Achtung Indonesien-Spezialisten! - 500 Beiträge pro Seite

[Terminatrix]

Eine kurze Frage an alle Indonesien-Spezialisten:

Was ist der Unterschied zwischen WKN 898255 und 898192?
Ist wohl beide Telekom Indonesia. Was bedeutet "Pers..."?

Und: Was haltet Ihr von der Aktie?

Danke.


Gruß, Terminatrix

[Terminatrix]

Hat keine/r eine Ahnung?????

[wodro]

WKN 898192 sind die Aktien mit Nennwert 500Rp
WKN 898255 sind die ADR´s über 20 Aktien.
Die Abkürzung Per. Pers. bedeutet: Perusahaan Perseroan = Aktiengesellschaft. Normalerweise bedeutet die Abkürzung P.T vor indonesischen Firmierungen Perseroan terbatas = Aktiengesellschaft. Ich glaube, dass die Bezeichnung Per. Pers. noch auf einen besonderen Status der Gesellschaft hinweisst, kann ich aber ohne mein indonesisches Wörterbuch nicht mit Sicherheit sagen.

[auserbauser]

Hallo Terminatrix,
das Unternehmen welches Du angesprochen hast,befindet sich nun seit 3 Jahren in meinem Depot. Die Aktie bescherte mir
seit meinem Kauf eine regelmäßige Dividende von ca. 3-4 %.
Für mich ist das ein sehr guter Indikator, was die Führung
des Unternehmens betrifft. Trotz der politischen Unruhen
halte ich an diesem Wert fest, und das nicht weil ich in den
tief roten Zahlen stecken. Gerechnet an der Anzahl der Einwohner, ist Indonesien an 4. Stelle im weltweiten Vergleich. Das lässt genug Spielraum für Spekulation auf Wachstum. Du kannst Dir ja mal die Kurse vor der Asienkrise reinziehen.Harte Fakten sind im übrigen schwer zu bekommen.
MfG auserbauser

[broker*709]

Da tut sich was !

Friday January 25, 6:47 PM

Indonesia cenbank says doing best on BCA bidders
ADVERTISEMENT


JAKARTA, Jan 25 (Reuters) - Indonesia`s central bank said on Friday it was doing its best to finish screening bidders for a 51 percent stake in the country`s largest retail bank, Bank Central Asia (BCA) .

"We have not finished the (screening) test, it`s still ongoing," Bank Indonesia Senior Deputy Governor Anwar Nasution told reporters.

"But we hope by Monday all (the documents) will be completed so that we can finish it according to IBRA`s schedule," he added referring to Indonesia`s bank restructuring agency.

The long-awaited sale of BCA is regarded as critical to Indonesia`s faltering privatisation efforts and to signal to foreign investors it is serious about selling off its assets and put the country back on track.

Powerful IBRA, which controls 60.3 percent of BCA, previously planned to complete the stake sale by December last year, but the bidding deadline for potential buyers was extended to January 28, to allow more time for due diligence and for candidates to prepare funding.

IBRA is expected to announce the winning bidder within two weeks from January 28.

Anglo-Asian giant Standard Chartered Plc and U.S. investment fund Newbridge Capital Pte Ltd are among eight bidders that have been shortlisted.

Indonesia`s largest pension fund Jamsostek earlier on Friday said it was studying an offer by Standard Chartered to join its bid for BCA.

The BCA sale was originally slated for 2000 but was postponed due to poor bids, which Jakarta blamed on weak market conditions.

The delay was partly the reason the IMF froze its $5 billion loan programme with Jakarta for around eight months last year.

IBRA took over BCA from the powerful Salim family at the height of the Asian financial crisis of the late 1990s.

The BCA takeover was part of a massive 650 trillion rupiah

($62.20 billion) bank bail out following the crisis.

The World Bank said the bailout cost, around half of GDP, was the world`s costliest in GDP ratio.

Against that background, the reputation of the bidders was critical, particularly due to rumours the Salim family might be behind some of the short-listed bidders, even though they are prohibited from doing so.

BCA closed down 75 rupiah at 1,725 on Friday.

