BUkan marganya dia Sui bukan keong On Fri, May 22, 2009 at 2:10 PM, EdBa <edbami...@gmail.com> wrote:
> > > Pak budi santosa koq ngirim emailnya sampe 5x ya...??? > > Regards, > > EdBa > > Sent from my Mobile Device > Powered by Telkomsel 3G/EDGE/GPRS > > ------------------------------ > From: budi santosa <budisan882...@yahoo.com> > Sent: Friday, 22 May 2009 1:56 PM > To: ob Obrolan bandar <obrolan-bandar@yahoogroups.com>; > sa...@yahoogroups.com > Subject: [ob] Ada Elaine di artikel ini, diakah ??? > > > > > > --- On *Fri, 5/22/09, nicholas alvin <nicholas_al...@yahoo.com>* wrote: > > > From: nicholas alvin <nicholas_al...@yahoo.com> > Subject: [saham] China coal imports +60% MoM, upgrading PxT on properties > [4 Attachments] > To: "ob Obrolan bandar" <obrolan-bandar@yahoogroups.com>, "Nicholas Alvin" > <sa...@yahoogroups.com> > Date: Friday, May 22, 2009, 12:32 PM > > *Thermal coal: China imports 60% more coal in April vs. March**Two new > developments in the thermal coal space this week (report attached):* > > (1) China trade data this week supports demand strength, confirming > 9.2mt of imports (including coking and thermal coal), up 3.4mt (60%) from > March and 5.7mt (168%) YoY. > > (2) McCloskey European Coal Outlook Conference – Macq commodities team > came out of the conference less bearish on prices from here, at least in the > Pacific. > *On China, the most bullish assessment came from Philip Gasteen, head of > marketing and logistics at Asian coal and electricity producer Banpu. He > suggested that around 55mt of thermal coal is due to be delivered into China > this year under recently completed deals. This would drive imports 20−25mt > higher, while export volumes are likely to fall 15−20mt. Thus, he sees > China’s net imports increasing by 40mt this year. * > > > > *My take* – closer to home, many Asian coal analysts & corporates will > attend the CoalTrans conference in Bali during the first week of June. We > shall see whether they will come back with the same positive take-aways on > China/India coal demand. > *Indo property: upgrading price targets**[Reports attached] Macq research > coverage of Indo property sector remains on the transition phase, since our > previous analyst Lydia Toisuta left the firm on Nov 2008. In the meantime, > ahead of Macquarie Asean conference in June (Bakrieland & Lippo Karawaci > have confirmed attendance), Elaine Cheong (Macq property analyst based in > Singapore) re-affirms our positive sector view today by lifting price > targets on Bakrieland from Rp100 to Rp330 (22% upside), Ciputra Dev from > Rp320 to Rp650 (18% upside), and Lippo Karawaci from Rp250 to Rp530 (35% > downside). * > > > > Essentially, she has reduced the NAV discounts implied by those price > targets, without changing the NAV estimates by much. She applies a 35% NAV > discount for Bakrieland (NAV estimate of Rp519), 35% NAV discount for > Ciputra Dev (NAV estimate of Rp1,001), and 35% NAV discount for Lippo > Karawaci (NAV estimate of Rp816). She re-iterates Outperform rating on > Ciputra Dev & Bakrieland, Underperform rating on Lippo Karawaci. > > > > Her key arguments for the narrower NAV discounts: > > 1. Resilient domestic demand in Indonesia > > 2. Lowering of interest rates > *PGAS: smoothing out ways for gas price hike (Adam Worthington)* > > Yesterday, PGAS met with government officials and industry players to > discuss the future of the gas market. Upside risk to gas prices post > presidential election, re-iterate Outperform. Three key points: > > 1. *Supply shortage:* The domestic gas market is in a supply > shortage, and further exploration and development is required at the > upstream level. > > 2. *US**$ pricing appropriate:* Industry participants agreed that US$ > pricing is appropriate given that capex, financing cost of gas production, > and transmission and distribution costs are US$ denominated. > > 3. *Gas is undervalued vs its closest substitute:* Participants noted > that the selling price of gas has not been raised since July 2007 despite > the surge in other commodities, and that at the current exchange rate, the > selling price of PGAS 's natural gas is approximately Rp2,038 per diesel > equivalent litre, a competitive price when compared with other sources of > energy. The participants discussed the potential for gas price increases (in > the upstream and downstream) to encourage exploration and development of > reserves. > *Snippets:* > *Macro* – VP candidate Boediono will focus on integrating fiscal, > monetary, and sectoral policies, if he got elected. > > > > *Medco* – BPMigas head Mr.Priyono confirms that Medco will get a 20-year > extension for its block A project, located in North Aceh, when the term > expires in 2011. Block A is a high priority project for the government, > since the block will supply to PT Pupuk Iskandar Muda and to PT PLN (85 > trillion BTU in 2010-2027). The other partners in block A are Premier Oil > (42% stake) and Japan Petroleum Exploration (16%). > > > > *Crude Palm Oil* – The government may impose 3% tax on palm oil exports, > according to the Jakarta Post. > > > > *PT Telkom* – will cancel its plan to acquire a stake in the > Telecommunciations Company of Iran, according to Tempo and Bisnis Indonesia. > The cancellation is due to the requirement by the Iranian government that > the bidders be free of American shareholders. PT Telkom has ADRs listed on > the New York Stock Exchange. > > > > *PT Timah* – will pay a dividend of Rp133/sh or equivalent to a 50% > payout ratio. The company is budgeting Rp350bn for capex. > > > > *PT Unilever Indonesia –* will pay a final dividend of Rp220/sh. The > total dividend is Rp315/sh or equivalent to a 100% payout ratio.The company > is budgeting Rp700bn for capex. > > > > *PT Jaya Ancol* – is exploring a Rp250bn rights issue, according to > Bisnis Indonesia. The company will pay a dividend of Rp37/sh. > > > > NOTICE > > The information contained in this email is confidential. If you are not the > intended recipient, you must not disclose or use the information in this > email in any way. If you received it in error, please tell us immediately by > return email and delete the document. We do not guarantee the integrity of > any e-mails or attached files and are not responsible for any changes made > to them by any other person. > > > > > > >
