1.Commodities Strategy | Bearish sentiment overdone
Author(s): Daniel HYNES, Daniel BLAKE, Warren EDNEY
Commodity markets have been weak in recent weeks as worries over Chinese growth and a stronger USD have gained intensity. We believe the bearish sentiment afflicting the commodity market is unwarranted. In our view, the modest economic recovery in China remains on track and although growth rates in commodity consumption will be down on previous years, they are enough to keep markets relatively tight. We think we are also are likely to see supply side responses in metals as the current spot price makes as much as half the market uneconomic. Overall, we move to a neutral position on commodities. We have moved to a slight bullish position on the metals, while we remain neutral on the energy sector. We have downgraded precious metals, as it battles weak investment demand in light of a stronger USD.
(16 MEI 2013)
2.Modern Internasional | Late but good
MDRN IJ / MDRN.JK | OUTPERFORM - Maintained | Rp1,000.00 - Tgt. Rp1,200.00
Mkt.Cap: US$426.5m | Avg.Daily Vol: US$0.30m | Free Float: 43.90%
Retail | Author(s): Erwan TEGUH,
Modern’s FY12 results release was late but fully audited, with some adjustments and restatements. Its tardiness is not cause for concern. Core profit jumped 73% and 7-Eleven turned profitable. Sales were behind forecasts but the shortfall was covered by a better margin and surge in rental income. Our forecast of FY12 core profit was almost spot on and consensus expectations were also met. We nudge up our FY13-14 estimates by 1-2% and raise our DCF-based target price to Rp1,200, equivalent to P/Es of 51x FY13 and 32x FY14, with PEG at 0.8x. Maintain Outperform with the main catalysts being timely 7-Eleven expansion and margin improvement.
(16 MEI 2013)
bosman pangaribuan bb baru:
HEADLINE NEWS :
*PNLF :
TRANSAKSI AFILIASI Yg Dilaksanakan Oleh PT Panin Financial (Perseroan) :
1.Perseroan tlh melakukan pembelian saham PT Bank Panin Tbk dgn jml 11.625.000 lbr saham dr PT Panin Internasional. Sifat hubungan afiliasi dr transaksi ini ialah PT Panin Internasional merupakan entitas anak perseroan dimana perseroan memiliki 99,99% saham PT Panin Internasional.
2.Pertimbangan dan alasan dilaksanakannya transaksi
Transaksi ini dilakukan untuk meningkatkan penyertaan langsung perseroan pd PT Bank Panin.
3.Informasi mengenai nilai transaksi.
Pd tanggal 15 Mei 2013, Perseroan tlh melakukan pembelian sebanyak 11.625.000 lbr saham PT Bank Panin Tbk dr PT Panin Internasional dgn harga Rp 950 persaham, shg total trx afiliasi yg dilaporkan melalui surat ini adalah sejumlah Rp11.043.750.000.
(SUMBER : IDX)
*ERAA :
1.Akan melakukan PMT HMETD dlm rangka pemberian hak opsi untuk memiliki saham kpd manajemen dn karyawan perseroan (MESOP), dgn asumsi bhw seluruh saham baru yg direncanakan perseroan dpt diterbitkan, serta semua hak opsi dlm program MESOP dilaksanakan, maka pemegang saham perseroan akan mengalami penurunan persentase kepemilikan saham sebanyak2nya 0,68%.
2.RUPSLB 30 mei 2013
(SUMBER : IDX)
*PENAMBAHAN AGENDA RUPS ASSA 03 JUNI 2013:
1.Persetujuan utk menjaminkan sebagian besar atau seluruh asset perseroan utk mendapatkan fasilitas pinjaman dr bank atau lembaga keuangan, maupun dlm rangka penrbitan dan penawaran umum obligasi .
2.perubahan rencana penggunaan dana hasil penawaran umum saham perdana saham
(SUMBER IDX)
bosman pangaribuan bb baru:
*MTLA :
1.MTLA akan membagikan dividen kepada pemegang saham sebesar Rp40,74 miliar atau 20% dari laba bersih perseroan 2012 sebesar Rp203,69 miliar.
