• AKR Corporindo and Sorini Agro has decided to distribute cash dividends of Rp94.6bn and 50.3bn out of their 2009 net income of Rp274.7bn and Rp157.5bn. Dividend payout ratio equals 34.4% and 31.91% with DPS ratio of Rp25/share and Rp55/share for AKR and Sorini respectively.
• The balance remaining out of net income will be used to strengthen the companies’ working capital where internal cash will be used to finance business expansion.
• AKRA has previously conducted rights issue last February, raising Rp539.8bn. Rp300bn was used to build a tank and jetty terminal facility in Kalimantan, Sumatra, and Java, while the rest of the proceeds are used for working capital.
• AKRA is trading at 2010F consensus PER of 17.2x and EV/EBITDA of 6.3x. SOBI is trading at 2010F consensus PER of 8.5x and EV/EBITDA of 5.6x.
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