BAHANA (DX) KLBF to remove its treasury stock | Kalbe Farma (KLBF-BUY-IDR1,540-TP:IDR1,580) plans to increase the EPS by removing its 3.9b shares (7.7%) of treasury stock from buyback action in 2008-2010. Separately, in July 2013, KLBF will distribute IDR891b of cash dividends, translating to IDR19/share (Yield: 1.2%, payout ratio: 51%). Additionally, KLBF will allocate IDR1.5t for 2013 capex (50% for acquisition and the remaining for expansion).
¤ CREDIT SUISSE (CS), Gas Negara (PGAS, N, PT Rp6,000) | PGAS is negotiating with the Special Task Force for Upstream Oil and Gas Agency (SKK Migas) for a cheaper LNG price to supply its FSRU in Lampung. Ideally, PGAS' LNG purchase price should be below the current level of US$10-11/MMBTU, given the limited purchasing power of its industrial end-users customers. PGAS stated that State Power Company (PLN) is buying the LNG at US$10-11/MMBTU amid its comparison with the diesel price, while PGAS customers are comparing the LNG price against the piped gas price.
¤KIM ENG (ZP) TLKM: Strong sentiment on TLKM was reflected on price performance yesterday. There appear two interesting indicators: white candle with gap up signal and strong trend line. We see potential of rally continuation after the stock breaks up its resistance level. IDR13500 is our target. TRADING BUY.
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