Indocement, Medco Energi, Multistrada: Indonesia Equity Preview

Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.

The Jakarta Composite index (JCI) fell 1.3 percent to 3,484.21.

Energy companies: Crude oil futures rose the most since Feb. 23, adding 3.5 percent to $101.42 a barrel in New York yesterday. Oil rose 1.4 percent to $102.88 a barrel in after- hours trading in New York as of 8:08 a.m. Jakarta time.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, slid 1.7 percent to 2,825 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, declined 2.4 percent to 121 rupiah.

PT Bakrie Sumatera Plantations (UNSP IJ): The company’s 2010 net income surged 219 percent to 805.6 billion rupiah ($91.8 million) from a year earlier, the Jakarta-based palm oil and rubber producer said in a statement published in Investor Daily Indonesia today. A survey of analysts by Bloomberg estimated net income of 336.6 billion rupiah for the full year. Bakrie Sumatera declined 1.5 percent to 340 rupiah.

PT Indocement Tunggal Prakarsa (INTP IJ): The company’s 2010 net income climbed to 3.22 trillion rupiah from 2.75 trillion rupiah a year earlier, the Indonesian cement producer said in a statement published in Bisnis Indonesia today. A survey of analysts by Bloomberg estimated net income of 3.3 trillion rupiah for the full year. Indocement fell 2.7 percent to 14,300 rupiah.

PT Multistrada Arah Sarana (MASA IJ): The tire producer is planning to sell its products in Latin America, Kontan reported, citing Uthan Arief Sadikin, a director at Multistrada. The company is targeting sales to the region, including Brazil, to contribute 10 percent to total exports, according to the report. Multistrada rose 1.9 percent to 270 rupiah.

PT Telekomunikasi Indonesia (TLKM IJ): Indonesia’s biggest telephone company plans to buy back shares this year and will seek shareholders approval for the purchase next month, Kontan reported, citing President Director Rinaldi Firmansyah. Telkom, as the company is known, fell 3.6 percent to 6,800 rupiah.

PT Tiga Pilar Sejahtera Food (AISA IJ): The Indonesian noodle maker plans to sell $60 million to $70 million of convertible bonds in the first half of this year, Bisnis Indonesia reported, citing Finance Director Sjambiri Lioe. The funds raised will be used to purchase a palm oil plantation in Sumatra, the report added. Tiga Pilar declined 2.8 percent to 700 rupiah.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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