PT INTERNATIONAL NICKEL INDONESIA Tbk INFORMATION ON ASSESSMENT OF FURNACE #2 SHUTDOWN INCIDENT

Jakarta, November 17, 2011 – PT International Nickel Indonesia Tbk (“PTI” or the “Company”; IDX: INCO) today informs an event that occurred on November 2 at its Sorowako operations.
During a scheduled shutdown of Furnace #2 for a rebuild, high temperature molten metal from the furnace came into contact with water, resulting in a series of low intensity steam explosions. Emergency response procedures were put into action immediately and the situation was quickly stabilized. There were no injuries. An initial assessment revealed damage to control systems associated with Furnace #1 and other associated peripheral equipment. As a result, Furnace #1 remained shut down following the event while the Company proceeded with the assessment. Furnaces #3 and #4 continue to operate normally.
Based on the latest assessment it is estimated that Furnace #1 will be back in normal operation in February 2012. The estimated impact on production is approximately 4,600 metric tons, with the loss of 3,300 metric tons in 2011 and 1,300 metric tons in 2012. Based on the Company’s preliminary estimate, total repair costs will be

BUMI Plc - Interim Management Statement Production Report for Q3 2011

Bumi today issues its Production Report for the third quarter ended 30 September 2011.

Highlights
 Strong operating performances across all coal businesses.
 Third quarter group production of 23 million tonnes, up 35% over Q3 2010.
 Year-to-date total Group production of 62 million tonnes, 12% higher than year-to-date 2010.
On track to meet 2011 target of 86 million tonnes of coal.
 Realised prices for Q3 of $94 per tonne, an increase of 32% over Q3 2010.
 Agreement on re-payment of the PT Bumi Resources $251 million loan to Bukit Mutiara and
$231 million investment with Recapital.
 Successful refinancing of $600 million of the $1.9 billion CIC loan by PT Bumi Resources,
reducing its annual interest expense by around $72 million.

Development and Expansion
 Group’s expansion programme on track with 2014 target of 140 million tonnes.
 Berau Coal’s expansion plan to achieve 30 million tonnes annual production in 2014 is on
schedule.
 KPC’s expansion plans to achieve its 2014 target of 70 million tonnes is on schedule. The
Sangatta expansion is underway, with the second overland conveyor under construction,
with expected completion in the first half of 2012. The construction of the Melawan crusher
and conveyor is on track for completion in 2012. Work has commenced on upgrading the
Bengalon facilities.
 Arutmin’s volume expansion to 40 million tonnes in 2014 is on track. Construction of the
West Mulia and Asam-Asam coal processing plants and conveyors is underway with
completion expected by the middle of 2012.

Financing update
 Agreement has been reached on the re-payment of the PT Bumi Resources $231 million
investment with Recapital in H1 2012. A schedule has been agreed for early re-payment
of the PT Bumi $251 million loan to Bukit Mutiara 50% in 2012 and 50% in 2013. These
items, which were fully disclosed in the Bumi plc listing prospectus of 17 June 2011, were
discussed extensively at the Audit Committee and a schedule to secure re-payment of
these PT Bumi loans and investments and to use the proceeds to pay down debt was
presented by the Chief Financial Officer and approved by the plc Board at its meeting in
Jakarta on 12 October.
 It also is agreed that there will be progressive realisation and in all cases marking to fair
value of the business development assets in PT Bumi Resources.
 On 8 November 2011, Bumi plc announced that its associate, PT Bumi Resources, had
completed pre-payment, 2 years early, of $600 million of the $1.9 billion outstanding loan
to the China Investment Corporation. The effect of the debt refinancing will reduce PT
Bumi's annual interest expense by around $72 million. The remainder of the $1.3 billion
CIC debt is able to be pre-paid from October 2012 ($600 million) and October 2013
onwards ($700 million).

Berau Coal
Berau Coal produced 5.3 million tonnes of coal for the quarter, an increase of 23% over Q3
2010.
Year to date production was 14.3 million tonnes and is expected to meet the 20 million tonnes
target for 2011.
Year to date stripping ratio was 9.6 bcm per tonne.
Berau Coal achieved an average selling price per tonne in the third quarter of $87.0/t.

Kaltim Prima Coal (KPC)
KPC produced 11.6 million tonnes of coal, an increase of 29% from the third quarter of 2010.
Year to date production was 29.8 million tonnes, an increase of 6% over the prior period.
Production at the Bengalon mine has been behind schedule and a portion of the site has now
been subcontracted to a new contractor.
The year to date stripping ratio was 12.7 bcm per tonne. KPC achieved

Astra Agro Lestari (AALI) CPO production during January – October 2011 reached more than 1 million tons.

During the first ten months of 2011, CPO production of AALI reached 1.05 million tonnes, an increase of 16.9% compared to the same period last year. However this increase was mainly derived from FFB production growth. As of October 2011, AALI’s FFB production increased by 15.1%, from 3.46 million tonnes in the same period last year to 3.99 millions tonnes with the average yield was 18.22 tonnes /ha. Based on FFB production composition, Sumatra region produced 1.77 million tonnes or 44.5% from the total FFB production, while Kalimantan and Sulawesi region were 36.4% and 19.1% respectively.

Industry Update : World CPO Consumption

In 2011, world CPO consumption is estimated to reach 48.91 million tonnes or increase by 5.3% compared to the previous year, amounting to 46.45 million tonnes. During this year, major CPO consumer countries will absorb 62.2% of the world total consumption or approximately 30.42 million
tonnes. Meanwhile, India as the biggest CPO consumer in the world is expected to absorb 14% of the world total consumption by the end of this year or approximately 6.84 million tonnes

BUMI RESOURCES Tbk PREPAYS $600 MILLION LOAN TO CIC - 2 YEARS EARLY

Jakarta, 8 November 2011
PT Bumi Resources Tbk. confirms that it has prepaid tranche 1 amounting to US$600 million to
China Investment Corporation today. This tranche was falling due on 30 September 2013 and has
been repaid almost 2 years earlier by mutual consent.
The amount repaid has been refinanced from a banking syndicate comprising of Bank of America
Merrill Lynch, Deutsche Bank, Barclays Bank and JP Morgan at coupon of ca libor + 6%.
Effectively, this now reduces the interest by ca $72 m on an annualised basis.
In 2011 PT Bumi Resources Tbk., expects coal production at 66 million tons. (10% higher than last
year). Its production expansion plans are on track to exceed 100 million tons in 2014.

