Shares in PT Astra International, Indonesia's main
vehicle distributor and biggest listed company, rose as much as
2.5 percent on Friday on better-than-expected fourth-quarter
2012 results.
Astra, which is controlled by Singapore's Jardine Cycle &
Carriage Ltd, said on Thursday net profit rose to 4.75
trillion rupiah ($490.42 million), up 9.4 percent from the same
period a year earlier, driven by surging auto sales despite
sluggish commodities demand..
Astra's subsidiaries also rose, buoyed by its earnings
result. Heavy machinery maker United Tractors rose
1.81 percent to 19,650 rupiah per share, while printing firm
Astra Graphia was up 1.17 percent at 1,730 rupiah.
Shares in palm oil producer Astra Agro Lestari rose
0.81 percent to 18,600 rupiah.
Astra International's shares were up 1.89 percent at 8,100
rupiah. The broader Jakarta Composite Index was up 0.01
percent.
1215 (0515 GMT)
($1 = 9,659.5 rupiah)
****************************************************************
11:57 RTRS-STOCKS NEWS INDONESIA-Multipolar surges on Matahari
stake-sale talk
Indonesian investment holding company PT Multipolar
jumped as much as 24.4 percent on Friday, following the likely
stake sale in its retail division PT Matahari Department Store
Tbk.
Private equity firm CVC is looking to sell its 40 percent
stake in Matahari, seeking a deal valuation of $1.2-1.5 billion.
"Should a deal at this valuation eventuate, we see upside of
more than 150 percent to Multipolar, which owns 20 percent of
the asset. The potential transaction acts as a benchmark for
retailing valuations in the market," research house CLSA Asia
Pacific Markets said in a note on Friday.
"We assume Multipolar proportionately sells 40 percent of its
ownership (or 8 percent of LPPF's total shares) and value the
stake based on the above potential valuation range. We arrive at
1,106-1,284 rupiah/share fair equity value for Multipolar,
without assuming any holding discount."
Last month, Multipolar and its supermarket division PT
Matahari Putra Prima rose as much as 18 percent in one
session after Singapore's state investor Temasek Holdings
bought 26.1 percent stake in Indonesia's second biggest
hypermarket-chain operator worth $300 million.
Multipolar shares were up 22.22 percent at 550 rupiah and
were the most traded by volume. The broader Jakarta Composite
Index was up 0.01 percent.
1155 (0455 GMT)
(Reporting by Andjarsari Paramaditha, Editing by Prateek
Chatterjee)
