>>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.

My Family

Rabu, 28 Oktober 2009

Indopremier PGAS (BUY TP Rp 4000)

Strong In-line 9M09 Results
PGAS delivered strong 9M09 results in-line with our estimates, with revenues increasing 50% YoY and realizing 78% of our FY09F estimate. On the back of SSWJ completion and higher demand from industrial customers, distribution volume rose 37% YoY to 776 mmscfd, slightly exceeding our FY09F figure of 755 mmscfd. Lower than expected G&A expenses (operating expenses at 68% of FY09F) led to 81% realization of our FY09F operating income. The strengthening of IDR against USD and JPY resulted in a forex gain of Rp911bn, lifting net profit by 145% YoY to Rp4,401bn. For 4Q09, we expect distribution volume to remain flat as many industries will close during December holidays and the delivery of 40 mmscfd of gas to PLTU Cilegon will only start flowing in November. We also expect slightly more forex gains as the JPY is expected to depreciate further from the IDR107.8/JPY reported for 9M09.

Valuation

We reiterate our BUY rating with TP of Rp4,000, which we derived by applying WACC of 11% and LTG of 3%. Our TP still represents 8.1% upside from the current price of Rp3,700 and implies 17.3x FY09F PER and 7.82x FY09F PBV.

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