Twelve Brokers Not Involved in Short Selling
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Wednesday, 24 December 2008 15:26:56
StockWatch (Jakarta) - The Capital Market and Financial Institution Supervisory Board (Bapepam LK)'s investigation team said there is no evidence that the 12 brokerage firms examined since October 13 are involved in short selling transactions.

The 12 brokers are PT JP Morgan Securities Indonesia, PT Merrill Lynch Indonesia, PT CLSA Indonesia, PT Credit Suisse Securities Indonesia, PT CIMB-GK Securities Indonesia, PT BNP Paribas Securities Indonesia, PT Kim Eng Securities, PT UOB Kay Hian Securities Indonesia, PT DBS Vickers Securities Indonesia, PT Deutsche Securities, PT UBS Securities Indonesia and PT Ciptadana Securities.

They have been examined for trading shares of PT Indosat Tbk (ISAT), PT United Tractors Tbk (UNTR), PT Telekomunikasi Indonesia Tbk (TLKM), PT International Nickel Indonesia Tbk (INCO), PT Bakrie Sumatera Plantations Tbk (UNSP), PT Adaro Energy Tbk (ADRO), PT Bumi Resources Tbk (BUMI), PT Indotambang Raya Megah Tbk (ITMG), PT Bank Rakyat Indonesia Tbk (BBRI), PT Tambang Batubara Bukit Asam Tbk (PTBA), PT Central Proteinaprima Tbk (CPRO), PT Perusahaan Gas Negara Tbk (PGAS), PT Astra Agro Lestari Tbk (AALI), PT Bakrie Telecom Tbk (BTEL), PT Energi Mega Persada Tbk (ENRG), PT Bakrieland Development Tbk (ELTY), PT Bakrie & Brothers Tbk (BNBR) and PT Astra International Tbk (ASII).

Bapepam's head of bureau for laws and legal assistances, Robinson Simbolon, said in a press release that Bapepam has found evidence about the entire transactions, but there is no proof of short selling though the market authority found administrative faults.

Simbolon said they have made administrative mistakes as they have proved to violate Rules V.D.3, V.D.6 and V.D.10, as they did not verify the customers' orders, opened accounts for margin trading without opening regular accounts, and did not implement the principle of "know your clients."

Due to such mistakes, Bapepam has imposed administrative sanctions in form of fines whose amounts vary with the number of rules they have violated. UOB Kay Hian Securities Indonesia which has violated two regulations, V.D3 and V.D.10, is fined IDR100 million and other 11 brokers are fined IDR50 million each. (dwi/bd)

Wednesday, 24 December 2008 14:25:32
StockWatch (Jakarta) - PT Apexindo Pratama Duta Tbk (APEX) will focus on offshore oil and gas drilling in 2009 as the company's clients have fairly high reserves offshore which are ready to explore next year, the company's president Hertriono Kartowisastro said.

He told e-Bursa.com after the company's public expose on Tuesday's (23/12) in Jakarta, offshore oil and gas drilling have larger revenue contribution than onshore. For one offshore drilling work, Apexindo is paid US$165,000 per day. "Today Apexindo has six offshore and six onshore rigs," he said. The company also has planned to operate floating production, storage and offloading (FPSO) Seagood 101 which was bought this year, he said.

He said further that the company is determined to become a big player of FPSO in the regional market. "We are optimistic the FPSO will make fairly large contributions of the company's revenues in the following years along with the increasing oil production," he said. Besides, the company will focus also on long-term contracts with clients which have large reserves. Even the company will keep trying to stay ahead among competitors, he affirmed.

He denied to mention revenue and profit targets in 2009. "The company still has a stable performance and we will continue to maintain the performance. Apexindo has no plan to expand business but review the existing contracts," he said.

Meanwhile, the company's finance director Suarmin Tioniwar said the management has allocated US$20-million capital expenditure (capex) in 2009. "We will use the capex fo equipment maintenance, mainly upgrading rig 2 at Merangin Block, South Sumatera," he said. He said the company will repair several parts of rig 2 on investment of approximately US$2 million. (konrad/bw)

Monday, 22 December 2008 11:58:38
StockWatch (Jakarta) - PT Astra Agro Lestari Tbk (AALI)'s crude palm oil (CPO) sales volume climbed 26.5% at 879,758 tons during the period of January-November 2008 versus 695,517 tons in the same period of 2007.

Of the total sales volume, 87.4% or 769,144 tons were sold in the domestic market and 12.6% or 110,614 tons were exported, Astra Agro Lestari's investor relations Tjahyo DA said.

Tjahyo said in the company's investor bulletin issued here at the weekend that the average price of Astra Agro Lestari's CPO was up
28.4% during that period at IDR7,401 per kg versus IDR5,763 per kg in the same period of 2007.

He said further that the average price of the company's palm kernel oil (PKO) also climbed 41.8% at IDR9,316 per kg from IDR6,570 per kg whereas kernel sales volume rose 27.9% at 149,064 tons from 116,518 tons. (yan/bd)

Wednesday, 17 December 2008 12:44:45
StockWatch (Jakarta) - Shares of state gas distributor PT Perusahaan Gas Negara Tbk (PGAS) are predicted to reach target price IDR2,400 per share at the end of 2008 by Optima Securities' market analyst Ikhsan Binarto.

PGAS closed down IDR25 at IDR2,175 per share in the first trading on Wednesday (17/12) so the target price of IDR2,400 implies a potential increase of 9.37%.

Binarto said the company has soild performance and bright financial prospect, as the management's step to strengthen gas distribution business is likely to boost the company's revenue in the time to come. "The company's performance is likely to grow though the demand may slow because of the global crisis," he said.

He said the company is focusing on large customers mainly the State Elctricity Company (PLN) which has demand of 406.8 million british thermal units (mmbtu) in 2009. "The increasing gas demand will immediately boost the company's rebenue and profit in the near future," he said. In 2009, he said, the company's gas sales volume is projected at 700 million square cubic feet per day (mmscfd). (konrad/bd)

Wednesday, 17 December 2008 15:10:02
StockWatch (Jakarta) - PT Unilever Indonesia Tbk (UNVR) is predicted to book sales of IDR18 trillion in 2009 with net profit of IDR3 trillion, Paramitra Alfa Sekuritas' market analyst Pardomuan Sihombing said.

Sihombing said the sales and net profit projections are based on the company's products which are mostly sold in the local market (80%) and only 20% in the export market.

He said global economic slowdown will have no significant impact on Unilever which is a market-oriented company. "Unilever sells consumers goods that are resistant to crisi, so I'm optimistic the company will be able to reach the targets," he said.

Unilever Indonesia booked consolidated net profit of IDR2.046 trillion (IDR268 per share) in the period of January-September 2008, climbing by 29.88% versus IDR1.575 trillion (IDR207 per share) in the same period of 2007, while net profit margin rose at 17.41% from 16.41%.

Customers will continue to buy Unilever's products so the company will enjoy further growth next year, he said. "Buying power is likely to decline because of the global economic crisis, but it will not affect the company's sales since the company has various products at affordable prices," he said.

Sihombing expects Unilever's shares to climb at IDR8,000 per share by the year end , which implies a potential increase of 4,37% versus Wednesday's (15/12) price of IDR7.650 per share.

Based on StockWatch data, UNVR has stepped up 12.5% year to date from IDR6,800 per share on January 2 to IDR7,650 per share on December 15. (konrad/bd)