PT INTERNATIONAL NICKEL INDONESIA Tbk APPROVES A 2011 INTERIM DIVIDEND OF US$0.01 PER SHARE

JAKARTA, October 14, 2011 ‐‐‐ PT International Nickel Indonesia Tbk (the “Company”, IDX: INCO) today announced that the Board of Commissioners of the Company approved the proposal of the Board of Directors to distribute a 2011 interim dividend in aggregate of US$ 100 million or US$0.01 per share. The dividend is payable on November 21, 2011 to shareholders of record as of November 7, 2011. The dividend for Indonesian shareholders will be paid in the Rupiah equivalent of the US dollar amount based on the Bank of Indonesia mid rate on November 7, 2011. The dividend for foreign shareholders will be paid in US dollars.
In addition to the final dividend in respect of 2010 paid in May 2011 of US$145 million, this dividend payment will bring total dividend payments of US$245 million to shareholders in 2011. This payment reflects the solid position and commitment of the Company to its shareholders and it is aligned with the growth plan to increase the annual nickel production from 73,000 metric tons to 120,000 metric tons in the next years.
For further information, please email to:

Fabio Bechara, Director and Chief Financial Officer
PTI.InvestorRelations@valeinco.com
www.pt‐inco.co.id

Unilever Tbk will build some new factories in Indonesia

Unilever Tbk (UNVR) have a plan to expand and increase its production capacity through expansion of skin care factory, ice cream and Dove products by establishment of new factories. UNVR want to make Indonesia as industrial base in Asia. in order to strengthening the production base in Asia. The cost for capacity expansion is estimated around  Rp 640 billion, with  production capacity of 45 thousand tons per year. Factory area reaches 20 thousand square meters.

Crude Palm Oil forecast

According to Oil World, the world's palm oil production during 2011 will reach 49.68 million tons, which rose 8.5% from 2010. Meanwhile, world consumption of palm oil during 2011 will reached 48.79 million tons, up 5.1% of 2010 consumption. The volume of world palm oil exports in 2011 is estimated to grow 4.2% YoY to 38.03 million tonnes.

Nestlé Resumes Palm Oil Purchases from SMART.Tbk

Jakarta, 15 September 2011 – PT SMART Tbk (SMART) is pleased to announce that Nestlé has placed an order to resume palm oil purchases from the company. SMART views this order as an acknowledgement of its on-going sustainability commitments and efforts to find solutions to continuously produce palm oil in a sustainable, environmentally and socially responsible manner.
 

In May 2010, Nestlé, together with international NGO, The Forest Trust (TFT) announced Responsible Sourcing Guidelines (RSGs), a set of critical requirements to guide the Nestlé procurement process and to ensure compliance with the Nestlé Supplier Code. In late 2010, SMART’s parent company Golden Agri-Resources (GAR) developed a joint action plan with TFT to help GAR ensure that its subsidiaries could meet the Nestlé RSGrequirements. To ensure that  oil delivered to Nestlé meets the RSG requirements, the plantations supplying Nestlé were subject to TFT assessments. SMART then implemented innovative processes and supply chain controls to ensure that the delivered oil is fully traceable from the supplying plantations, through processing and transportation to the Nestlé factory in Indonesia. This full traceability across the supply chain has been further  audited by Nestlé-appointed international agency, TÜV Rheinland Group.
 

Mr Daud Dharsono, President Director of SMART said: “We welcome Nestlé’s decision which is an acknowledgement of our sustainability efforts. This represents an important milestone in our journey toward the continuous production of sustainable palm oil. Sustainability is an on-going journey and we are committed to managing the environment responsibly and empowering communities. We believe that our achievement of full traceability with this order is another significant milestone.” GAR has also been working with TFT on the implementation of a Forest Conservation Policy (FCP) which aims to ensure that GAR has no deforestation footprint and also seeks to achieve long-term sustainable growth for GAR and the palm oil industry. The FCP focuses on there being no development on High Carbon Stock (HCS) forests, where a provisional definition of exceeding 35 tonnes of carbon per hectare will be used as HCS forest definition; no

PT SMART Tbk (SMART), subsidiary of Golden Agri- Resources Limited (GAR) receives Roundtable on Sustainable Palm Oil (RSPO) certification.

Jakarta, 16 September 2011 - PT SMART Tbk (SMART), subsidiary of Golden Agri- Resources Limited (GAR) announces today that it has received Roundtable on Sustainable Palm Oil (RSPO) certification. The certification covers 14,955 ha of plantations and one mill under SMART in North Sumatra, and are the first palm oil operations from GAR to receive the RSPO certification. This certification is part of the ongoing certification of SMART and another GAR subsidiary, PT Ivo Mas Tunggal, which covers 103,953 hectares of plantations and 11 mills. This brings GAR closer to its overall target of obtaining RSPO certification for all its palm oil operations by December 2015.

Said Mr Daud Dharsono, President Director of SMART: "The RSPO is among the leading international standards for sustainable palm oil and we remain committed to working towards RSPO certification for the remaining palm oil operations by December 2015. Our sustainability efforts are guided by our internal values and principles since we commenced oil palm planting and we will take a leadership role in working with multi-stakeholders to find solutions toward sustainable palm oil production.”

GAR has engaged international NGO, The Forest Trust (TFT) to help the company prepare for RSPO certification for the rest of its existing 433,200 hectares of palm oil plantations and 42 mills

Adhi Karya Got New Project

PRESS RELEASE
NO: PR/008-IX/11
Subject: New Project Acquired

Herewith we would like to inform you that PT Adhi Karya (Persero) Tbk. (ADHI) had
acquired a new project, with following details:

Name of Project: RFCC (Residual Fluid Catalytic Cracking) Cilacap
Type of Project: EPC Oil & Gas
Owner: PT Pertamina (Persero)
Total Contract Value: USD931,480,000.- (including PPN 10%)
JO ADHI [30%] : GS [70%]
Location: Cilacap
Scope of Work: Refinery RFCC
Duration: 39 Months

Thank you for your attention.

Jakarta, 16th September 2011

Kind regards,
PT Adhi Karya (Persero) Tbk.

BUMI ANNOUNCES AMENDMENT TO TERMS OF BRM (Bumi Resources Mineral) TRANSACTION

On 10 June 2011, Vallar Limited (then Vallar PLC) (“Vallar”) announced a major re-organisation through the transfer of 75 per cent. (on a fully diluted basis) of PT Bumi Resources Minerals Tbk (“BRM”) from PT Bumi Resources Tbk (“Bumi Resources”) to Vallar (the “BRM Proposal”). The consideration for the BRM Proposal will be in the form of convertible bonds (the “Convertible Bonds”), to be issued to Bumi Resources.
 