[broker*709]

In die Pushen mit Euch !!!

BCA saga set for next stage


Berni K. Moestafa, The Jakarta Post, Jakarta

The drawn-out controversy surrounding the sale of Bank Central Asia (BCA) appears to be nearing its climax, as bidders place their final bids today. Not so, according to analysts.

They said the formal bidding process would end, but its controversy was far from over. It might linger even after a winner had been announced.

Bank Indonesia`s announcement last Friday that bidders had until today to complete all documentation for their fit and proper test showed that preparations for the sale was still underway.

"The fit and proper test should have been completed long before the deadline of the final bid," banking analyst at Bank Negara Indonesia (BNI) Ryan Kiryanto told The Jakarta Post over the weekend.

The Indonesian Bank Restructuring Agency (IBRA), could not name a winner until after Bank Indonesia had finalized its tests on the bidders, he said.

IBRA is reportedly expecting to name the winner two weeks after the submission of the final bids today.

But as the final bids started to come in today, there was no saying when the fit and proper tests would be completed.

The longer the wait, the greater the risk of collusion to leak the final bids and influence Bank Indonesia`s judgment, some analysts said.

Ryan said this situation inevitably placed Bank Indonesia in a more strategic position than IBRA, the seller of BCA.

IBRA, which had defined the bidding criteria for BCA, should have the final say, he said.

"I am afraid IBRA can easily shift the blame to Bank Indonesia should problems emerge later with the new owner of BCA," he said.

Suspicion has been high that some of the bidders for BCA are just a front for its former owner, the Salim Group, to regain control.

Salim is banned from buying back BCA after the group, through the bank, misused some US$5 billion in state funds, which it has not yet repaid.

For the mismanagement of BCA, the Salim family has been prohibited by Bank Indonesia from buying a bank or setting up a new one.

Bank Indonesia`s fit and proper test aims, among other things, to identify bidders` funding sources.

The tests have come amid public suspicion that the majority of the bidders were vulnerable to Salim infiltration.

Most came as consortiums of local bidders, whose source of funds were none too clear.

Among the more credible bidders are UK-based Standard Chartered Bank Plc., and the U.S. investment firm Newbridge Capital and Farallon.

The government has shown a strong leaning toward Standard Chartered, emphasizing it wanted a strategic investor for BCA.

But Standard Chartered was still looking for a bidding partner three weeks before Monday`s deadline.

It subsequently remained silent on whether it had found that partner.

IBRA plans to sell a 51 percent stake in BCA to help reduce the state budget deficit.

Its attempt to sell a stake in BCA to a strategic investor began in late 2000 with three delays, mainly due to too much politicking.

Now the Business Competition Supervisory Commission (KPPU) is keeping an eye on the sale process.

Commenting on the apparent last hurdle in the bidding process, KPPU member Pande Radja Silalahi said the commission would stay active in ensuring the process continued properly.

The commission has already expressed concern over IBRA`s inability to produce bidding criteria that would best ensure "clean" funding sources.

Pande also questioned the delayed fit and proper test, which, he said, might extend the sale process by as long as 30 days.

"The ideal amount of time required by Bank Indonesia to carefully examine the bidders would be about 30 days," Pande said.

[Terminatrix]

@auserbauer

Ich beobachte das Papier jetzt schon eine Weile: praktisch null Umsätze in Deutschland. Da kommt man weder rein noch im Notfall raus. Manager von UniEM Fernost (momentan einer der besten Tigerstaaten-Fonds, kann sich aber schnell wieder ändern) empfiehlt das Papier übrigens wegen: praktisch Monopolist, hohe operating profits, niedriges P/E-ratio.


Gruß, T.

[broker*709]

Jetzt kommt im grossen Stil Bewegung in die Unternehmensverkäufe - speziell die INDO-Banken !!!

IBRA Accepts Final Bid On BCA Shares From Four Strategic Investors

28/01/2002

Today, The Indonesian Bank Restructuring Agency (BPPN) has accepted the final bid of BCA Shares from four strategic investors.

