Some colour starts to emerge in terms of the agenda for the visit. The China Post wrote that Beijing will give Jakarta US$1.8bn worth of preferential export buyer’s credit as well as a US$263mn concessional loan. Kontan newspaper wrote about China asking Indonesia for special economic zones to relocate some of their labour intensive industries such as electronics, textile, and CPO processing. Industrial minister MS Hidajat said that they are talking about a 10,000ha special zone equipped with infrastructure and ports, most likely in East Kalimantan. Kontan provides a list of projects that are ready for signing with China: 1) Toll-road Medan Kualanamu, 2) Tayan bridge in West Kalimantan, 3) Toll-road Cileunyi-Sumedang-Dawuan, 4) Smelter in East Kalimantan, 4) Special economic zone in East Kalimantan, 5) Teluk Kendari bridge in Sulawesi, 6) Power plant in Papua. (The China Post, Kontan).
My take – one of the stock potentially affected by the renewed focus in Kalimantan is Ciputra Development (CTRA), given its unique position among the property counters as a national developer (other listed companies are focusing in Jawa & Bali only). CTRA has property JVs in Kalimantan’s biggest cities Balikpapan, Samarinda, and Banjarmasin. In 1Q09, around 23% of its total marketing sales came from Kalimantan. JPMorgan reserch has O/W rating on CTRA with a PxT of Rp1050.
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