Amended Terms
In light of the recent difficult conditions in global equity markets and the consequent impact on the Bumi share price, Bumi has agreed to amend the terms of the BRM Proposal. Under the amended terms entered into today:
 the principal value of the Convertible Bonds to be issued by Bumi to Bumi Resources in
consideration will be approximately US$2.007 billion (rather than approximately US$2.070
billion);
 the Exchange Price (i.e. the price at which the Convertible Bonds may be converted into Bumi
Shares) will be £11.80 (rather than £15.8841). The revised price of £11.80 represents a 22.0 per
cent. premium to the thirty day average price of a Bumi Voting Ordinary Share for the period to
16 September 2011;
 the maximum number of Bumi Shares into which the Convertible Bonds will convert at the initial
Exchange Price will be approximately 108 million (rather than approximately 79 million); and
 the longstop date for satisfaction of the conditions to closing of the BRM Proposal has been
changed to 31 December 2011 from 30 September 2011.
Bumi and Bumi Resources intend to structure the transaction so that existing Bumi shareholders with a specified minimum holding in Bumi will be given the opportunity to purchase a substantial portion of the Convertible Bonds, pro rata to their shareholdings in Bumi. Further details of such arrangements (including of the shareholders who will be permitted to participate) will be contained in the shareholder circular relating to the BRM Proposal which will be published by Bumi in due course.
The terms of the BRM Proposal are otherwise unchanged. The maturity of the Convertible Bonds is five years and six months from the issue date, and the interest is 2 per cent per annum.

DANAMON’S EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS (EGMS) APPROVED THE LIMITED PUBLIC OFFERING V OF PT BANK DANAMON INDONESIA TBK

The Extraordinary General Meeting of Shareholders’ (EGMS) of PT Bank Danamon Indonesia Tbk
(Danamon) today approved the company’s plan to conduct a limited public offering V through rights offering (“LPO V”) to its shareholders. As part of the LPO V, Danamon will issue 1,162,285,399 (one billion one hundred and sixty two million two hundred and eighty five thousand three hundred ninety nine) Series B shares with a nominal value of Rp 500 (five hundred Rupiah) per share at the offering price of Rp 4,300 (four thousand three hundred Rupiah) per share, with a total value of Rp 4,997,827,215,700 (four trillion nine hundred and ninety seven billion eight hundred and twenty seven million two hundred and fifteen thousand seven hundred Rupiah).
 

“The LPO V will further strengthen Danamon’s capital and balance sheet position, and support our business growth in the future,” said Henry Ho, President Director of Danamon. After the LPO V, Danamon’s proforma standalone Capital Adequacy Ratio (CAR) will increase from 12.05% to 16.98%, while its consolidated CAR will improve from 14.75% to 19.16% as of 31 March 2011. “Proceeds from the LPO V, after payment of fees and related expenses, will be allocated for the extension of credit to micro, small and medium-scale business sectors as well as automotive financing,” stated Vera Eve Lim, Chief Financial Officer and Director Danamon. The LPO V will be

PT Timah (Persero) Tbk Posted Up Income of Rp 689 Billion on the First Semester 2011

BUSINESS SITUATION

The highest refined tin price in LME on the

first semester 2011 was US$ 33,255/mt

and the lowest was US$ 24,600/mt with

the average price of US$ 29,337/mt, or

67% higher than that on the same period

in 2010 of US$ 17,529/mt.

• Global demand of refined tin expected to continue to rise over the next few years. Moreover, global refined tin consumption on 2011 is estimated 2% higher than last year the same period.
• Company seek to increase revenue by focusing on premium tin sales as well as downstream product development.

PRODUCTION AND SALES:

>Company seek to reduce dependence from onshore mining by increasing offshore production

capacity. Meantime, company is constructing new type of dredge called Bucket Wheel Dredge

(BWD) with better technology that able to mine deeper compare to our existing Bucket Line Dredge (BLD) in order to support company management strategic plan to go offshore go deeper.

>Tin ore production volume from offshore operation during first semester is 8,255 ton Sn, 9%

decreased from the same period in 2010 which is 9,085 ton. Sn. Meanwhile, tin ore production from onshore operation is 9,446 ton Sn or 11% higher than that of the same period in 2010 of 8,503 ton. Sn.

>Refined tin production by the end of June 2011 is 18,455 mton while refined tin production on first semester 2010 is 19,501 mton.

>Refined tin sales on the first half 2011 is 17,457 mton or 12 % lower than that of same period in

2010 which was 19,760 mton.

FINANCIAL

Refined tin price average received by the company during the first half 2011 is US$ 29,541 which

is 69% higher than that of the same period in 2010 of US$17,529.

 Company consolidation income on first semester 2011 is Rp 4,830 billion or 29% higher than the

Astra Agro Lestari (AALI) - As of July 2011, AALI’s CPO sales volume reached 688,888 tons

During the first seven months of 2011, AALI’s
CPO sales volume reached 688,888 tons, grew
by 20.1% from 573,608 tons in the same period
last year. Of the total CPO sales volume,
approximately 95.7% or 659,340 tons were
absorbed by local market, while the remaining
volume of 25,548 tons by export market. The
average CPO selling price of AALI in the first
seven months of 2011 was Rp 7,868,- /kg, an
increase of 19.9% compared to the same
period last year. Meanwhile, sales volume of
kernel in this period went up by 40%, from
57,991 tons in the seven months of 2010 to
81,159 tons with the average selling price was
Rp. 5,818,- /kg.

ADARO ENERGY BUYS 75% OF COAL MINING COMPANY PT MUSTIKA INDAH PERMAI FOR US$222.5 MILLION

Jakarta, August 23rd, 2011 – 

PT Adaro Energy Tbk (IDX: ADRO) is pleased to
announce that on August 19th, 2011, PT Alam Tri Abadi, a wholly owned subsidiary
of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake
of PT Mustika Indah Permai ("MIP") from Elite Rich Investment Limited for
US$222.5 million.
MIP is a coal mining company developing a greenfield coal project in South Sumatra.
MIP holds a mining permit, known in Indonesian as an IUP, which was granted in
April 2010 for a period of twenty years. The project covers an area of approximately
2,000 hectares.
Adaro Energy’s President Director, Mr. Garibaldi Thohir said, “our investment in
MIP is part of our drive to create sustainable value from Indonesian coal and achieve
our vision to become a leading Indonesian mining and energy group.”
MIP is one of a number of acquisitions opportunities that, together with organic
growth, will help Adaro Energy to achieve 80 million tonnes of production in the
medium term.
Adaro Energy’s advisors and engineers visited the area in November 2010 and
subsequently carried out a geological and drilling program. Following these and other

PP London Sumatra Indonesia gained net profit of 886 billion rupiahs

LSIP recorded a net profit of Rp 886.26 M during the first half of 2011  , grows 112.14% from Rp 417.78 M in the first half of 2010. Sales grew 52.12% from Rp 1,566.43 M in 2010 to Rp 2,382.89 M in 2011. Cost of sales grew more small percentage of sales growth, which only amounted to 36.89% from Rp 816.04 M in 2010 to $ 1,117.06 M in 2011. Operating expenses edged up 1.12% from Rp 179.71 M in 2010 to $ 181.72 M in 2011. Operating profit grew 92.14% from Rp 550.18 M in 2010 to $ 1,057.14 M in 2011. Total assets grew 15.82% from Rp 5,561.43 M per end December 2010 an advanced Rp 6,441.20 M as of end June 2011. (Source: Bisnis Indonesia)

Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR)-acquisition planning

In 2012 Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR) plan to acquire as many as 35 rural banks (BPR). Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR) will promptly process and perform due diligence acquisition all these RBs. In October this year there are three RBs that will soon be acquired.