The final bid opening process was conducted by Soebowo Musa (IBRA Deputy Chairman of Bank Restructuring) and Heri Wahyu Setiyarso (IBRA Deputy Chairman of Risk Management), witnessed by notary Moendjiati, S.H. This final bid opening was also witnessed by the World Bank representative Mike Edwards, IMF representative David Nellor and Financial Advisors (PT Danareksa Sekuritas, Merrill Lynch Pte. Ltd., and Deloitte &Touche).

Investors proposing the final bid for BCA shares are:

Farallon Capital Consortium (lead: Farindo Holdings (Mauritius) Ltd. member: Alaerka Invesment Ltd., whose shares are owned by PT Djarum shareholder)
Bank Mega Consortium
GKBI Consortium (member: PT Jamsostek (Persero), GKBI Invesment, PT Saratoga Investama Sedaya & PT Rifan Financindo Asset Management)
Standard Chartered Consortium (according to letter of bidding dated 28/01/2002 with a purpose to establish a consortium with Government of Singapore Investment Corp. Pte. Ltd., Prudential Plc. & PT Berca Indonesia)
Then, on the accepted final bid, IBRA will determine the potential investor suited to the criteria established based on recommendation from Financial Advisors and Legal Advisor.

Announcement on winner of the BCA shares sales tender will be distributed to the society, only after the evaluation process on fulfillment of preset criteria, including Fit & Proper Test by Bank Indonesia (BI) has been completed.

[broker*709]

Die IBRA bleibt nicht untätig !

IBRA Succeeds to Sell 7 Corporate Core Assets in CCAS IV Batch 2 With Total Proceeds IDR 554 Billion

05/02/2002


The Indonesian Bank Restructuring Agency (IBRA) has completed the Corporate Core Assets Sales (CCAS) IV batch 2, with proceeds of IDR 554 billion. In total, the book value of 11 corporate core assets offered as of October 31, 2001 is IDR 2.8 trillion consist of USD 72.19 million and IDR 2.03 trillion.

The portfolio credit is an outcome of the restructuring process involving term loans, exchangeable bonds and convertible bonds. The registration and admission carried out on November 28, 2001, one month after CCAS-IV batch 1 was closed on October 31’ 2001.

Following an evaluation, IBRA accepted the highest bid for the 7 corporate core assets with total book value US$54.07 million and IDR1.95 trillion with total proceeds of US$17.03 million and IDR375.17 billion. The said number equals to IDR554 billion at an exchange rate IDR10,500 per US dollar. The sales proceeds represent recovery rate 21.97%.

The recovery rate of CCAS-IV batch 2 is relatively in par with that of CCAS-IV batch 1 at 22.08% which derives from 7 corporate core assets sales with total book value US$895.5 million and total proceeds US$197.7 million.

The CCAS batch 2 tender attracted 14 investors who expressed their interest to carry out due diligence. Twelve from 14 investors submitted their bid and later IBRA selected 4 investors as the winners. The winning investors are from Singapore and the United States.

"In comparison, the recovery rate of CCAS-IV is lower than that of CCAS-III due mainly to the current unfavorable Indonesian macro economic conditions, as evident with the slow economic growth, the interest rate hike of 3-months central bank certificates (SBI), and the drop in government long term loan rating by Standard & Poors from CCC+ to CCC,” says Mohammad Syahrial, Division Head of Asset Disposal-IBRA.

“It represents the high discount rate that the investors used in assessing the assets under IBRA. Nonetheless, foreign investors continue showing high interest in IBRA’s assets,” Mohammad Syahrial added.

Details of the winners are as follows:

No.
Investor
Debtor
Industry

1.
PT. Dwi Magna Corporation Limited.
PT. Multi Agro Chemical Industry
Chemical

2.
Morgan Greer Capital
PT. Suryalaya Anindita International
Hotel

3.
Raboobank Singapore
PT. Effendi Textindo
Textile

4.
PYFS/Azara Investment Limited
PT. Jakarta Cakra Tunggal Steel Mills
Steel

5.
PYFS/Azara Investment Limited
PT. Jakarta Prima Steel Mills.
Steel

6.
PYFS/Azara Investment Limited
PT. Karawang Utama Textile Industries
Textile

7.
PYFS/Azara Investment Limited
PT. Inti Manunggal Development
Holding Company


Unlike the previous tender in the Corporate Loan Sales (CLS) I and II as well as CCAS III when IBRA had to provide complete documents on the core assets, since CCAS tranche IV, IBRA has carried out the core asset sales on “as is” condition. As a result the winners themselves have to continue the document completion process should any document problem arise or any other conditions whatsoever. The “as is” condition sales can affect the value of the assets but the payment can be quicker.

