Samuel Sekuritas Indonesia

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DAILY RESEARCH
As of 13 Mar 10		 WEEKLY RESEARCH
   
Daily Economic Report
Daily Research Report
Technical Analysis
Daily Investment Guide		 Weekly Economic Report
Samuel Trading Idea
Summary Valuation Report

ELTY - Behind the US$150mn CB Issuance
12 Mar 10

Bakrieland Development (ELTY) – Maintain BUY
Price: Rp270 – Target Price: Rp390
 
Behind the US$150mn CB Issuance

  • To issue US$150mn convertible bond, similar scheme with BUMI.
  • Proceed of CB to refinancing, finance working capital and equity swap
  • Implication should be positive for ELTY’s cash flow
  • CB issuance will likely a positive cataylst for share price.
  • Lowered price target to Rp390/share to adjust discount factor in property sector
  • ELTY is now trading at 52% discount to NAV and 0.9 PBV’10
  • Maintain our BUY recommendation

 
ELTY_100312_cs.pdf

PTBA - Surging Operating Expenses
10 Mar 10

TB Bukit Asam (PTBA)- Maintain BUY
Price: Rp16,000 – Target Price: Rp20,200
 
Surging Operating Expenses

  • Lower than expected FY09 earnings.
  • Higher selling price amid lower sales volume.
  • Cost efficiency going forward.
  • Net cash & anticipation for dividend.
  • Maintain BUY, TP Rp20,200/share

 
PTBA_100310_cs.pdf

JSMR - Light at the end of the Tunnel
Sonny John
09 Mar 10

Jasa Marga (JSMR) – Upgrade to BUY
Price: Rp1,750 – Target Price: Rp2,200
 
Light at the end of the Tunnel

  • Land acquisition law is on progress………
  • ……… could speed up land acquisition process
  • Government will take the responsibility for land acquisition
  • In favor of new regulation
  • No surprise in FY09 result
  • Two new toll roads will start to operate in 2010
  • TP Rp2,200, upside potential 25%, upgrade to BUY
JSMR_100305_SJ.pdf

JSX Market Summary

13 March 2010 - 16:00 WIB (GMT +7)
IHSG 2,673.78 -0.10%
Most
Active
Top
Value
Top
Gainer
Top
Loser
-StockHarga%Prb
FREN512.00
BHIT9409.30
BIPI-W1008.70
SDRA2909.43
BIPI2604.00

World Market Index

IndicesCurrent%Chg
Dow Jones10583.05 0.176
S & P 5001146.81 0.555
NASDAQ2359.87 0.813
Nikkei 22510563.92 -0.035
Hang Seng21208.289 0.003
Strait Times2862.29 0.795
Xetra DAX5936.72 0.856
CAC 403943.55 0.851
SP/ASX2004820.000 0.000
Shanghai3048.927 -0.663
As of 03:17 WIB (GMT +7)

World Currencies

CurrencyRPUSD
USD9164 1.000
EUR12509 1.3651
JPY101 0.011
GBP13718 1.4971
SGD6555 0.7154
AUD8384 0.9149
MYR2746 0.2997
HKD1181 0.1289
SAR2444 0.2667
NZD6443 0.7031
CNY1342 0.1464
As of 03:17 WIB (GMT +7)