Unilever Tbk sold Taro Brand to Tiga Pilar Sejahtera Food (AISA)

Unilever Tbk (UNVR) just solda  portfolio of business, namely Taro Snack, to Tiga Pilar Sejahtera Food (AISA). UNVR believe the main business portfolio of home and personal care categories and food and Beverages can cover the contribution lost due to the sale of Taro. UNVR also continue to open up acquisition opportunities for another company in order to change the position of Taro.

Tiga Pilar Sejahtera Food (AISA) - 2nd Quarter Financial Result

Tiga Pilar Sejahtera Food (AISA) gained  net profit growth of 82.26% from Rp 24.75 M in half of 2010 to Rp 45.11 M in the first half of 2011. This increase of net profit is supported by a rapid growing net sales by 146.47% from Rp 302.74 M half of 2010 to Rp 746.17 M in the first half of 2011. Operating expenses grew 107.57% from Rp 23:53 M in first half of 2010 to Rp 48.85 M in the first half of 2011. Income from operations grew 77.61% from Rp 71.27 M in the first half of 2010 to Rp 126.59 M in first half 2011. Total assets grew 7.63% from Rp 1,936.95 M 31 December 2010 to Rp2,084.70 per June 30, 2011.

Salim Group buy 4.78 million stock of Indomobil Sukses Internasional (IMAS)

Trinity Intipermata (TIP), a company owned by the Salim Group, was buy back 4.78 million stock of Indomobil Sukses Internasional (IMAS). The purchase was made at a price of Rp 12,000 per share so that total value reached USD 57.3 M. Purchases made ​​on July 29, 2011. The purpose of this buyback is for long term investment. TIP is a shareholder of IMAS who own stock of IMAS above 5%. Majority shareholder of Indomobil Sukses Internasional (IMAS) is Cipta Sarana Duta Perkasa with ownership of 52.35%.

United Tractors - Coal Mine Acquisition Planning

United Tractor Tbk (UNTR)  through its subsidiary, Pamapersada Nusantara, targeting 500 million tonnes of  coal reserves within the next 3 years by acquisition some coal mines. Currently the company's coal reserves is about 250 million tons.
UNTR will use funds from the rights issue around Rp 6:07 T to acquire some coal mines.

Gudang Garam Tbk. First half 2011 Financial report

GGRM recorded a net profit Rp 2:29 T in the first half of 2011 which increase 28.85 % from the same period last year Rp 1.78 T or grow. Operating revenues increased from Rp 18 T to Rp 19.85. Operating income rose by 25.36% from the same period last year Rp 2:52 M to 3:16 M  Total assets edged down 0.01% compared to last year from Rp 30,742 to Rp 30 738 T T.

Telekomunikasi Indonesia Tbk - First Half 2011 financial statement

PT. Telekomunikasi Indonesia  reported net income first half 2011 was decreased 1:53% of Rp 6:03 T in the first half of 2010 to USD 5.94 T. The decline also occurred in the operating income of 3.65% of Rp to Rp 10.92 11:34 T T. Operating revenues  increased by 2:22% YoY to Rp 34.46 T. While operating expenses rose 5:20% compared to the first half of 10 to Rp 23:53 T. While total assets increased very thin at only 0.08% from Rp 99.76 T at the end of the year 2010 to Rp 99.83 T in mid-2011

Winternar Tbk -WINS group awarded contract of USD 18 million from PT Kaltim Prima Coal.

PT Wintermar, a subsidiary of WINS has received a Letter of Intent from PT Kaltim Prima Coal (KPC) to provide three units highly maneuverable Azimuth Stern Drive (ASD) tug for a period of five years to assist the berthing and unberthing of large bulk carriers up to 220,000 dwt.

KPC is a world-class open-pit coal mine located in Sangata, East Kalimantan, Indonesia. KPC commenced its operation in 1992 and produces quality steaming coal for export to the Asia Pacific region and beyond. KPC has exported thermal coal to Asia and Europe’s leading power generation utility companies and a range of the world’s steel makers.

PT Wintermar will deploy its 3 brand new built vessel for this contract. PT Wintermar operates ASD tugs serving various oil terminals in Indonesia since year 2000. The 5 year contract with an estimated value of USD 18 million will commence on the last quarter this year.

Bank Danamon Tbk - Second Quarter 2011 Financial Results

Danamon reported a net profit after tax of Rp 1,473 billion for the first semester of 2011 against a net profit after tax of Rp 1,433 billion in the same period last year. The mere increase was mainly due to higher earning assets volume was largely offset by narrower interest margin. Meanwhile, operating expense increased 15% as the bank continued to build up its presence in various market segments. Cost of credit also increased but at much lower rate than the loan growth rate. Conservative risk management and prudent credit underwriting discipline kept our cost of credit and assets quality at satisfactory level. Hence, Basic Earnings per Share (EPS) was at Rp 175 as compared to Rp 170 a year ago.
 

Income Statement
Capitalizing on robust business expansion and rising household
income, Danamon continued to grow its customer base across

Bakrie Sumatra Plantations (UNSP) - Debts Restructuring

Bakrie Sumatra Plantations (UNSP) finally completed the restructuring of debts owned by one of its subsidiaries, Domas Agrointi. With the restructuring, the lender gives relief to Domas to pay interest only for one year, without having to pay the principal debt repayments. The plan, after Domas can produce well and making a profit, Domas will begin to repay principal owed​​. So that was Domas debt default status is now turned into a regular debt.
This year UNSP will focus on developing oleochemicals business that had been occupied Domas. UNSP expects  oleochemicals business will give contribution about 80 % to consolidated sales in 2012

Joint venture between Krakatau Steel (KRAS) and POSCO Korea

Krakatau Steel's subsidiary and companies from South Korea's Pohang Steel and Iron Company (POSCO) will form a new joint venture in mid 2012. Later, in the joint venture, KRAS will control 30% of shares companies that will be enlarged to 45%, and the rest belongs to POSCO. The new company plans to run a cement plant with a capacity of two million tonnes per year and chemical plants. In addition the joint venture subsidiary will also build a power plant that also utilize the results of steel production wastes.

BW Plantation (BWPT) - Q2 2011 Results

BW Plantation (BWPT) net profit in first half of this year predicted by the management company rises above 80% driven by increased production volumes and rising sales prices.
At this year's production of FFB, CPO, and the kernel rises above 40%. The selling price rose 10-15% compared to the position last year. The Company is currently completed the acquisition of new land area of ​​50.000 to 100.000 ha, mostly located in East Kalimantan.

