BSM Seeks to Issue IDR500Bn Sukuk; CMNP to Release Bond Next Year
Bank Syariah Mandiri (BSM) is reviewing to issue Subordinate Sukuk worth IDR500Bn in 1H16. The proceeds will be used to refinance the maturing sukuk worth IDR 500 bn next year. Besides, PT Bank BNI Syariah Tbk (BNIS:IJ) is also planning to release another sukuk after successfully issuing sukuk mudharabah worth IDR 500 bn in April.
Read More...MTF’s Proposed Bond Assigned at AA; Indosat’s Bond and Sukuk Issues Assigned at AAA(idn)
Pemeringkat Efek Indonesia (Pefindo) affirmed idAA for PT Mandiri Tunas Finance (TUFI) and its outstanding Shelf Registration Bond I/2013. The same rating also affirmed for the proposed Shelf Registration Bond II/2015 with a maximum amount of IDR 2 trn. The rating reflects the company’s status as core subsidiary of Bank Mandiri (BMRI:IJ idAAA/Stable), strong business.
Read More...Sido Muncul, Largest Herbal Medicine Producer In Indonesia
We initiate coverage on Indonesia’s largest herbal medicine producer Sido Muncul with a BUY call and DCF-derived TP of IDR625 (22x/21x FY16F/17F P/Es, 20% upside). Its current product mix is geared towards higher-margin products as sales volume of its lower-margin F&B products has been declining. With its raw material production capacity expansion almost completed, we.
Read More...Kalbe Farma Strong Positioning For The Future
We initiate coverage on Kalbe Farma with a BUY and DCF-derived IDR1,600 TP (33x/27x FY16F/FY17F P/Es, 19% upside). Its pricing power and economies of scale have strategically positioned it in the high margin-high volume segment and it aims to double its exports to 10% by 2020. It is also focused on creating a value-add product.
Read More...SOE Infrastructures Companies to Enliven Primary Market Next Year
Some Indonesia State Owned Enterprise (SOE)s who have stated to release bond next year were; Jasa Marga, Tbk (JSMR:IJ), Wijaya Karya, Tbk (WIKA:IJ), Semen Indonesia, Tbk (SMGR:IJ) and PP Properti, Tbk (PPRO:IJ). In the purposed state budged 2016, WIKA would receive IDR 3 trn from state capital to work on some infrastructure projects. The company.
Read More...Bank BJB’s Outlook Revised to Stable; MNC Investama Downgraded to B/Negative
Pemeringkat Efek Indonesia (Pefindo) has affirmed PT Bank Pembangunan Daerah Jawa Barat & Banten Tbk or Bank BJB (BJBR:IJ) ratings at ‘idAA-‘ with its outlook was revised to stable from negative. The similar rating also affirmed for its outstanding bond VII/2011. The outlook upgrade is driven by the sustainable recovery in Bank BJB’s asset quality..
Read More...SMRA Prices its 5y Bond at 10.5-11% and 3y at 11-12%
Summarecon Agung, Tbk (SMRA:IJ) will release Shelf Registered Bond II Tranche I worth IDR 500 billion into two bonds series i.e. 3 and 5 years maturity period. The indicative price for 3y bond is set at 10.5% – 11% while 5y bond at 11% – 12%. Summarecon plans to use 70% of the proceeds for.
Read More...Mitra Adiperkasa Trapped In Groundhog Day
Year 2015 has been very challenging for Mitra Adiperkasa (MAPI) We downgrade MAPI to SELL with TP of IDR3,000 (from 5,000, 14% downside), implying 41x/20x FY16F/17F PE. While MAPI has done its best to reduce its excess inventory and replacing its interest bearing debt with a zero coupon bond in 6M15, we believe it is.
Read More...Siloam International, the Fastest-Growing Indonesian Hospital Operator
We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.
Read More...Matahari Putra Prima A Closer Look At The Best Supermarket Operator
The supermarket sector has seen a challenging year so far, but our analysis shows that, as at 9M15, Matahari Putra is the only player in the high margin-high volume strategy position. Maintain BUY with a lower IDR2,900 TP (from IDR4,100, 30% upside) to account for lower store openings. With all 10 of its high-volume Hypermart.
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