scenario:
• As much as US$108 Mn will be paid in cash
• As much as US$892 Mn will be exchanged to 2 bn shares (debt equity swap)
By doing debt equity swap as much as US$892 million to 2 billion shares, the price per share is Rp4,059 or far from the current market price is Rp425. At first glance, the price is very far from current market prices and bond holders may not do the swap. But we suspect bondholders purchased the bond at a big discount from par value in secondary market, thus, POLY dares to offer with this price. herefore, Rp4,059 cannot be used as a benchmark of fair value of the stock price. Dilution as much as 46% as impact restructuring.
Currently there are constraints of the debt restructuring:
• The existence of rules of PPA is restricted to the elimination of interest
• Unable to restructure separately between the bonds held by Damiano and PPA.
But if it is realized, this restructuring scheme will be very positive for the company, because:
• Equity will be positive
• Funding can obtained from external funds and POLY production capacity can be increased
• Firm value will increase
Valuation, P/OPS’11E will be 3.0 x. Assuming debt equity swap will be realized in this year, the number of POLY’s shares will increase to 4.4 bn shares from 2.4 bn shares. By conservatively annualizing 1Q11 performance, P/OPS’11F will be 3.0x compared to its peers Tifico Fiber (TFCO) at 6.9x.
We view the high discount between POLY and TFCO was due to the high leverage level of POLY. Post-restructuring, we believe that either POLY can reduce its spread with TFCO or its share price may increase. Furthermore, POLY can be calculated by net asset value because previously almost all of their assets are secured for issuing debt. According to calculation in January 2010, total net asset value is US$591 million or approximately Rp1,230 per share (vs current price Rp435). We believe if the restructuring process is realized, the stock price will climb
IHSG Cuma 'Numpang Lewat' di Level 4.100. Net foreign buy Rp122,71 miliar.
Masih Naik, IHSG Sesi I Ditutup Dekati 4.100.
IHSG Sentuh 4.100, Belum Mahal
Bursa Hong Kong Bakal Akuisisi Bursa London?
Gajah Tunggal (GJTL IJ) sold 2.65% stake at Polychem (ADMG IJ). Gajah Tunggal, one of the country’s tyre producer, has sold 2.65% stake at Polychem Indonesia and plans to sell the rest 26.25% stake. Gajah Tunggal argued that it wanted to focus on its core business namely tyre making, not in plastic or polyester business. (CLSA-KZ)
Indonesia Equities: Astra Agro, Bank Danamon, London Sumatra
ADMG: First Half Result Profits Jumps 120% - KZ Initiate coverage BUY T/P Rp1,500
Obligasi II/2006 BSDE Dapat Peringkat A-
Buyback Saham, 'Buy' Saham Telkom
Laba Bersih Danasupra Merosot 53,33%
Rombak Direksi, Elia Jadi Dirut Elnusa
Anak Usaha OKAS Sewakan Rig Senilai US$4,98 Juta
Saham AALI masih menjadi incaran meski harga CPO mengalami penurunan
Medco Energi (MEDC) – Readying itself for M&A activities?
· We visited the company yesterday and found several key points to highlight. First, management changes in the company is on-going. Second, the company launched a standby loan facility of US$500mn recently. Given the big amount, we suspect that the company is readying itself for M&A, hearing that a number of large oil and gas blocks in Indonesia could be put on sale. MEDC’s current leverage level is still comfortable at 1.2x as of 1Q11.
· Third, Senoro project is showing good progress. To recap, the gas sales agreement (GSA) for Senoro-Toili was signed in Jan-09, for total volume of 250 mmscfd (MEDC’s part). The GSA complements the LNG head of agreement (HOA) at the downstream
REMINDER:: 25 Juli Rups BJBR, Cum dev ctra 6, cum dev GGRM 880, JTPE cum STOCK SPLIT, RASIO 5:1