Jakarta, July 19, 2011- PT. Medco Energi Internasonal Tbk is pleased to announce its success on the offering of the first phase of Self-Registered Medco Energi Internasional USD Bond I ("Self-Registered USD Bond I) amounting USD 50 Million, as part of the Self-Registered USD Bond I's maximum principal amount of USD 150 Million. The Self-Registered USD Bond I is ranked id AA-(double A minus, negative outlook) from PT. Pemeringkat Efek Indonesia (PEFINDO), as stated in certificate No.564/PEF-Dir/IV/2011 April 28, 2011.

Since Self-Registered USD Bond I Phase I bidding process began on June 14, 2011, Medco Energy has successfulyy obtained USD 50 Million on July 14, 2011, with coupon rate of 6.05% per annum, which will be paid quarterly starting on October 7, 2011. Approximately 60% of the funds obtained from the Bond proceeds after cost of issuance will be used as full or partial repayment of the Company's debts with priority toward maturing debts and/or the company's debt with higher interest rates and approximately 40% of which will be used for the Group's capital expenditure.

Managing Underwriter appointed by the Company are PT Bahana Securities and the Trustee of PT Bank Mega Tbk

Wintermar Offshore marine Group - (WINS Groups) Has Ordered Supply Vessel for Deepwater Drilling Support

WINS’s subsidiary, WM Offshore, has ordered the Group's third Platform Supply Vessel. This 76 m Platform
Recovery Safety Standby vessel of about 3,500 expected to be delivered in June 2012 and will be deployed to support deepwater drilling and operations of the oil and gas industry in Indonesia. In addition, PT Wintermar, a subsidiary of WINS has been awarded a 2 year contract from Total E & P company organized and existing under the laws of the French Republic, to provide a supply vessel commencing Total Indonesie is presently Indonesia's biggest producer of gas with her main field concentrated in Bekapai, Handil, and Peciko, East Kalimantan. The vessels main scope of work involves:
• anchor handling and towing
• safety standby services
• cargo transport services
• passenger transport
• oil spill clearance
• firefighting services
The contract is valued at about USD 6.5 commence next year in February 2012. WINS group has won 23 new tenders from January to May 2011, with total contract on hand valued as at end of May 2011.

PT WINTERMAR OFFSHORE MARINE Tbk-WINS signs Loan Agreement with DEG, member of KfW Bankengruppe, for USD 18 million to fund fleet expansion

21 June 2011

WINS has signed a 9 year loan with the German development finance
institution DEG - Deutsche Investitions- und Entwicklungsgesellschaft
mbH, for a total of USD 18 million to finance the company's fleet
expansion plan for 2011. The loan will be used to finance 3 offshore
support vessels in the higher value segment.
DEG, member of KfW Bankengruppe, is one of the largest European
development finance institutions. DEG invests in profitable projects
that contribute to sustainable development in all sectors of the
economy, from agribusiness to infrastructure and manufacturing to
services.
Since the company's IPO in November last year, WINS has taken
delivery 1 unit of Fast Utility Vessel, 2 units of Anchor Handling Tug
Supply, 1 Utility Vessel and expects to take delivery of another Fast
Utility Vessel and one Utility Vessel in June, while another 6 vessels,
including a Heavy Load Barge, another Fast Utility Vessel, and an

Bisi International: Company Visit -Volatile Margins

Company at a glance. Established in 1983 by the Charoen Pokhpand Group, Bisi International (BISI) is Indonesia’s largest producer of hybrid seeds for corn, rice, vegetables and fruit segmented to the domestic market. BISI also has a major role of producing pesticides and distributor of fertilizer. BISI has a strategic partnership with Monsanto, a globally exposed seed producer based in United States. Its 2010 revenue segments are corn seeds (34%), vegetable seeds (23%), pesticides (35%), rice (6%) and fertilizer (1%). 

·        Vertically-integrated seed production business model. BISI’s hybrid production is done by using contract-farmers’ land for producing its hybrid seeds. These hybrid seeds are then sold to agents spread throughout Indonesia. Domestic farmers mostly prefer to use hybrid seeds compared to conventional seeds as the hybrids are able to generate higher profits. In terms of cost, raw materials contribution to production cost in 2010 was 48%, a significant drop compared to 76% in 2009 as BISI has excess of inventory from the previous year to be sold. The hybrid seed industry remains attractive as low hybrid seeds usage in Indonesia is a precursor of better days to come. Indonesia uses only 59% of the corn land to plant hybrid seeds, on the flipside, neighboring countries such as Thailand uses 95% according to FAO stats. Strengthening the aforementioned fact, the Ministry of Agriculture sets a positive outlook for the corn seed hybrid usage market going forward, hence reducing the proportion of the conventional seeds (exhibit 2).

·         1Q11 gross profit hurts by weather disruptions. 1Q11 net profit reached IDR42bn (+65% q-o-q) mainly due to lower opex. However, sales declined 3% q-o-q on the back of lower sales volume as weather disruptions remain to hamper farmers to plant hybrid seeds. As the production weakens, BISI’s strategy was to cut down operation costs such as reducing selling agents. This can be reflected by the company’s 50% decline in opex to IDR37bn, enabling BISI to boost operating profit to IDR51bn (+172% y-o-y). According to the management, corn seeds production is expected to pick up in 2H11 assuming weather conditions would be better.

·        Volatile margins and expensive valuation. 2011 annualized net profit would be IDR169bn, translating to 28x 2011 PE, 22% premium to Its peers. BISI’s share price has increased 710% and 622% relative to JCI since its IPO, giving high multiples at this current stage. On a positive note, the

Borneo Lumbung Energy : Not a bullish takeaway, but still within target

Having met management at our 2011 Asian Stars Conference in Singapore,
these are some of our takeaways.

Volume ramp-up slower than expected
Borneo Lumbung Energy - BORN is still guiding for 3.6mt coal production/sales for 2011, though output in
May was only 285,000t (vs. 0.532mt in 1Q). BORN claimed this was mainly due to
sub-optimal mine site productivity (e.g., equipment utilization not at full capacity),
and not barging issue. Our FY sales estimate of 3.24mt still looks achievable.

Coking coal prices seen trending down
BORN expects prices to trend down in 2H (consistent with our view) as more
Queensland coal hits the market. We understand it has not made any sales to
China in 1Q. It believes it can return to China if its price acceptance level
improves (still no more than US$240/t). It guided for full-year ASP at US$220-
240/t, which looks very conservative given 2Q saw ASPs settled at US$250-300/t.
We maintain our full-year estimate of US$260/t.

9-12% discount because of slightly higher VM and lower CSR
While BORN products can be considered premium HCC, its Coke Strength after
Reaction (CSR; ie, strength of coke while hot) is relatively low end at 60%
(industry average 65%). Its Volatile Matter (the amount of material liberated at

Indofood Sukses Makmur An opportunity to lighten

􀂃 Over the past few weeks, INDF’s share price has remained firm, in spite of a

soft 1Q11A result (9.5% below our quarterly forecast), and the share prices of

its two key investments ICBP (Rp5,200, Neutral, Rp5,700 PT) and IFAR

(S$2.05, Not Rated) continuing to decline (collectively 75% of INDF’s NAV).