The lower recovery rate in CCAS IV is also affected by the declining quality of the assets. Referring to the restructuring scheme in Asset Management Credit (AMC)-IBRA, the sustainable debt will be restructured to term loan. The unsustainable debt portion will be restructured to convertible bonds, exchangeable bonds, low interest bonds and debt-to-equity swap. In CLS I and II IBRA sold the sustainable debt whereas as from CCAS III, IBRA can sell unsustainable debt. The percentage of sustainable debt sold on CCAS III reach 94.5% and for sustainable debts in CCAS-IV batch I and II are below 50%.

The following table is a comparison of macro-indicator on the offering date by investors:

DESCRIPTION
CLS I
CLS II
CCAS-III
CCAS IV-1
CCAS IV - 2

A.
Total Core Asset


a. Core Asset offer
7
29
16
8
11

b. Core Asset offer by Investor
7
20
12
8
10

c. Core Asset sell by IBRA
5
15
11
7
7







B.
Investor






a. Interest
7
50
39
37
24

b. Due diligence
7
20
22
24
14

b. Submit bid
5
9
19
14
12

c. Winner
5
8
10
5
4

- Local Investor
1
4
4
2
0

- Foreign Investor
4
4
6
3
4



C.
Tender value (in IDR. Billion) *


a. Book value offer
1,560.97
7,630.87
6,980.00
10,885.24
2,790.14

b. Book value sale
886.76
1,775.76
2,465.78
9,402.75
2,521.70

c. Total sale
621.96
891.28
1,003.40
2.075.93
553.96

d. Recovery rate
70.14%
50.19%
40.69%
22.08%
21.97%

e. Sustainable debt
100.00%
100.00%
94.53%
41.08%
18.91%







D.
Indikator of macro ekonomi per date offer
30 -06-00
06-12-00
18-05-01
31-10-01
28-11-01

a. Exhange Rate (IDR/USD)
8,695
9,515
11,345
10,435
10,432

b. JSX Index
515.11
433.72
376.80
383.74
382.98

c. SBI 3 months rate
11.09
14.31
15.80
17.61
17.62




* Value in foreign exchange is converted to IDR based on the exchange rate applied during transaction

The proceeds in CCAS-IV batch 2 is part of the contribution AMC-IBRA in the 2002 fiscal year which targeted IDR32.033 trillion. The AMC target contribution consists of IDR 24.533 trillion in cash and IDR7.5 trillion in bond. In general, this is the largest contribution from IBRA’s source in this year which is targeted IDR 42.8 trillion.

[broker*709]

Bank Niaga heute + 5 auf 80 Ruphia !!!

Der Turnaround ist defintiv da.

BNGA : Bank Niaga Tbk
Opening 75
Low 75
High 80
Prev 75
Done 80
Change Value +5
Total Volume 7355000
Frequency 58
Traded Amount Rp 551675000
Best Offer 80
Best Offer Vol 9210000
Best Offer Seller 0
Best Bid 75
Best Bid Vol 2970000
Best Bid Buyer 0

[broker*709]

Die Umsätze waren heute ja nicht schlecht.

Die Bank NIAGA stand ganz oben und keiner merkt`s.

