1.BW Plantation (BWPT, O, PT Rp1,060): Planning For Non-Pre-Emptive Rights Issue
BWPT is planning to launch a non-pre-emptive rights issue to raise Rp344 bn to strengthen its equity base.
In the NPE, BWPT would be issuing 405 mn new shares at Rp850/share, and the plan will be discussed in the next general shareholders meeting on November 6, 2013.
2.ACE Hardware Indonesia (ACES, N, PT Rp700): 9M13 Revenue Target
ACES projects 9M13 sales at Rp2.7 tn (+20% YoY), which amounts to 68% of company’s 2013 target of Rp4.0 tn.
ACES management is optimistic that it would achieve the 2013 revenue target, which has been supported by additional stores.
ACES is operating 86 stores at present, and will add additional five in 4Q13.
3.Sierad Produce (SIPD, Not Rated): To Sell Stakes In Its Subsidiary
SIPD is planning to sell ~16% stake in its integrated, chicken meat subsidiary, Belfoods Indonesia to a strategic investor from Japan, Taiwan, South Korea and the United States.
In 1H13, SIPD reported Rp2.1 tn (+5.5% YoY) revenue, vs its 2013 target of Rp5 tn (+10-15%). SIPD’s 1H13 net profit, however, dropped to Rp9.4 bn (-48% YoY), amid higher raw material costs (70% is imported) on the back of the lower rupiah against the US$.
4.Arwana Citramulia NOT RATED
Indonesia's second largest ceramic tile manufacturer
Ella Nusantoro / Research Analyst / 62 21 255 37917 / ella.nusantoro@credit-suisse.com
● Arwana Citramulia (Arwana) was established in 1993, and started its operations in 1995. It is the second largest tile manufacturer in Indonesia, with a production capacity of 41.4 mn sq m p.a. in 2012.
Arwana became a listed company on 17 July 2001. It currently trades at consensus' 19.8x 2014E P/E (2013E: 24x) with an estimated 31% earnings growth YoY in 2014E.
● Arwana's sales increased at 16% CAGR from 2010 to 2012 and net profit grew a strong 40%. In 1H13, Arwana's net profit more than doubled to Rp134 bn, with sales
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