􀂃 We highlight that this divergence has increased the implied value of Bogasari

to Rp14.5tr, and quite likely reflects anticipatory buying in the lead-up to the

SIMP IPO. However, we believe the view that the IPO will act as a positive

catalyst for INDF’s share price to be misplaced, and we expect the reverse to

occur, and the stock to sell off after the IPO. We recommend investors utilise

the current strength as a short term trading opportunity to lighten.

Impact

􀂃 We do not believe SIMP’s IPO will act as positive catalyst for INDF: While

INDF’s share price has been strong in recent weeks, IFAR’s share price (the

vehicle actually conducting the IPO) has continued to weaken, indicating that

investors are concerned about the dilutionary consequences of the offer,

and/or the transaction converting IFAR into a holding company. Certainly

there are no indications from IFAR’s share price that the IPO is about to

imminently crystallise value or trigger a positive re-rating. In addition, we

would also flag that after a strong run in the lead-up to ICBP’s IPO, INDF’s

share price collapsed by c10–15% in the days following the IPO. Successfully

trading around the ICBP IPO required selling out before the IPO, not after.

􀂃 Valuation difficult to justify: INDF's share price relative to ICBP and IFAR’s

is now implying a Rp14.5tr valuation for Bogasari – representing a 13.5x

FY11E PER based on normalised (10-year average) margins of 9.5% (which

is high by global flour-milling standard). We note that 1Q11A margins were

below mid-cycle levels, at 8.0%, and could fall further in coming quarters with

PT Sampoerna Agro 1Q11 results update

Solid 1Q11 results – SGRO reported earnings grew triple in 1Q11, the highest in our plantation coverage. Growth was mainly driven by spiking CPO price and production growth in 1Q11. Average CPO price increased by 42% YoY to RM3,649/ton, and SGRO managed to double its CPO production. 1Q11 results were above our expectation, however we will not change our estimation as SGRO’s production pattern has not been able to be predicted yet.

Earning increased by 337% - SGRO’s earning grew by 337% YoY to IDR 189bn, followed by sales and EBIT that surged by 151% and 286% to IDR 759bn and IDR 248bn, respectively. Palm product contributed 95.3% of total revenue. Average CPO selling price was up by 27.7% YoY to IDR8,357/kg while palm kernel increased by 112% YoY to IDR6,675/kg. Volume sales for both product also surged by approximately 86% each. Overall results were above our estimation, EBIT and earning results were 30-35% of our full year 2011 projection.

Production strong, pattern volatile – For 1Q production result, 1Q11 was the highest since 2006. FFB production reached 383,673tons, increased 101% YoY and led to CPO production of 27,710tons, increased by 104% YoY. This is significant as robust production occurred when CPO price picked. Further, production growth in 1Q11 was also driven by Kalimantan side, increased 7% QoQ and 65.3% YoY. In our view, Kalimantan production

PT INTERNATIONAL NICKEL INDONESIA TBK REPORTS FIRST QUARTER 2011 EARNINGS OF US$111.9 MILLION

JAKARTA, May 6, 2011 --- PT International Nickel Indonesia Tbk (“PTI” or the
“Company”, IDX: INCO) announces results for the first quarter 2011 (“1Q11”), unaudited.
PTI recorded net earnings of US$111.9 million in 1Q11 (US$0.011 per share), a slight
increase compared to US$108.9 million (US$0.011 per share) achieved in the fourth quarter
of 2010 (“4Q10), and 47% above the US$76.2 million (US$0.008 per share) in first quarter of
2010 (“1Q10”). Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
totalled US$172.7 million in 1Q11, compared to US$170.1 million in 4Q10 and US$121.7
million in 1Q10. The increase in net earnings and EBITDA in 1Q11 compared to 4Q10 was
mainly driven by higher average realized prices, partially offset by lower deliveries mainly
due to lower production.
The Company recorded an average realized price for nickel in matte of US$20,246 per metric
ton during 1Q11, compared to US$18,011 per metric ton in 4Q10. Sales revenue was
US$322.4 million for the three months period ended March 31, 2011, a slight decrease
compared to US$329.2 million in 4Q10. This was mainly due to lower deliveries of nickel in
matte. In 1Q11 deliveries totalled 15,924 metric tons compared to 18,280 metric tons in
4Q10.
Production of nickel in matte in 1Q11 was 16,501 metric tons, a decrease of 8% compared to
17,996 metric tons in 4Q10. Production was mainly impacted by natural events, like the
earthquake that took place in Sorowako on February 15th, and lightning storms. Electrical
lines and some facilities were impacted causing a temporary shutdown of production. All
procedures were taken to guarantee a proper and safe operation before the restart. The
production impact is expected to be compensated throughout 2011.
PT International Nickel Indonesia Tbk’s total cost of goods sold in 1Q11 decreased to US$155.3 million fromUS$166.8 million in 4Q10, primarily due to lower production and deliveries of nickel in
matte. The cost of goods sold per metric ton in 1Q11 increased by 7% compared to 4Q10,mainly due to an increase in diesel costs, employee costs and services and contracts for
additional activities at the Process Plant and Hydroelectric facility related to the earthquake,
which were partially offset by the decrease in HSFO (High Sulphur Fuel Oil) costs.
The Karebbe hydroelectric power generating plant project is progressing very well, as
planned, and is expected to be concluded on time and on budget. Overall, the project was
approximately 87% complete at the end of 1Q11 and is expected to come on line in the
second half of 2011. The project will produce enough hydroelectric energy to displace

AKRA Coal Mining ready for Production

JAKARTA, May 3, 2011 - PT AKR Corporindo, Tbk. (Bloomberg: AKRA IJ), Indonesia’s leading bulk logistics and infrastructure company and largest private sector distributor of petroleum and basic chemicals, announced that the Company’s coal concessions in Barito Utara, Central Kalimantan are ready for production with the receipt of required approvals from the Governmental authorities and appointment of contractors.

AKRA’s subsidiary PT Bumi Karunia Pertiwi, holder of the mining concession has formally secured Ijin Pinjam Pakai (Borrow and Use License) from Ministry of Forestry, Republic of Indonesia dated April 29, 2011, Operation and Production IUP – (Operation and Production Mining License) and other permits to operate Coal Port terminal.
The Company also announced that it has appointed PT Karunia Bumi Khatulistiwa, an experienced coal mining contractor, to conduct the mining activities who have commenced

FINANCIAL STATEMENT OF INDONESIA COMPANY

if you need financial statement of Indonesia company that liste in Indonesia Stock Exchange, please contact me at truly.fendi@gmail.com

Indonesian Banks BBRI.JK, BBRI IJ Overweight Rp6,450 Price Target: Rp7,300 1QFY11 Results Wrap: Patchy Profits, Micro Plays Stand Out

Ex Bank Rakyat Indonesia (BBRI) & Bank Mandiri (BMRI), sector profits grew 12.6% y/y in 1Q: 3 Banks under our coverage, BBRI, BMRI &Bank Danamon ( BDMN), declared 1Q results today, bringing 1Q results season to a close. Overall 1Q net profits were colored by BMRI (1Q recoveries) & BBRI (4QFY10/1QFY11 accounting change). Excluding these two banks, aggregate sector profits grew by 12.6% y/y. We see these as generally below par with sector (ex BBRI/BMRI) 1Q profits at just 22.5% of FY11E consensus.