TOP ACTIVE Company Code Last Open High Low Volume Chg %Chg
Bank Niaga Tbk. BNGA 100 105 115 95 125,755,000 -5 -4.76
Dharma Samudera Fishing In DSFI 245 280 280 245 58,843,500 -30 -10.91
Semen Cibinong Tbk. SMCB 275 265 280 260 11,556,500 15 5.77
Indonesia Satelite Tbk. (Indosat) ISAT 10,200 10,150 10,300 10,100 2,168,000 150 1.49
Bentoel International Investama Tbk. RMBA 160 155 160 155 20,557,000 10 6.67
Bank Lippo Tbk. LPBN 45 45 50 45 99,860,000 0 0.00
Hanjaya Mandala Sampoerna Tbk. HMSP 4,100 4,200 4,200 4,100 4,047,000 -75 -1.80
Telekomunikasi Indonesia Tbk. (Telkom) TLKM 3,475 3,450 3,500 3,450 8,705,500 50 1.46
Indofarma Tbk. INAF 230 220 230 220 8,697,000 10 4.55
Tempo Scan Pacific Tbk. TSPC 4,675 4,600 4,775 4,600 1,404,500 125 2.

[broker*709]

Keine schlechte Prognose !

Von Christof Schmidbauer


Die Rückkehr der Tiger


Bevor es den Neuen Markt gab, galten sie als Garant für ein schnell steigendes Aktienvermögen: Die sogenannten Tigerbörsen in Asien. Nachdem sich an einigen asiatischen Börsen die Leitindizes von 1985 bis 1994 teilweise verzwanzigfacht hatten, wurde es mit der Asienkrise im Jahr 1997 sehr still um die einstigen Anlagefavoriten. Nun scheinen Hedgefonds Asien für sich zu entdecken.

Christof Schmidbauer

Lohnt es sich hintern dem Smart Money, also dem Geld angebliche besonders cleverer Großanleger herzulaufen? Den Boom bei asiatischen Hedge-Fonds sollten Anlegere jedenfalls nicht überbewerten. Stehen doch hinter dem Engagement der Fonds, die allerlei komplizierte Börsengeschäft machen dürfen, auch andere Motive. Bereits vor vier Jahren schossen plötzlich eine Reihe neuer europäischer Hedge-Fonds aus dem Boden. Europäische Investment-Bänker lockte der Weg in Selbstständigkeit als Hedge-Fondsmanager, der ihnen von den üppigen Verwaltungs- und Leistungsgebühren versüßt wurde. Gleichzeitig hatten die Fonds-Vermarkter die vermögenden europäischen Privatanleger und Institutionen als neuen Absatzmarkt entdeckt. Schließlich kam noch die zu erwartende Bereinigung der europäischen Unternehmenslandschaft hinzu. Sie bietet Chancen für die auf Fusionen und Unternehmensrestrukturierungen spezialisierte Manager.

Asien nicht nur für Hedge-Fonds interessant

Ähnliches geschieht auch in Asien. Einige Fonds wollen Anlagechancen nutzen, die dem Privatanleger verschlossen sind. Etwa bei Engagements in faule Kredite. Die Fondsmanager kaufen Anleihen angeschlagener Unternehmen und beteiligen sich auf aktiv an deren Restrukturierung. Ihr Risiko sichern sie häufig durch den Leerverkauf von Aktien des Unternehmens ab.

Doch auch für ganz gewöhnliche Aktiengeschäfte scheint die Zeit in einigen Ländern gekommen sein. In Malaysia, Thailand, die Philippinen und Indonesien verbessert sich die wirtschaftlichen Rahmendaten. Die Währungen gelten als unterbewertet, die Zahlungsbilanz in der Region wendet sich zum Besseren. Das schafft Raum für eine lockerere Geldpolitik und für Zinssenkungen. Neben diesem Treibstoff für steigende Notierungen sind auch die fundamentalen Bewertungen der asiatischen Unternehmen interessant.

Billiges aus Indonesien

Einer der billigsten Aktienmärkte weltweit ist Indonesien. Das Pharmaunternehmen Kalbe Fram wird zum sechsfachem seines Jahresgewinns gehandelt. Ähnlich billig ist der Nahrungsmittelkonzern Indofood Sukses Makmur mit einer Dividendenrendite von vier Prozent. Ähnlich günstig präsentieren sich einige indische Aktien.

