AALI CPO Production Grew 16%y-y in July 2014 (ID)
AALI CPO production grew 16.6%y-y to 973k tons in July 2014, while the average yield also improved to 12.6ton/ha. Year-to-date, Kalimantan area contributes up to 43% of company’s FFB production, while the rest comes from Sumatera and Sulawesi with contribution of 38.7% and 18.3%, respectively.
AALI CPO production grew 16.6%y-y to 973k tons in July 2014, while the average yield also improved to 12.6ton/ha. Year-to-date, Kalimantan area contributes up to 43% of company’s FFB production, while the rest comes from Sumatera and Sulawesi with contribution of 38.7% and 18.3%, respectively.
AALI Performance Predicted to Drop (BI)
Astra Agro Lestari (AALI) bright performance in the first half 2014 certainly will not be repeated in the second half of this year, due to a number of factors, particularly the price of crude palm oil. The company said the company's performance in the second half will not be as good as the first semester 2014, both from the aspect of price, as well as aspects of the supply. The threat of El Nino that is expected to occur in the first half, yet occurred till now. CPO prices in the second half will not be as high as previously estimated. AALI production is targeted to grow 10% this year compared with last year's achievement.
Astra Agro Lestari (AALI) bright performance in the first half 2014 certainly will not be repeated in the second half of this year, due to a number of factors, particularly the price of crude palm oil. The company said the company's performance in the second half will not be as good as the first semester 2014, both from the aspect of price, as well as aspects of the supply. The threat of El Nino that is expected to occur in the first half, yet occurred till now. CPO prices in the second half will not be as high as previously estimated. AALI production is targeted to grow 10% this year compared with last year's achievement.
BSD aims to develop estate in Surabaya (TJP)
PT Bumi Serpong Damai Tbk (BSDE) looking to expand its business portfolio by acquiring 400 ha of land in Surabaya, with 200ha will be developed into an industrial estate. The largest piece acquired, 200ha, was located in Benowo. But still, it hasn't determined when to start the development and marketing of the area. As of July 2013, BSDE already booked Rp 3tn in marketing sales, nearly half of its targeted revenue of Rp 6tn. For net profit, it generates Rp 2.56tn, up by 67.24% y-o-y, while its revenue fell by 17.24% y-o-y to Rp 2.42tn, which 82% of it derived from sales.
PT Bumi Serpong Damai Tbk (BSDE) looking to expand its business portfolio by acquiring 400 ha of land in Surabaya, with 200ha will be developed into an industrial estate. The largest piece acquired, 200ha, was located in Benowo. But still, it hasn't determined when to start the development and marketing of the area. As of July 2013, BSDE already booked Rp 3tn in marketing sales, nearly half of its targeted revenue of Rp 6tn. For net profit, it generates Rp 2.56tn, up by 67.24% y-o-y, while its revenue fell by 17.24% y-o-y to Rp 2.42tn, which 82% of it derived from sales.
BSDE will spend the Remaining Rp1.2tn Capex (ID)
BSDE has spent Rp1.8tn capex throughout 1H14. Currently, the company still allocated for Rp1.2tn capex for construction projects in BSD City. The Company will continue to rely on internal cash to meet the capex needs. As of June 2014, the company's cash balance stood at Rp4.06tn. As of July 2014, BSDE has generated Rp3 tn marketing sales, half of this year marketing sales target amounted to Rp6tn.
BSDE has spent Rp1.8tn capex throughout 1H14. Currently, the company still allocated for Rp1.2tn capex for construction projects in BSD City. The Company will continue to rely on internal cash to meet the capex needs. As of June 2014, the company's cash balance stood at Rp4.06tn. As of July 2014, BSDE has generated Rp3 tn marketing sales, half of this year marketing sales target amounted to Rp6tn.
MAPI will Complete Burger King Divestment in this Year (ID)
MAPI will complete the divestment of its ownership in Burger King, through its subsidiary PT Sari Burger Indonesia, in this year. Previously, the company has divested 51% stake in Domino's Pizza Indonesia to Everstone Capital Asia. Currently, MAPI has 60 Domino Pizza outlets and 47 Burger King outlets. The divestment of both brands is due to its performance that does not generate significant profits.
Comment: To maximize its growth potential, the company undertakes a review of the performance of the brands under its portfolio, especially in two loss-making F&B brands - Domino’s Pizza and Burger King. But MAPI will maintain its ownership in both brands at around 49%. Thus, going forward, Domino’s Pizza and BK will not be consolidated in MAPI’s books. (Anindya)
MAPI will complete the divestment of its ownership in Burger King, through its subsidiary PT Sari Burger Indonesia, in this year. Previously, the company has divested 51% stake in Domino's Pizza Indonesia to Everstone Capital Asia. Currently, MAPI has 60 Domino Pizza outlets and 47 Burger King outlets. The divestment of both brands is due to its performance that does not generate significant profits.
Comment: To maximize its growth potential, the company undertakes a review of the performance of the brands under its portfolio, especially in two loss-making F&B brands - Domino’s Pizza and Burger King. But MAPI will maintain its ownership in both brands at around 49%. Thus, going forward, Domino’s Pizza and BK will not be consolidated in MAPI’s books. (Anindya)
State Budget 2015: Government maintained dividends from SOE banks of Rp8.79 T (ID)
The government set a revenue share of profit SOE banks in the proposed 2015 state budget amounted to Rp8.79 trillion. The government plans to reduce the Dividend Payout Ratio (POR) SOE banks this year amounted to 20%, down from 30% this year. This step was taken to help the SOE banks in preparing to meet the Basel III rules will be implemented gradually starting 2016.
Comment: we view the 20% payout ratio figure is reasonable if we assume 15-17% net profit growth in 2014F. However, given the slower growth in the country, we expect SOE banks will only post 12-14% net profit growth in 2014F. Hence to meet Rp8.79 tn contribution to 2015 state budget, the payout ratio should be around 26-27%. In addition, CAR is still relatively manageable in SOE banks, ranging between 15-18.1% as of June 2014. (Eka)
The government set a revenue share of profit SOE banks in the proposed 2015 state budget amounted to Rp8.79 trillion. The government plans to reduce the Dividend Payout Ratio (POR) SOE banks this year amounted to 20%, down from 30% this year. This step was taken to help the SOE banks in preparing to meet the Basel III rules will be implemented gradually starting 2016.
Comment: we view the 20% payout ratio figure is reasonable if we assume 15-17% net profit growth in 2014F. However, given the slower growth in the country, we expect SOE banks will only post 12-14% net profit growth in 2014F. Hence to meet Rp8.79 tn contribution to 2015 state budget, the payout ratio should be around 26-27%. In addition, CAR is still relatively manageable in SOE banks, ranging between 15-18.1% as of June 2014. (Eka)
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