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Indonesia - Market Factors to watch - March 29

Posted by Flora Sawita Labels: Indonesia, palm oil, palm oil futures, Stock Exchange, trade

(Reuters) - Following is a list of events in Indonesia as well as business highlights from newspapers and factors that may influence financial markets.

PRESS DIGEST

- DUTA FIRZA TO BUILD 27 TRLN RPH PETROCHEMICAL FACTORY

PT Duta Firza plans to develop a petrochemical factory worth 27 trillion rupiah ($2.95 billion) in Teluk Bintuni in West Papua, said CEO Firlie Ganinduto. The firm has invited South Korean LG International Corp to work on the project that is expected to start operations in early 2018. (Investor Daily p.1 & Kontan p.14)

- PODOMORO MULLS ISSUING 1 TRLN RPH BONDS

Property developer PT Agung Podomoro Land Tbk is considering issuing bonds worth 1 trillion rupiah in June or July 2012 to expand projects in Jakarta, West Java, Bali, Kalimantan and Sulawesi from 2012 to 2013, said deputy CEO Indra Wijaya. (Investor Daily p.13 & Bisnis Indonesia p.m2)

- MITRA ADIPERKASA SEES 2012 SALES UP 25 PCT

PT Mitra Adiperkasa Tbk, Indonesia's largest upmarket retailer that owns exclusive rights from leading international brands such as Starbucks Corp, expects sales will reach between 6.46 to 7.21 trillion rupiah in 2012, up 20-25 percent from last year's sales, said corporate secretary Fetty Kwartati. (Bisnis Indonesia p.m2)

MARKET SNAPSHOT

* Jakarta composite index gained 0.3 percent to a fresh eight-month high on Wednesday, while most Southeast Asian stock markets were down, supported by banking shares such as state lender PT Bank Mandiri Tbk that was up 2.2 percent.

* Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China.

* U.S. stocks declined on Wednesday as sliding oil and metals prices gave investors a reason to sell commodity-related shares.

* Oil prices fell on Wednesday as a big rise in U.S. crude inventories and the prospect the United States and some European nations might tap strategic reserves sent futures into retreat.

* Malaysian palm oil futures closed down on Wednesday as traders booked profits from a one-year high hit the previous day, although losses were limited by news of larger food imports by China and soybean crop damage in South America.

----------------- MARKET SNAPSHOT AT 0009 GMT ---------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1405.54 -0.49% -6.980 USD/JPY 82.8 -0.1% -0.080 10-YR US TSY YLD 2.214 -- 0.013 SPOT GOLD 1663.84 0.04% 0.720 US CRUDE 105.65 0.23% 0.240 DOW JONES 13126.21 -0.54% -71.52 ASIA ADRS 129.51 -0.55% -0.72 -------------------------------------------------------------

LATEST STORIES ON:

* Indonesia stocks........

* Southeast Asian stocks..

* Asian stocks preview....

* Asian currencies........

* U.S. stocks.............

* Oil prices..............

* Global markets..........

* Malaysian crude palm oil

* Indonesian palm oil.....

* Global economy..........

* Key Asian companies.....

* Key currencies..........

* Major deals of interest.

http://www.reuters.com/article/2012/03/29/indonesia-factors-idUSL3E8ET0Z320120329

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London-based jatropha company goes public

Posted by Flora Sawita Labels: biofuel, Jetropha, Stock Exchange

By Erin Voegele

(Biodiesel Magazine) London-based jatropha biofuel company Nandan Cleantec Plc is going public. Nabarro LLP recently announced it is advising Nandan on its initial public offering (IPO) on AIM, which is the London Stock Exchange’s international market for smaller, growing companies. According to Nabarro, it has valued Nandan at approximately £166.1 million ($259.5 million) and is raising approximately £16.1 million before expenses. Arden Partners Plc is acting as nominated advisor and placing agent.

Information released by Nabarro states that Nandan has been formed by Nandan Cleantec Ltd., which was formally known as Nandan Biomatrix Ltd., and focuses on the development and production of jatropha, and Xtraa Cleancities Ltd., a biodiesel producer. In its press release, Nabarro said that “the combination is being effected in conjunction with the IPO process.”