Wie wenig die Anleger den sogenannten Tigerbörsen zutrauen, zeigen die aktuellen Notierungen geschlossener Aktienfonds an der New Yorker Börse. Die Papiere werden 20 Prozent unter ihrem inneren Wert gehandelt. Für deutsche Anleger lohnt sich der Kauf aber nicht. Die Fonds sind in Deutschland nicht zum Vertrieb zugelassen. Deshalb werden Kursgewinne mit drakonischen Steuern belegt.

Der Vertrauensverlust in die asiatischen Börsen ist in erster Linie dem vorher überschäumenden Optimismus der Fondsgesellschaften und Aktienstrategen zu zuschreiben. Lieblingsargument waren die billigen und gut ausgebildeten Arbeitskräfte der Region, die mit steigenden Löhnen den Konsum ankurbeln sollten. In der Euphorie wurde die Misswirtschaft, die Korruption, die steigenden Auslandsschulden und die wenig effizient organisierte Betriebe übersehen. Letztlich führten diese Faktoren zur Asienkrise. Zunächst hofften noch die Börsenauguren auf eine schnelle Wirtschaftserholung. Als diese ausblieb, warfen sie das Handtuch und wandten sich den boomenden Technologieaktien zu.


Zeit für die Trendwende

Nach rund sieben Jahren ist es Zeit für eine erneute Trendwende soweit: Asiatische Unternehmen sind nach ihrer Neuorganisation den Konkurrenten aus den USA und Europa gewachsen. Besonders um ihren Heimatmarkt brauchen sie sich keine Sorgen mehr zu machen, nachdem viele der großen Ausländer trotz riesiger Marketingausgabe an kulturellen Barrieren gescheitert sind. In Asien wird auch weiterhin gedünstetes Gemüse zum Frühstück gegessen, die neugierig gekauften Kellogs Cornflakes verschimmeln im Küchenregal.

Wegen ihrer höheren Kursschwankungen eignen sich asiatische Aktien – wie auch Technologieaktien – in erster Linie zur Beimischung in langfristig orientierten Depots. Dabei spielt die individuelle Risikoneigung eine große Rolle. Mehr als 20 Prozent des Vermögens sollte auf keinen Fall in asiatische Werte wandern. Denn sonst droht selbst mutigen Anlegern die eine oder andere schlaflose Nacht bescheren. Als Vehikel eignet sich ein breit gestreuter asiatischer Aktienfonds. Die Vergangenheit zeigt, dass ein Management-Team vor Ort eine bessere Wertentwicklung erwirtschaftet, als eine Verwaltermannschaft in der Ferne . Gut haben sich in jüngster Zeit der Carlson Fund Equity Smallcap Asia und der Newton Oriental Fund entwickelt. Der einstige Asien-Superstar Mark Mobius, Manager des Templeton Ermerging Markets Fund, scheint hingegen mehr mit seinem Einstieg in Aufsichtsrat der russischen Ölgesellschaft Lukoil beschäftigt zu sein. Die Wertentwicklung seines Fonds läst in jüngster Zeit zu Wünschen übrig.

Stand:09.02.2002
© 2002 sharper.de

[broker*709]

Die IBRA klotzt unaufhörlich ran. Weiter so !

Indonesia IBRA Restructures $23.2M Debt Of Batik Company
15/02/2002 (21:00)

Click Here to Send Messege
[Kirim Pesan]



JAKARTA (SuratkabarCom) - The Indonesian Bank Restructuring Agency said Thursday it has completed a debt workout for PT Dan Liris Industrial & Trading Company worth $23.2 million.

The company produces `batik` - a traditional Indonesian fabric - under the Batik Keris brand.

IBRA said in a statement that a $5 million tranche of the debt will be turned into an eight-year term loan, paying interest on an increasing scale between the Singapore Interbank Offered Rate plus 2.5% and 5.5% per annum.

The agency said it had agreed with the company to turn another $6.4 million tranche of debt into an eight-year convertible bond paying interest at 0.5% per annum, with a yield increasing over time between 7.5% and 11.5%.

A final tranche worth $5.8 million will be restructured into a convertible bond of two years with a 10.5% annual coupon payment.

Finally, overdue interest worth $6 million will be converted into a three-year loan.

IBRA is charged with raising over 40 trillion rupiah ($1=IDR10,210) this year to help ease the budget deficit.

