Ramayana to Divest Robinson
Ramayana Lestari Sentosa (RALS IJ, Neutral, TP: IDR1,350) is planning to divest its supermarket business, Robinson. Currently the company is weighing on two options: 1) RALS will form a joint venture with a strategic partner for Robinson, 2) RALS will divest its entire stake in Robinson. RALS is currently operating 80 branches of Robinson supermarket.
Read More...Surya Citra to Distribute Final Dividend of IDR51 per Share
Surya Citra Media (SCMA IJ, NR) will distribute IDR51 per share of final dividend. Combined with interim dividend of IDR15 per share, SCMA total dividend is equivalent to 75.4% from FY13 net income or IDR66/share (~2% yield using yesterday’s closing.
Read More...Telkom Seeks IDR5trn External Fund
Telekomunikasi Indonesia (TLKM IJ, BUY, TP: IDR2,650) is seeking IDR5trn of external fund by 3Q14 that will be used for expansion and refinancing purposes. The company allocates IDR20.5trn for FY14F capex where IDR12.3-14.35trn will be taken from internal cash and the rest from external fund. The company intends to install underwater communication cable system and.
Read More...Perusahaan Gas Negara Lower Than Expected On Higher Gas Costs
PGN’s 1Q14 earnings reached USD177m (-19.3% q-o-q), ie 20% of our and consensus FY14 target. This was dragged mainly by higher than expected 1Q14 revenue cost (+17.8% q-o-q). We cut 2014 and 2015 earnings by 7% and 1% respectively, but maintain the DCF-based IDR6,000 TP and BUY call as we increase our long-term growth rate.
Read More...Tjiwi Kimia Rights Issue IDR1.3trn
Pabrik Kertas Tjiwi Kimia (TKIM IJ, NR) is planning to issue 1.33bn new shares (50%) through rights issue. The company is targeting IDR1.33trn of fresh fund or equivalent to ~IDR1,000/share. The fund will be used for its subsidiary, PT Oki Pulp & Paper Mills, to finance the development of pulp & paper factory with estimated.
Read More...Wijaya Karya Beton Targets Orderbook of IDR3.6Trn
Wijaya Karya Beton (WTON IJ, NR) is targeting IDR3.6trn of total FY14F orderbook where management estimates IDR2trn from new contract and IDR1.6trn from carryover projects. Until April, WTON has only secured IDR800mn of contracts. The low achievement was said to have been caused by delays on several projects in Java and management believe situation will.
Read More...BABP Rights Issue 59.5%
Bank ICB Bumiputera (BABP IJ, NR) will issue 8.05 billion new shares through rights issue (59.5%) with ratio of 15 old : 22 new. The rights issue price is set at IDR100/share that will translate to IDR805bn of fresh fund from the corporate action that may be executed on 2 July 2014. Besides that, BABP.
Read More...Link Net IPO priced at IDR1,600
Link Net IPO price is now set at IDR1,600 per share. The Lippo Group’s subsidiary will issue 304.265 mn new shares (10%) and the company may potentially receive IDR486.82 bn of fresh funding from the IPO. The funds will be used for the expansion of First Media (KBLV IJ, NR). Offering period will be on.
Read More...Bukit Asam to acquire 30% Ignite Resources
Bukit Asam (PTBA IJ, BUY, TP: IDR11,200) is planning to acquire 25%-30% of Ignite Energy Resources, an Australian coal company that is able to convert brown coal into metallurgical coal and synthetic oil (syncrude). So far the value of the acquisition has not been mentioned and the process is estimated to complete in 3Q14. On.
Read More...SMGR’s Sales Volume up 2.9% Ytd
Semen Indonesia (SMGR IJ, BUY, TP: Rp16,700) recorded sales volume of 8.18 mn tons during January-April 2014 (+2.9% ytd). Domestic sales is still the largest contributor with 8.17mn tons of sales volume (+3.2% ytd) while export sales is recorded at 14,955 tons (-58.1% ytd). On industry level, domestic cement sales grew 2.7% ytd to 18.59.
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