INCO reported 1H10 net income of US$219mn (+61.1%yoy),represented 66.3%of our FY forecast and 63.4%of consensus estimates.
Actual average HSFO (High Sulphur Fuel Oil)price of US$76.79 per barrel in 2Q10 and US$76.03 per barrel in 1Q10 was lower than our average HSFO price assumption of US$95.00 per barrel.
The company ’s 1H10 sales grew by 27.8%yoy.2Q10 sales was higher than in 1Q10 of,42.3%qoq,margin reached 47.4%,which increase from 41.2%in 1H09 (vs our target for FY10 of 41.6%)
At current price,INCO is trading at 2010F and 2011F PER of 13.8x and 9.4x.We maintain our BUY recommendation on the counter.
Tampilkan postingan dengan label 125. Tampilkan semua postingan
Tampilkan postingan dengan label 125. Tampilkan semua postingan
Senin, 02 Agustus 2010
Jumat, 16 April 2010
Mandiri Sekuritas Perusahaan Gas : Pertamina, PGN Form Venture for Terminals, no end to Conoco Phillips shortage (PGAS, Rp4,125, Neutral, TP:Rp4,650)
State oil and gas company PT Pertamina and state gas-distribution company Perusahaan Gas Negara have established a joint-venture company to operate a floating terminal in West Java for the receiving and regasification of liquefied natural gas, as well as two future terminals in Medan and East Java. The new company, PT Nusantara Regas, will play a significant role in meeting the rapidly growing domestic demand for gas for electricity generation as well as the manufacturing of fertilizer and related products. Pertamina owns 60% of the company, while PGN owns the remainder. The authorized capital of Nusantara Regas is Rp2tn (US$222mn). The paid-up capital is Rp 500bn. The capacity of the terminal in West Java is around 3 million tons of gas per year and the terminal could begin operating before the end of 2011 (Jakarta Globe)
PGN also plan to acquire two gas fields worth US$350mn and has completed the due diligence process. PGN CEO expects to complete the acquisition in 2H2010. No details on specifics of the two gas fields. (www.koran-jakarta.com)
Amid a shortage of gas to fuel its power plants, state electricity company Perusahaan Listrik Negara may see its profit fall by 38.6% this year, the utility announced on Wednesday. Setio Anggoro Dewo, PLN’s finance director, told reporters that the company was penciling in potential losses of Rp4tn(US$444mn) on gas shortages.
Additionally, local media reported that PLN suffered a shortfall because of a reduced supply from state company Perusahaan Gas Negara. PGN has also suffered shortfalls after two other providers — ConocoPhillips and Pertamina Hulu Energy — cut their supply. ConocoPhillips is only able to deliver 250 MMSCFD of gas from its previous supply volume of 396 MMSCFD. Murtaqi Syamsuddin, PLN’s director of risk management, said the gas shortage could be seen at the Muara Tawar plant in Bekasi, where the supply has fallen from 230 BBTUD (207 MMSCFD) to less than 100 BBTUD (90 MMSCFD). “The gas shortage at the PLN power plant in Muara Tawar itself could cause a loss of Rp 2.4 trillion,” Setio said. (Jakarta Globe)
PGN also plan to acquire two gas fields worth US$350mn and has completed the due diligence process. PGN CEO expects to complete the acquisition in 2H2010. No details on specifics of the two gas fields. (www.koran-jakarta.com)
Amid a shortage of gas to fuel its power plants, state electricity company Perusahaan Listrik Negara may see its profit fall by 38.6% this year, the utility announced on Wednesday. Setio Anggoro Dewo, PLN’s finance director, told reporters that the company was penciling in potential losses of Rp4tn(US$444mn) on gas shortages.
Additionally, local media reported that PLN suffered a shortfall because of a reduced supply from state company Perusahaan Gas Negara. PGN has also suffered shortfalls after two other providers — ConocoPhillips and Pertamina Hulu Energy — cut their supply. ConocoPhillips is only able to deliver 250 MMSCFD of gas from its previous supply volume of 396 MMSCFD. Murtaqi Syamsuddin, PLN’s director of risk management, said the gas shortage could be seen at the Muara Tawar plant in Bekasi, where the supply has fallen from 230 BBTUD (207 MMSCFD) to less than 100 BBTUD (90 MMSCFD). “The gas shortage at the PLN power plant in Muara Tawar itself could cause a loss of Rp 2.4 trillion,” Setio said. (Jakarta Globe)
Kamis, 01 April 2010
Mandiri Sekuritas Mayora Indah: FY09 earnings of Rp372bn (+89.7% yoy), above ours and consensus expectations (MYOR, Rp4,125, Buy, TP: Rp4,700)
Mayora delivered incredible earnings growth of 89.7% yoy and 0.4% qoq to Rp372bn in FY09. Top-line figure is within ours and consensus estimates, whereas bottom-line is significantly above our and consensus estimates. Revenue upped by 22.3% backed by stronger demand coupled with increased production capacity (do note that MYOR’s new factory has started in Aug09). Stronger rupiah exchange rate also helped to boost gross margin in 4Q09 (25.3% vs 3Q09 of 25.2%) which brought FY09 margin to 23.7%, slightly higher than company’s previous indication of 23%.
However, operating margin dropped in 4Q09 which mainly due to significantly higher G&A expenses. G&A expenses jumped 3-folds on quarterly basis to Rp74bn in 4Q09. We think this is largely due to salaries and bonuses which book in 4Q09.
All in all, FY10F sales is likely to grow by 20%yoy to Rp5.6tn, in our view. This is to take into account for improving purchasing power, coupled with fully implementation of company’s new plant.
Currently, Mayora is trading at PER10F of 8.4x.
However, operating margin dropped in 4Q09 which mainly due to significantly higher G&A expenses. G&A expenses jumped 3-folds on quarterly basis to Rp74bn in 4Q09. We think this is largely due to salaries and bonuses which book in 4Q09.
All in all, FY10F sales is likely to grow by 20%yoy to Rp5.6tn, in our view. This is to take into account for improving purchasing power, coupled with fully implementation of company’s new plant.
Currently, Mayora is trading at PER10F of 8.4x.
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