According to an announcement made by the companies, Nandan’s main country of operation is India, where it is working on plant breeding techniques and the genetic improvement of jatropha. The statement also noted that the company currently features a 51,000-hectare (126,000 acre) jatropha plantation and 275,000 metric ton (83 million gallon) biodiesel plant. In addition, it states that the Nandan group has also initiated operations in Africa and Southeast Asia to further develop its land bank.

“Despite IPO markets being extremely tough and the additional uncertainty generated by the Greek debt situation, the success of Nandan's IPO shows that there is still demand from investors for attractive assets,” said Alasdair Steele, Nabarro corporate partner. “A series of recent events in India jointly hosted by Nabarro, the London Stock Exchange and others demonstrated there are a number of good quality Indian businesses looking to raise funding on the London markets. Nandan's successful IPO will give renewed optimism to those businesses.”

A recent accountant’s report filed by Arden Partners states that Nandan intends to establish 1 million hectares of jatropha by 2017. The company also aims to increase its annual biodiesel production capacity to 2.8 million tons. “In order to achieve this target, the company has adopted state-specific implementation methodologies based on differing socioeconomic and geopolitical scenarios, thus, match supply with the rapidly increasing demand from the offtakers,” said Arden Partners in the report.

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Short rains expected to boost agricultural stocks at NSE

Posted by Flora Sawita Labels: Africa, Stock Exchange, Tea

Agricultural stocks have gained value since the beginning of the year. Williamson Tea has maintained the top spot with 46 per cent share price growth

The onset of the short rains season has raised expectations that agricultural stocks will record improved production this year, lifting their share prices at the stock market.

Williamson Tea, Limuru Tea, and Kakuzi share prices edged up in Monday’s trading at the Nairobi Securities Exchange on expectations that the relatively weak shilling will also boost the plantation firms’ earnings.

Williamson Tea’s share price closed at Sh285 from Sh270, a 5.56 per cent increase from Friday’s level.

Prices of other agriculturals including Kakuzi (Sh125), Limuru Tea (Sh356), Rea Vipingo (Sh19) and Eagads (Sh35.25) held firm at a time when most stocks at the NSE were on a decline, while Sasini Tea’s share dropped by 1.49 per cent to Sh13.25 from Sh13.40.

“People are expecting good results because we have had good weather and prices,” said Mr Robert Munuku, a research analyst at Drummond Investment Bank.

Tea stocks in particular are favoured by investors as global prices and the shilling’s weakening mean higher returns. Sasini Tea is yet to release its results, but analysts said there is interest on the stock especially among investors interested in dividend.

Despite the interest, the share lost ground marginally from Sh13.40 to Sh13.25 yesterday, a 1.12 per cent drop.

“Any stock that gives an investor exposure to tea is good,” said Johnson Nderi, research analyst at Suntra Investment Bank. Williamson Tea’s net profit for the half year ended September 30 rose to Sh805 million from Sh456 million over a similar period in 2010, but the firm’s management was less optimistic on the results being mirrored in the next financial half.

Operational costs

“The performance of the remaining period to year end will be impacted by the behaviour of the Kenyan shilling against foreign currencies and an increase in operational costs. The directors therefore do not expect the current performance to be replicated in the remaining part of the financial period,” said Williamson Tea while releasing its half year results last week. By the close of market Monday, there were 50,000 Sasini Tea bids against 4,600 shares on offer.

The weak shilling has been seen favouring agriculture as it results in higher earnings. The possibility of capital gains could not be ruled out entirely, said Mr Munuku.

Since the beginning of the year agriculturals have gained in value with Williamson Tea maintaining top spot with a 46 per cent increase in its share price to Sh270 from Sh180.

Sasini has gained 0.3 per cent to Sh13.40 from Sh13.35, Limuru Tea 19 per cent to Sh356 from Sh300, Rea Vipingo three per cent or Sh19 from Sh18.45, and Kapchorua 25 per cent to Sh125 from Sh100.

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Indonesia - Market Factors to watch - March 29

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Short rains expected to boost agricultural stocks at NSE

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