Dividen per sahamnya sebesar Rp5,3748 per saham dan akan dibagikan pada bulan 5 Juli (2013).
2.Selain itu, para pemegang saham juga menyetujui laba bersih tahun lalu dialokasikan sebagai dana cadangan perseroan sebesar Rp2 miliar, guna pengembangan bisnis perusahaan. Sedangkan sisanya dibukukan sebagai laba ditahan untuk menambah modal kerja perseroan.
3.Perseroan pada 2012 mencatat pendapatan sebesar Rp678,729 miliar atau naik 25,3% dibandingkan pendapatan 2011 sebesar Rp541,781 miliar. Laba bersih perseroan sekitar Rp203,69 miliar. Sedangkan, nilai aset perseroan tahun 2012 tumbuh 16,5% menjadi Rp2,016 triliun dari Rp1,73 triliun. (INILAH.COM)
4.Jaga kesehatan, MTLA andalkan kas internal, Rasio utang atau debt to equity ratio (DER) memang menjadi salah satu indikator sehat atau tidaknya suatu perusahaan.
(KONTAN)
5.MTLA pada semester dua tahun 2013 akan bangun hotel berbintang empat di wilayah cawang, Jakarta Timur, dengan nilai investasi sebesar Rp120 miliar.
Hotel ini diberi nama Hotel Horison Jakarta dengan luas 32 ribu meter persegi dan diperkirakan tahun depan sudah bisa selesai.
(INILAH.COM)
*Keterbukaan Informasi Yang Perlu Diketahui Publik Penyampaian surat X.K.1 PT Lippo Karawaci Tbk Closing Transaksi Project Kesehatan III. (LPKR) :
http://www.idx.co.id/Portals/
(SUMBER IDX)
*SUPR : pada 2013 akan membangun 1000 tower dengan nilai investasi sebesar Rp1,5 triliun. Hingga kuartal pertama 2013, perseroan sudah bangun 200 tower. (KONTAN)
RISET FR CLSA 16 MEI 2013 :
1.CLSA Indonesia’s construction analyst Hendy Soegiarto initiates coverage on Waskita (WSKT IJ) with BUY TP 850 - 29% upside - the last of his series on the big 4 SOE contractors. Pretty much a pure construction play, Waskita is the fastest growing contractor and should continue to post strong growth (2013 new order book growth @ 46%, 2013-14 earnings growth @ 47-61%) and potentially beneficiary of govt push of infra projects.
-Key points from the report:
Waskita is one of the big 4 SOE contractors. WSKT is the fastest growing contractors with a new order book YoY growth of +46% in 13CL, in-line with guidance.
WSKT is the purest play on construction among the big 4 SOE contractors with construction services contributing 90%+ of revenue. WSKT focus has been pre-cast concrete factory which it has successfully expanded into helping margin expansion in the 1Q13 and expected to continue. We forecasts margin to expand to 10.4% in 13CL from 8.6% in FY12.
WSKT is on-track to deliver this with 21% of new order book filled as of April 2013. We expect infrastructure spending to remain strong in 2013, positive for the sector.
We initiate with a BUY, target price 1,100 implying 29% upside. Our valuation is based on a 17x 2014 P/E in-line with average regional peers.
-Few other interesting facts on WSKT:
· WSKT is thefastest growing contractors. WSKT commands an enviable new order book YoY growth of +46% in 13CL
· Margin expansion. Even though not a focus, diversification efforts into pre-cast concrete factory has help expand WSKT margins. We forecasts margin to expand to 10.4% in 13CL from 8.6% in FY12.
· WSKT is on-track to deliver this with 21% of new order book filled as of April 2013 (1Q13 is historically the lowest quarter in the year)
· We initiate with a BUY, target price 1,100 implying 29% upside. Our valuation is based on a 17x 2014 P/E in-line with average regional peers.
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