Our Comment
The new President Director of IndonesiaStock Exchange Ito Warsito proposes to require all bank debtors with loan morethan Rp500b to list its shares in the bourse. He views the move will increase transparency and supervisory towards the debtors. Mr Warsito plans to discuss the plan with Bank Indonesia .
After a long meeting last Friday, Bumi´s shareholders approved management´s plan to pledge its assets as collateral, including shares inKPC and Arutmin. We highlight the risks of losing KPC and Arutmin, if thingsare not going in line with the management´s plan.
Farallon Capital Management sold its remaining 4.05% stake (986m shares) in BCA last Friday at Rp3,425/share or total Rp3.38t. The media reported Farallon soldits shares to some institutional investors, but not to Alaerka Investment Ltd,its partner in Farallon Indonesia (Farindo) Investment. Alaerka is a fund controlled by Djarum Group, which currently owns approximately 47% stake in BCA.
By - Ricardo Silaen
Highlights
o BumiResources (HOLD): AGM result
o SemenGresik (HOLD): Rp215 DPS (Yield=4.1%)
o Bakrie& Brothers: Consider to divestmetal units
o BCA: Farallon divested 4.05% ownership
o BankEksekutif: In a potential acquisition
From our chartist desk
o IDX: We see IDX still shows positive histogram on MaCD12-26 day, and reversal on middle line of Bollinger band 20-day. In terms of volatility, we should expect a wide swing trading opportunity. Today´s tradingrange is between 1965-2004-2022 (support) and 2062-2083-2123(resistance) .
o PTBA: The stock price shows a strong buying volume. We think the price would to continue rally, according to positive crossover momentum signal. TRADING BUY
o TLKM: We decide to pick TLKM because the price was successfully above MA 14, 20 and 25 day. We set target price of Rp7750 in near term. TRADING BUY
Sunday, June 28, 2009
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