Bumi Resources (BUMI Buy PT 3,200): Non-coal asset to be listed in September
Bisnis Indonesia quotes an unnamed exec as saying that BUMI is planning to raise US$600 mn in September through 25-30% public offering of Bumi Resources Mineral (BRM), the non-coal subsidiary. BUMI will also launch a pre-emptive rights issue to facilitate the entry of China Investment Corporation (CIC) into BUMI. The executive says that CIC is expected to acquire a stake of US$250 mn in BRM.
There’s a lot that must fall into place at BUMI, and CIC would seem to hold a strong hand in negotiations. Despite this, the valuations are compelling (BUMI is trading at 12.8x 2010 and 7.0x 2011 PE, with 3-yr projected EPS CAGR of 60%) and we have not included BRM in our BUMI valuation. The potential credit rating downgrade by Moody's and increased volatility in the global commodity prices may provide a great buying opportunity for the strong stomached.
Bank Mandiri (BMRI Buy PT6,150): Entering the growth phase
In the AGM yesterday, president director Agus Martowardojo has been given the mandate to continue his leadership in the bank. Over the next five years, BMRI will be pursuing three pronged strategy: wholesale banking transaction, retail payment banking and high yield lending, with a view to achieving its target to be one of the top five largest banks in ASEAN by 2014. Meanwhile, BMRI is distributing Rp119 dividend per share (DPR = 35%, Div. yield = 2.2%) for 2009, with a final dividend of Rp100 (yield = 1.9%).
MrAgus mantains his leadership along with his team - positive for the bank to continue its transformation. BMRI is trading at 2.8x 2010 and 2.3x 2011 PBV with projected 3-yr ROE of 24.1%.
Ciputra Development (CTRA Buy PT 1,160): CTRA plans for a stock split
CTRA is holding its AGM today, and the management will propose 1:2 stock split. Meanwhile, CTRA will allocate Rp1.5 tn for 2010 capex, fully funded through commpany's internal cash. CTRA projects are: 1) Ciputra World Jakarta; 2) Ciputra World Surabaya; 3) Citra Raya Hospital; and 4) Grand Shenyang, China.
CTRA is trading at 30% discount to its 2011 NAV of Rp1,156.
Delta Dunia (DOID Not Rated): YTD operational performance
DOID's YTD coal delivery stands at 10.7 mn tons (+4.9% YoY) with 84.1 bcm (flat YoY). During the period, the stripping ratio averaged 7.9 (vs. 8.3 in the same period last year).
Annualising these numbers suggest that DOID is behind full year targets, but management claims that they will catch up in the second half of the year. The slight decline in the stripping ratio is a slightly negative development. DOID is currently trading at 6.6x 2010 and 5.3x 2011 consensus PE, with EPS CAGR of 21% in 2010-12.
Tidak ada komentar:
Posting Komentar