Bank Rakyat, Medco, United Tractors: 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 rose 0.1 percent to 3,980.25.

Energy companies: Crude oil futures rose to a nine-month high, adding as much as $2.20 to $105.44 a barrel in electronic trading in New York. PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, was unchanged at 2,250 rupiah and PT Energi Mega Persada (ENRG) , the second-largest, was unchanged at 190 rupiah.

PT Bank Rakyat Indonesia (BBRI) : Indonesia’s second- biggest lender by assets posted a 2011 unaudited net income of 14.1 trillion rupiah ($1.6 billion), the company said in a statement on Bank Indonesia’s website without providing a comparative figure. The bank had a net income of 11.5 trillion rupiah in 2010, according to data compiled by Bloomberg. Bank Rakyat was unchanged at 6,800 rupiah.

PT Bumi Resources (BUMI) : Nathaniel Rothschild is likely to remain a director of Bumi Plc (BUMI) after a March 26 meeting that is expected to see him replaced as co-chairman of the company, Chris Fong, a spokesman for Indonesia’s Bakrie Group, which owns a stake in Bumi, said. Bumi owns 29 percent of Bumi Resources. Bumi Resources, Indonesia’s largest coal producer, advanced 1 percent to 2,525 rupiah.

PT Tambang Batubara Bukit Asam (PTBA) : The state-owned coal producer expects revenue to climb to 15 trillion rupiah this year from last year’s target of about 10.5 trillion rupiah, Bisnis Indonesia reported, citing President Director Milawarma. The company targets net income to rise at least 20 percent from last year’s target of about 3 trillion rupiah, the report said. Bukit Asam fell 1.2 percent to 20,750 rupiah.

PT United Tractors (UNTR) : Indonesia’s biggest heavy equipment seller plans to buy two coal mines in Kalimantan, Bisnis Indonesia reported, citing President Director Djoko Pranoto. The company expects the transactions to be completed at the end of the second quarter, the report said. United Tractors climbed 0.3 percent to 29,700 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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