Indonesia is set to run a deficit equal to 2.5% of gross domestic product this year due to the huge cost of bailing out the banking system after the 1997-1998 financial crash. IBRA has issued more than IDR600 trillion in bonds to recapitalize the banking sector, taking over bad debt and assets.

[broker*709]

Die IBRA klotzt unaufhörlich ran. Weiter so !

Indonesia IBRA Restructures $23.2M Debt Of Batik Company
15/02/2002 (21:00)

Click Here to Send Messege
[Kirim Pesan]



JAKARTA (SuratkabarCom) - The Indonesian Bank Restructuring Agency said Thursday it has completed a debt workout for PT Dan Liris Industrial & Trading Company worth $23.2 million.

The company produces `batik` - a traditional Indonesian fabric - under the Batik Keris brand.

IBRA said in a statement that a $5 million tranche of the debt will be turned into an eight-year term loan, paying interest on an increasing scale between the Singapore Interbank Offered Rate plus 2.5% and 5.5% per annum.

The agency said it had agreed with the company to turn another $6.4 million tranche of debt into an eight-year convertible bond paying interest at 0.5% per annum, with a yield increasing over time between 7.5% and 11.5%.

A final tranche worth $5.8 million will be restructured into a convertible bond of two years with a 10.5% annual coupon payment.

Finally, overdue interest worth $6 million will be converted into a three-year loan.

IBRA is charged with raising over 40 trillion rupiah ($1=IDR10,210) this year to help ease the budget deficit.

Indonesia is set to run a deficit equal to 2.5% of gross domestic product this year due to the huge cost of bailing out the banking system after the 1997-1998 financial crash. IBRA has issued more than IDR600 trillion in bonds to recapitalize the banking sector, taking over bad debt and assets.

[broker*709]

Das war ja heute kein schlechter Wochenauftakt !

BANK NIAGA + 10 auf 105 Ruphia

BANK LIPPO + 5 auf 50 Ruphia (mit Riesenumsätze)

Und die letzte Woche kann sich sehen lassen:

Weekly Market Commentary


February 18, 2002

What may happen this week ?

This week, the Jakarta Stock Market may still be ruled by bulls. No negative news is expected to hit the market. The index may move between 445 and 465. However, players should be cautious since liquidity in the market is still quite limited. The central bank absorbed 26 trillion rupiah in the SBI auction last week. Cash is likely to be preferred as the threat of heavy rains and floods is not yet over. Nonetheless, some indicators such as the Turning Point Indicator (TPI) show that bulls are still there. The TPI is moving firmly in positive territory without giving any sign of bearishness. The risk premiums on equity - both in USD and rupiah terms - are still in a downward trend, making Jakarta stocks more attractive. The JCI may move between 445 and 465 this week. On the forex market, we may see the rupiah moving around 10,250 to the greenback. High corporate demand for the dollar may prevent the local currency unit from going to 10,200 this week. Nevertheless, the rupiah may still strengthen as the risk premium above Libor is also moving down reflecting the return of confidence in the local currency unit.

HOT ISSUE

Action needed from Megawati
Last week, the prestigious and independent social research institution – LP3ES -revealed that Megawati’s popularity is on the slide. According to the survey – which is targeted at middle income social groups - her popularity is sliding because her policies – on economic as well as non economic matters – are perceived as not being in the general public’s best interests. In addition, the report also said that her popularity rating is even lower than her rating when she was still the nation’s vice president.

Weekly Economic and Political News Update
• Fit and proper test to be completed this week
• IBRA sets timetable for Bank Niaga sale
• Domestic car sales up 8% y-o-y in January
• Indonesia to urge India to lower its CPO import tariffs
• Jasa Marga to issue bonds
• Telkom reaches deal with Pramindo Ikat Nusantara
• Rival Maluku factions sign peace accord



Weekly Commentary Team
Chief Research Officer :
Dr. Raden Pardede ( [e-mail] )
Analyst :
Ferry Latuhihin ( [e-mail] )
Purbaya Yudhi Sadewa ( [e-mail] )
Compliance :
Steve Susanto ( [e-mail])