BRI grew loans at19% y/y in 1QFY11. Net profits at Rp 3.26 trn were up 51% y/y.
These results were almost exactly in line with our forecasts, which envisaged Rp
3.26 in profits – although in reality tax rates were a bit lower than we anticipated.

Bank Central Asia (BCA) first quarter 2011 results: Transactions and Consumers Driving the Business

Jakarta, April 28, 2011 – PT Bank Central Asia Tbk (JSX: BBCA) announced first
quarter 2011 results with business performance underpinned by strong growth in lending
and an increase in transactional account third party funds. The Bank’s balance sheet
grew considerably as total assets increased by 14.9% reaching Rp 326.5 trillion at the
end of the first quarter 2011 up from Rp 284.2 trillion in the end of the first quarter 2010.
BCA President Director, Mr. D.E. Setijoso stated that,” I am pleased to report that we
were able to deliver solid business performance in the first quarter 2011, in line with
Indonesia’s economic growth. A disciplined implementation of a quality growth strategy
produced positive results as transactions and the consumers segment drive the BCA
business. BCA is well poised to prosper in the current domestic economic environment
characterized by low interest rates and increasing consumer demand.”
The overall loan portfolio grew 24.4% to Rp 150.3 trillion in March 2011 while the Loan
to Deposit Ratio (LDR) improved to 54.4% in March 2011 from 49.6% in March 2010.
Consumer lending posted a growth by 36.2% yoy to Rp 38.7 trillion supported by strong
growth in mortgage loans and vehicle loans which benefited from the growth of the
middle-income segment and from the low interest rate environment. Mortgage loans
outstanding rose by 41.8% yoy to Rp 19.5 trillion while vehicle loans increased by 34.6%
yoy to Rp 14.3 trillion. In addition, credit card outstandings increased by 21.3% yoy to
Rp 4.9 trillion in March 2011.
Commercial & SME lending recorded growth of 27.9% to Rp 59.5 trillion yoy while
corporate lending grew by 14.1% yoy to Rp 52.1 trillion in March 2011. By emphasizing

P.T. Mitra Adiperkasa Tbk (MAP) ANNOUNCES 56% JUMP IN OPERATING PROFIT FOR FIRST QUARTER 2011

Jakarta, 27th April 2011 - Indonesia's leading lifestyle retailer, P.T. Mitra Adiperkasa
Tbk (MAP) today announced its financial result for first quarter ended 31st March 2011.
Operating profit jumped 56% to a record Rp 82 billion - up from the Rp 53 billion
achieved in the first quarter of 2010. Net profit grew 45% from Rp 30 billion in the
corresponding period in 2010 to Rp 44 billion. Net revenue after cost of consignment
sales increased 21% from Rp 1,048 billion to Rp 1,269 billion.
Commenting on the first quarter 2011 results, Fetty Kwartati, Corporate Secretary of
MAP said, "We had a good first quarter. Our results truly demonstrate the power of our
brands and our three-fold strategy of focusing on our existing brands, maximizing their
potential and targeting at the middle upper income group. Given the huge customer base
and growing affluence, this customer segment offers unlimited potential for our portfolio
of over 90 world class brands."
As at end March 2011, MAP has a total of 887 stores in 25 cities throughout Indonesia
with total retail footage of 425,721 sqm. New international concepts launched by the
Group in the first quarter of 2011 include Stradivarius, Bershka and Payless. Stradivarius
and Bershka are both located at Plaza Indonesia and Central Park while Payless can be

AKR Corporindo (AKRA) Reports Q1’2011 Net Profit after Tax of Rp 1,812 billion; Sales Revenue Q1’2011 grows 79% YOY to Rp 4.35 Trillion

25th April 2011

JAKARTA, April 25, 2011 - PT AKR Corporindo, Tbk. (Bloomberg: AKRA IJ), Indonesia’s
leading bulk logistics and infrastructure company and largest private sector distributor of
petroleum and basic chemicals reported net profit of Rp 1,812 billion in the quarter ended
March 31, 2011 up 2,480% from Rp 70 billion in the same period last year.
Net Profit without Extra ordinary gains (Core Profit) rose 82% to Rp 128 billion during
Q 1’2011 compared to Rp 70 billion during Q1 ‘2010. The Company booked extra ordinary
gains of Rp 1,685 billion on sale of Investment in manufacturing subsidiary, PT Sorini Agro
Asia Corporindo, Tbk. The divestment raised over Rp 2,200 billion for the Company and the
sales of Sorini shares was completed on January 28, 2011.
Sales Revenue during the quarter ended March 31, 2011 rose 79% to Rp 4,353 Billion
compared to Rp 2,433 billion during the same period last year, driven by significant increase in
petroleum sales.

Petroleum revenues increased 149% YOY
Sales revenues growth was driven by increased sales of Petroleum products in Indonesia
which resulted in the sales revenue increasing 149% to Rp 3,461 billion during the Q 1’2011
compared to Rp 1,391 billion during the same period last year. This revenue growth was driven
by increase in supply of High speed diesel and other refined products to mining industry in
Eastern part of Indonesia along with increase in demand from other industrial sectors
Basic chemicals sales also reported 31% growth to Rp 584 billion during Q 1’2011 with
increasing demand for basic raw materials which is the raw material for production of various
industrial and consumer goods.
Demand for logistics services including stevedoring, port handling in Indonesia and China
registered 83% increase in sales revenue during Q 1’ 2011 compared to Q 1’2010.

OUTLOOK:
• Petroleum:
− With strong growth reported in Q1’2011 which is more than 28% of the full year
target, we expect sustained growth in volume of refined petroleum products during

Metropolitan Land: Offering new shares at Rp240‐300/shares

Metropolitan Land will be offering its shares at Rp240‐300 a piece on its upcoming IPO. The price range implies an estimated proceeds of Rp545‐681b, most of which will be used to finance the company’s development. The company will be listed at the IDX on 13 May 2011.

