>>MSCI – Two additions to MSCI Indonesia: Charoen Pokphand Indonesia (CPIN) and Kalbe Farma (KLBF). Estimated buying volume for CPIN is 43.5mn shares, for KLBF is 133mn shares.>>>
"إِنَّا مَكَّنَّا لَهُۥ فِى ٱلْأَرْضِ وَءَاتَيْنَهُ مِن كُلِّ شَىْءٍۢ سَبَبًۭا فَأَتْبَعَ سَبَبًا Sesungguhnya Kami telah memberi kekuasaan kepadanya di (muka) bumi, dan Kami telah memberikan kepadanya jalan (untuk mencapai) segala sesuatu, maka diapun menempuh suatu jalan." (QS. AL KAHFI:84-85)
>> Saham Agung Podomoro Dilepas Rp365 per Unit >>> INDY: After mkt close the major shareholders placed out a USD 200m block of stock, or about 10% of cap at 3675 (range 3600-3725) at a 5.7% discount. The placement was said to be 3X subscribed to.

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Selasa, 10 Maret 2009

MacQ Adaro: buying a barging business?

Adam Worthington (analyst) is hearing that Adaro may soon purchase a barging company from the founding shareholders. Deal size is going to be more than US$100mn vs, market cap of US$2.0bn. Strategically this appears sensible as owning more of your supply chain is better than less. However, he feels that investors (without minority approval) will treat the stock with contempt if the valuation is unreasonable. As a rough guide we understand that in 2008 that the replacement cost for a tug and barge (standard 300ft/8000t capacity) was about US$2.4. With steel prices coming under pressure, we would expect this replacement cost to be lower in current markets. Macquarie rates the stock as Outperform on 4.7x ’09 P/E, 2.5x ’09 EV/EBITDA, and Rp1,000/share DCF.

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