Wednesday, October 13, 2010

Who Will Hunting Krakatau Steel Stocks?

Who Will Hunting Krakatau Steel Stocks?Today, the stake in Krakatau Steel priced at Rp800-1150 price range per share.Wednesday, October 13, 2010, 07:42 GMTAntique, PurboriniSheet steel products (VIVAnews)RELATED NEWS
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VIVAnews - Stock markets in Indonesia Stock Exchange (IDX) will soon be coming state-owned steel company or State-Owned Enterprises (SOEs), PT Krakatau Steel (Persero) Tbk.
The Company will conduct an initial public offering (initial public offering / IPO) as much as 3.1 billion new shares, or about 20 percent of the issued and fully paid company, bernominal Rp500-Rp800 price range of 1150 per share.
Does the steel company shares will be hunted investors than other steel companies to do business, the first recorded (listing) in BEI as PT Jaya Pari Steel Tbk (JPRS) and PT Gunawan Dianjaya Tbk (GDST)? Here, reviews stock analysts and practitioners who could be considered.
According to Denise Hamzah, capital market analysts, stake in Krakatau Steel is expected to interest investors, as the company represents 96 percent of national steel manufacturer. Certainly, in terms of market share Krakatau strong.
"If Jaya Pari and Gunawan was a middle-class steel producer, also a lot of raw materials and import of Krakatau Steel," he told VIVAnews in Jakarta.
He also admitted that the current state-owned shares priced with a range of Rp800 per share-1150 remains promising. Because, in addition to government-owned, reportedly the world's steel giant, Mittal will absorb Ancelor Krakatau IPO shares.
"Indeed, the ideal or fair price of Krakatoa is 1,000 per share. Unfortunately, we can not predict whether this is expensive because the PER (price to earnings ratio) does not exist," says Denise.
Deni said, today, Jaya Pari Steel stocks are in the price of Rp520, with PER 4.3 times and price to book value (PBV) 0.7 times. While Gunawan Rp143, with PER 5.3 times and 1.7 times PBV.
The Director of Danareksa Securities Marciano Herman, acting as underwriters of the share issuance Krakatau Steel said that the price level of earnings for Krakatau Steel IPO reaches 9.75 times and 14 times the price of Rp800 to Rp1.150 price. As for PER steel industry for 2011 to 10.2 times.
Marciano said, in comparing the PER is it can not compare the same company. "In this world nothing is the same as Krakatau Steel," he said. In fact, in comparing with POSCO partner company, he claimed not to be a balanced comparison.
"When compared with the same sector players in the BEI, with Jaya Pari and Gunawan Dianjaya, the two companies are also not comparable to aple aple," said Marciano.
Capital market practitioners, Arief Budisatria also agree, stake in Krakatau Steel could not be compared apple to apple with the shares already listed on the BEI as JPRS and GDST is different because of the size and production. "But, if the sector does, can be seen which is more promising," he said.
He admitted, Krakatau Steel to foreign and local investors hunted during floor in the secondary market. Therefore, the production company well above its competitors, namely Jaya Pari Steel and Gunawan Dianjaya. "But better, state-owned steel stock is priced with PBV from 1 to 1.5 times," said Arief.
As is known, Krakatau Steel is one of the largest steel manufacturer in Indonesia and Southeast Asia which produces hot rolled sheet steel (HRC) and cold rolled steel sheet (CRC), and steel wire rod which was founded on October 27, 1971.
During the first half of 2010, revenue increased to Rp 9 trillion Krakatau compared to the same period of 2009 which was only Rp 7, 8 trillion. However, net profit dropped to Rp997, 8 billion compared to last year terbukukan Rp1, 1 trillion.
Meanwhile, Jaya Pari Steel is a national company that manufactures hot rolled steel plate with thickness of 8-25 millimeters. JPRS founded in 1973 and started operations in 1976. Currently, total production capacity reaches 66,000 metric tons JPRS plate per year.
During the semester I-201, JPRS income rose to Rp237, 03 billion or grew 150.3 percent compared to 2009 Rp94, 6 billion. Net income also increased significantly from minus Rp29, 7 billion to Rp38, 6 billion, an increase of more than 100 percent.
While Gunawan Dianjaya, adala company founded in 1989 and engaged in the business of steel plate, where about 70 percent of total sales are from export buyers Degnan shipyard contractors, heavy equipment manufacturers, pedaganga international steel, and construction companies.
Until the first half of 2010, GDST booked net profit of Rp119, 087 billion. This figure increased significantly compared to the semester-I 2009 is still recorded a loss amounting to Rp209, 213 billion.
The cause of the positive performance in net sales perseroran is growing 7.57 per cent to Rp893, 448 billion from the previous mid-year position of Rp830, 559 billion. (Hs)• VIVAnews

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