MacQ Snippets

Snippets:
Mining – Government of Indonesia won over PT Newmont Nusa Tenggara in the International Arbitrage Court in Switzerland yesterday. Newmont must divest 17% within 180 days, otherwise the national court will take over the company’s asset.

Medco Energi (MEDC IJ, Rp2,200, NR) is seeking Rp1.36tn bank loans this year to finance 30% of the total of US$288mn Capex and refinance some of the Rp1.35tn bonds which will mature this July, according to Bisnis Indonesia. Medco’s total debt as of December 2008 was US$693mn, or 26% lower yoy, with Net profit of US$280mn vs US$6.6mn in 2007. This was largely contributed by selling proceeds from PT Apexindo divestment of US$260.5mn. Medco’s revenue grew by 19% yoy to US$1.3bn. The company ceased its Methanol Bunyu operation in February 2009 due to lack of gas supply. In 2008, the field contributed US$38.8mn to Medco’s revenue.

Ciputra Property (CTRP IJ, Rp173, NR) is budgeting Rp300bn of Capex for this year from Rp1.7tn internal cash, to finance construction of Ciputra World, mall and hotels renovation in Jakarta and Semarang. The company targets Rp170bn Net profit in 2009 vs Rp188bn in 2008. 2008 Net profit grew by 135% yoy was driven by IPO proceeds, forex gain, and interest income.

Lippo Karawaci (LPKR IJ, Rp 840, UP, TP: Rp250) booked 5% Net profit growth in 2008 to Rp371bn, driven by both property (apartment, residentials, and malls) as well as non-property (hospital, hotel) divisions.

Sorini Agro Asia (SOBI IJ, Rp 1,050, NR) booked 51% Net profit growth in 2008 to Rp142.5bn. Revenue grew strongly by 43% yoy to Rp1.49tn, resulting in Operating profit growth of 80% to Rp289bn.