Multistrada posts forex gain jump

PT Multistrada Arah Sarana Tbk, a publicly listed tire producer which is run by former founder of PT Trimegah Securities Tbk Peter Tanuri, posted net profit jump of 81.31% on its September 2009 financial report as a result of foreign exchange gain.

In a public statement today to Indonesia Stock Exchange, Multistrada booked September 2009's net profit of Rp124.07 billion from a year earlier of Rp68.87 billion.
The tire company's revenue rose by 19.20% from Rp1.05 trillion last year to Rp1.19 trillion at the end of September this year.
The company's operating income made less growth by 7.42% from Rp128.59 billion last year to Rp138.13 billion. Foreign exchange gain was significantly skyrocketed by 1,814.2% from merely Rp3.86 billion last year to the end of nine months this year of Rp73.89 billion.

Global Mediacom sells Mobile-8

The founder of Bhakti Group Hary Tanoesoedibyo eventually get out from telecommunication business by selling 19% of shares of PT Mobile-8 Telecom Tbk worth Rp211.46 billion. In total, Hary has secured Rp1.59 trillion from FREN service provider.
Based on share holders data on June 30 2009, Hary via his holding company dubbed PT Global Mediacom Tbk remains the owner of 13.52 billion of Mobile-8 shares or equal to 66.81% of the telecommunication total shares of 20.24 billion.
As reported by Detik.com yesterday, Global Mediacom divested 3.19 billion of Mobile-8 shares during Auguest 1-8 last year, followed by another divestment on September 19-22 2008 of 2.21 billion of shares.
On September 25-26 2008, Global Mediacom sold 2.4 billion of Mobile-8 shares, while on September 29 last year, the company offloaded 1.86 billion of Mobile-8 shares.
Pada 25-26 September 2008, BMTR lagi-lagi menjual 2,4 miliar saham (11,86%) FREN.
Global Mediacom sold Mobile-8 shares on average price of Rp143 per share.

Bumi issues notes US$300 million

PT Bumi Capital Pte Ltd that has parrent guarrantor from PT Bumi Resources Tbk and subsidiary guarrantors from PT Forrunnes International Pte Ltd, PT Sangatta Holdings Ltd, Pt Kalimantan Coal Ltd and PT sitrade Coalsecurity has issued US$ guarranted Senior Secured Notes due 2016 US$300 last friday. The amount is lower than previous offerred US$500. The notes with rating Ba3 (Stable) from Moody's and BB (Stable) from S&P has yield and coupon 12%.

Bumi sets up bond roadshow

PT Bumi Resources Tbk is hammering out bonds roadshow starting on November 2 in Hong Kong and November 3 in Singapore.

Coming with bonds issuance of US$500 million, the biggest coal miner in Indonesia is appointed two lead arrangers Credit Suisse and Deutsche Bank.

According to research published by J.P.Morgan on October 31, the brokerage raises Bumi's price target from Rp3,200 to Rp3,500. "We believe the unfavorable effect of the CIC loan is probably priced in, therefore we upgrade Bumi from neutral to overweight," said J.P.Morgan's analyst Stevanus Juanda on its research.

The higher interest cost on the CIC loan (from 12% to 19%) only affects J.P. FY2010 and 2011 net income estimates, which it is revised down by 39.9% and 37.3% respectively, while FY2012 net income estimation is raised by 23.1% as Bumi refinances the loan.

J.P.Morgan believes that some factors could drive Bumi's share price to ourperform. The factors such as tight supply in the global coal market could benefit price increased demand from China. Long term cost savings from conveyor and power plant replacing truck hauling and diesel.