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Agriculture
BISI International - Risks To 4Q Performance
- BISI’s sales declined 6% YoY to IDR617b in 9M12 while net profit rose a modest 1% YoY to IDR102b, mainly on sluggish sales performance in 2Q12 and 3Q12 due to the lack of corn plantings as well as the drought in the period.
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Market Talk
Heavy equipment: United Tractors (UNTR.IJ) reported that its Komatsu sales volume further plunged in October, falling 40.7% MoM to 249 units, the lowest monthly sales volume since September 2009. This brought 10M12 sales volume to 5,704 units (-19.6% YoY), slightly lower than our full-year negative growth forecast of 16.1% YoY.
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Mining: Adaro Energy (ADRO.IJ) projected its EBITDA to reach USD1b-1.3b in FY12, slipped around 13-33% YoY. The management expects the stripping ratio to jump to 6.4x in FY12, from previously 5.9x a year ago.
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Consumer: Investor Daily reported that Tiga Pilar Sejahtera Food (AISA.IJ), plans to construct 4 new rice mills (2 mills in Central Java and 2 mills in East Java), which each capacity by 120,000 MT. The completion of rice mills construction in Central Java is expected in 3Q12, and those in East Java in 3Q14. After completion, total capacity of rice mills would be 720k tonnes in 2014 from current capacity at 240K tonnes.
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Source : Listri Valsa
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