Kategori: Infrastructure Transportation

PT Perusahaan Gas Negara, Tbk (PGAS IJ), recorded the revenue USD1.4bn during the weakening economy in the 1H2017. The largest contribution came from the natural gas, followed by oil and gas sales. Despite the weakening economy, the company will build the natural gas infrastructure to expand the natural gas distribution to public. Natural gas distribution’s.

Perusahaan Listrik Negara (PLN) holding continuous public offering (PUB) of bonds and Sukuk Ijarah II worth IDR10trn in total. During the stage one, the company will release IDR1.6trn bonds and IDR400bn Sukuk Ijarah II. The company offers 7.2%-7.7% coupon rate for A series (5-Years); 7.55%-8.1% for B series (7-Years); and 7.95%-8.5% for C series (10-Years)..

XL Axiata, Tbk (EXCL IJ) Indonesia’s second-largest mobile phone operator is planning to raise IDR2.18trn (USD163mn) from selling Islamic bonds this month to refinance its debt and fund its working capital. The company’s Islamic bond sale is the second tranche of the planned IDR5trn issuance. In 2015, XL issued IDR1.5trn. The company will offer the.

State-owned contractor PP, Tbk (PTPP IJ) is preparing for the issuance of perpetual bonds, to strengthen its capital amid robust demand for infrastructure construction in the next few years. The perpetual bonds will have no maturity period but a call option. Once issued, the bonds will be bought by limited participation mutual fund (RDPT) issuers.

On the rating front, Fitch has raised the outlook on 6 Indonesia stated owned companies to positive following its revision on the country’s sovereign rating. The SOEs whose outlook being revised to positive are; i) Perusahaan Listrik Negara (PLN), ii) Perusahaan Gas Negara, Tbk (PGAS IJ), iii) Telekomunikasi Indonesia, Tbk (TLKM IJ), iv) Pertamina, v).

On rating action, Fitch Rating Indonesia has upgraded BFI Finance Indonesia, Tbk’s (BFIN IJ) national rating to ‘AA-(idn)/Stable’ from ‘A+(idn)/Stable, underpinned by its sound financial performance and balance sheet amidst slowing economic activity. It is reflected by improved profitability and capitalization measures with the company’s ROE and ROA posted at 18.0% and 6.3% respectively, slightly.

On the rating action, Moody’s has affirmed the Baa1/Stable rating for Telekomunikasi Selular (Telkomsel). The rating affirmation is based on the company’s established position in the wireless telecommunications operator with around 45% subscriber market share. The company’s rating is limited by the competitive nature of the operating environment, as well as the risk of indirect.

The Otoritas Jasa Keuangan (OJK) eventually has released a revised regulation regarding minimum government bond investment for NBFI. OJK released POJK No 36 /POJK 05/2016 stating the inclusion of state owned infrastructure bonds as an alternative investment instrument for NBFI in order to meet minimum investment in government bond as mandated by POJK No1/POJK. 05/2016..

Two AAA stated owned companies have set the final coupon rate on their new bonds where the rates were fixed closer to the upper end of its guidance. These two companies are Angkasa Pura I (idAAA/Sta) offering conventional and Islamic bonds worth IDR2.5 trn bonds and IDR500bn respectively and Sarana Multi Infrastruktur (SMI, idAAA/sta) offering.

We maintain BUY on Sarana Menara with a IDR 4,700 TP (18% upside), premised on the following : 1. Superior balance sheet vs its closest peer (net debt/EBITDA of 1.6x vs Tower Bersama (TBIG IJ, NEUTRAL, TP: IDR6,450)’s 5x; 2. The new growth catalyst from its micro poles12 venture. We expect good 2H16 numbers from.