AKR, Bumi, Intraco Penta, Kimia Farma: Indonesia Equity Preview
The Jakarta Composite index rose 0.1 percent to 4,041.56 on March 22. The market was closed on March 23 for a public holiday.
PT Ace Hardware Indonesia (ACES) : The retailer of home improvement products expects revenue to rise 25 percent and net income to gain 10 percent this year, Kontan reported, citing Corporate Secretary Helen Tanzil. Ace has allocated 150 billion rupiah ($16 million) to open 10 stores this year, the report said. The stock slid 0.5 percent to 4,625 rupiah.
PT AKR Corporindo (AKRA) : The company’s 2011 net income surged to 2.3 trillion rupiah from 310.9 billion rupiah after posting a 1.7 trillion rupiah extraordinary gain, AKR said. The mean estimate of 11 analysts was for net income of 1.67 trillion rupiah, according to a Bloomberg News survey. AKR, a distributor of fuel and chemicals, retreated 1.3 percent to 3,925 rupiah.
PT Bumi Resources (BUMI) : The company’s shareholder, Bumi Plc (BUMI), may replace billionaire founder Nathaniel Rothschild as co-chairman, the Independent newspaper reported, without saying how it obtained the information. Co-chairman Indra Bakrie will probably take the seat held by Rothschild, who will remain a non-executive director, the Independent said. Bumi Resources, in which Bumi owns a 29 percent stake, was unchanged at 2,425 rupiah.
PT Intraco Penta (INTA) : The heavy equipment distributor and China National Heavy Truck Company plan to invest about $100 million to build an assembly plant for Sinotruk, Intraco said. The plant will assemble light and heavy trucks for Indonesia and other member countries of the Association of Southeast Asian Nations, the company said. Intraco was unchanged at 920 rupiah.
PT Kimia Farma (KAEF) : The state drug producer plans to expand its business to Vietnam, Jakarta Post reported, citing President Director Muhammad Sjamsul Arifin. Kimia Farma fell 1.1 percent to 445 rupiah.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com