Kategori: Infrastructure Transportation

We re-initiate coverage on Sarana Menara with a BUY given: Its balance sheet is stronger compared to peers (net debt/EBITDA ratio at 0.9x vs peers’ at 5.1x); Micro cell poles are its growth catalyst. Putting aside the softening organic growth in tower industry, we think that inorganic growth is still on the table. Our DCF-based.

Pressure on lease rates… XL Axiata’s (XL) (EXCL IJ, BUY, TP: IDR4,550)and Sarana Menara Nusantara’s (SMN) (TOWR IJ, BUY, TP: IDR4,700)Protelindo subsidiary’srecent sale and leaseback deal for 2,500 towers suggests that industry lease rentals remain under pressure. We think XL’s IDR10m per month/site rental has become the new industry benchmark for future lease rental negotiations.

The planning to include 25% of State Owned infrastructure bonds to the minimum regulation government bonds portfolio for Non Bank Financial Industry (NBFI) will attract related SOE to issue more bonds. Bank Indonesia alone has requested SOE to issue bonds aggressively this year to absorb repatriated funds from the proposed tax amnesty program. This week,.

Indosat, Tbk (ISAT IJ) current ratio at 0.44 times, or be under level 1 time, indicated the company’s current asset isn’t quite fulfill its current liabilities. For the record, the company have bonds maturing worth IDR 554 billion by next June. These bonds are bonds series A 370-day tenors with interest of 8.55% per year, which is part of the shelf registration bond.

We reinitiate coverage on Tower Bersama with a NEUTRAL call and a TP of IDR6,450 (2% downside from current price). In our view, the intensifying competition, consolidation in telcos, and slowdown in capex for BTS – will have a negative impact to Tower Bersama’s future lease rate and new tenancies. Despite, there is an opportunity.

We reinitiate coverage on the Indonesia Towerco sector with a NEUTRAL call premised on: i) the structural and operational headwinds impacting the sector in the longer term, ii) the still relatively attractive/superior EBITDA margin of the ITCs, iii) potential for opportunistic M&As, iv) and the valuation discount that the ITCs trade at when stacked against.

PT Pelabuhan Indonesia I (Pelindo) is currently offering IDR1trn bonds consisting of four series; Series A (3y priced at indicative 8.25%-9%); Series B (5y; coupon 9-9.5%); Series C (7y; coupon 9.25%-10%); and Series D (10y; coupon 9.5%-10.25%). Current bond offering is the IDR bonds issued by Pelindo I. As the company engage in infrastructure sector, .

We maintain our BUY call on Link Net with an unchanged DCF-based IDR5,500 TP (30% upside) Our TP implies 7.4x FY16F EV/EBITDA, which is attractive given its 5-year EV/EBITDA CAGR of 13%. We also like its focus on driving net subs and overall penetration in the firm’s existing cities. In 2Q16, ARPU is expected to.

Three bonds issuers had their bonds listed in the Indonesia Stock Exchange (IDX) this week they are; OCBC NISP (AAA/Stable), Bima Multifinance (BBB/Stable) issued 3 bonds series each and the regular issuer Astra Sedaya Finance (ASDF rated AAA/stable) released 2 new series. Total issuances size from those three companies reached IDR4.15trn and bringing YTD issuance.

Indonesia airport operator, Angkasa Pura II has been assigned a National Long-Term rating of AAA(idn) with a stable outlook by Fitch Ratings Indonesia and idAAA/Stable by Pefindo. The similar rating also assigned for its proposed IDR2trn unsecured bond. It also benefits from a higher approved tariff for 2016, which will drive aeronautical revenue growth, and.