ADARO dividend 2011

In the AGM held yesterday 20 April 2011, Adaro Energy Tbk shareholders agreed to distribute Rp970.8b total dividend (43.98% DPR) for the FY10 fiscal year. As the company has paid Rp315.1b interim dividend per 10 December 2010, Adaro will pay the remaining of Rp655.7b (Rp20.5 final DPS). Payment date and other details will be announced next week.

source: Kim Eng

PT Wintermar Offshore Marine Tbk purchases a Multi Role Construction Support Vessel for USD14,025,000

PT Wintermar Offshore Marine Tbk (WINS) has entered into a Memorandum of Agreement to acquire the Neptune Trident from Neptune Marine Pacific Pte Ltd a wholly owned subsidiary of the ASX listed Neptune Marine Services Limited (" Neptune"), through our subsidiary PT Wintermar. The Neptune Trident, a 5506 BHP Multi Role construction support vessel, is equipped with Dynamic Position System(DP2) and certified FiFi-1 (Firefighting) and complements our fleet of higher value added offshore support vessels.
WINS' management is also in discussions with the management of Neptune to collaborate on future projects together, leveraging on WINS' marine expertise in offshore support vessel operations and Neptune's experience in engineering and other specialised services for the offshore

PT Media Nusantara Citra :CLARIFICATION ON THE MEDIA COVERAGE On the Law Suit Filed by Siti Hardiyanti Rukmana Against PT Berkah

In relation to the media coverage on the verdict by the Central Jakarta District
Court dated 14th April 2011 No: 10/PDT.G/2010/PN.JKT.PST on a law suit filed by
Siti Hardiyanti Rukmana against PT Cipta TPI on print media and electronic media,
we hereby wish to rectify on various misconceptions as follows:
1. The verdict by the Central Jakarta District Court dated 14th April 2011 DID
NOT PENALIZE PT Media Nusantara Citra Tk ("PT MNC Tbk") as the current
shareholder of 75% stake in PT Cipta TPI nor did the verdict by the Central
Jakarta District Court ever penalized PT MNC Tbk by surrendering the 75%
stake in MNCTV to Siti Hardiyanti Rukmana. In fact, PT MNC Tbk was not a
party in the lawsuit/not a party in the legal case. The public has been
furnished with DECEITFUL REPORTS by the media that PT MNC Tbk must
transfer their 75% ownership in PT Cipta TPI to Siti Hardiyanti Rukmana.
The verdict by the Central Jakarta District Court dated 14th April 2011 did
not affect nor incur any legal ramifications whatsoever on the status of PT
MNC Tbk's share ownership in PT Cipta TPI at this present time or in the

Adaro (ADRO IJ) invest US$100m in IndoMet Coal, a BHP Billiton project

18 april 2011

By end of 1Q10, Adaro has owned 25% stake of IndoMet coal project, while the other 75% stake is owned by BHP Billiton. This year, Adaro will start investing US$100m in the project.

source : CLSA

Berlian Laju Tanker (BLTA IJ) repays their overseas loan

18 April 2011

BLTA is repaying their overseas loan of US$593m using the loan received on Feb 2011 of US$685m. By repaying the loan, BLTA will save US$76.5m this year in interest expense. 

source: CLSA

Bakrie & Brothers (BNBR IJ) looks for loan in South Korea

18 April 2011

Next week, BNBR will be negotiating loan with South Korean banks for their US$2bn Tanjung Jati coal fired power plant. BNBR is partnering with Samsung for the 2x600MW power plant project. This project has been on hold since BNBR won the bid in 1996.

source : CLSA

Consumer Sector : Three trends going in the right direction

Three trends support OVERWEIGHT sector call. A strong rupiah, subsiding
inflation and strong bank deposit growth point to rising consumption and support the
case for rapid growth of the middle class. The upcoming festive season anchored by
the Muslim New Year in Aug with a full-week holiday in late Aug could turn out to be
a blockbuster for consumer spending. Key beneficiaries are Ramayana, Mitra
Adiperkasa and Gudang Garam (GG). We maintain our OVERWEIGHT on the
consumer sector.

Target price for Consumer sector stocks

• Currency and consumer confidence. Normally a barometer of confidence for
investors, the rupiah is also a gauge of consumer confidence. The Indonesian
currency has been firming for over two years and recently reached its strongest
level against the US$ since 2003. Its volatility has also dropped sharply, with the
monthly deviation being a mere ±2% over the past 15 months compared with ±10%
in the preceding 24 months. Historically, rupiah strength and stability have boosted
consumer confidence, albeit with a lag. Consumer confidence is closely correlated
to the retail sales index. The bottomline is that rupiah stability and strength bode
well for broad-based consumption growth. We think that GG, Ramayana and Ace
Hardware stand to benefit.

• Inflation and margins. Over the past six years, Indonesia has gone through two
rounds of cost-push inflation in 2005 and 2008 and is currently in its third one.

PT Bukit Asam Alert : Revising earnings on higher coal & oil price assumptions

PT Bukit Asam {Ticker: PTBA.JK, Closing Price: 22,100 ISl, Target Price: 32,100 ISl, Recommendation: Buy}

Revising 2011 and 2012 earnings forecasts on higher coal & oil price
We have increased our earnings forecasts for 2011 and 2012 by 8% and 6%, respectively. This factors in adjustments to FY10 results, as well as higher DB coal price (up 13% and 4% to USD130/t and USD140/t for JFY11 and JFY12) and higher oil price (up c. 16% to USD117/bbl for both years) assumptions.  We have also adjusted our currency to Rp8990 from Rp9200 previously.  So far, PTBA has priced around 53% of its 2011 volumes, implying a spot exposure of 47%.

Maintain Buy rating, with TP of Rp32,100 (from Rp33,300)
Our revised target price reflects the above-mentioned earnings estimate revisions, slightly offset by currency adjustments. We establish our target price by conducting a sum-of-the-parts DCF analysis; we then apply a 50% premium (unchanged), in line with our approach for the sector as a whole, to reflect the coal upcycle. Our DCF analysis assumes a WACC of 11% and a US$80/t long-term coal price benchmark. For valuation

Research Today: Astra Agro Lestari (AALI IJ), payback time

Plantation analyst Di Shui downgrades Astra Agro Lestari (AALI IJ) slightly to Outperform (from a BUY). Despite a very strong 1Q11 production number (record), our analyst lowers her recommendation on the back of valuation.

 

The TP is now Rp26,350, suggesting 16% upside. TP is derived from a sector P/E of 14.4x AALI is poised for 43% earning growth in FY11. A limited growth profile and modest capex needs in FY11 could mean higher future div payouts.

 

With parent Astra Int’l (ASII IJ) needs the cash to subscribe to UNTR’s US$700mn rights issue (ASII owns 59.5% of UNTR), the chance is good that ASII will upstream the cash from its subsidiaries. Assuming AALI to pay 100% div payout out of FY10 earnings, we are looking at 5.6% div yield.  On top of that, AALI’s balance sheet is debt free with cash holdings of over US$140mn. Special dividend is not impossible.

Key points from the report:

 

·         Off to a strong start in 2011: 1Q CPO production +26% YoY, ASP likely rose >20% from FY10.

·         We forecast 43% EPS growth in FY11 on the back of higher production (+7% YoY) and ASP (+16% YoY).

·         We like the dividend angle. Historically paid out 65% of earnings.

·         However, limited capex needs, US$140m net cash B/S, and a rights issue for sister