bbri @6200/7200 … 080411

Indonesia Stocks: Bank Rakyat, Clipan Finance, Indika Energy
By Berni Moestafa – Apr 7, 2011 2:49 AM PT

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Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index (JCI) advanced 2.79 points, or 0.1 percent, to 3,730.58, climbing for a second day.

PT Bank Rakyat Indonesia (BBRI IJ), the nation’s second- largest bank by assets, gained 4.2 percent to 6,200 rupiah, the highest close since Nov. 11. Rahmi Sari Marina, an analyst at PT Kim Eng Securities, raised Bank Rakyat’s share-price estimate to 7,200 rupiah from 6,200 rupiah yesterday, citing the bank’s “higher earnings base.”

PT Clipan Finance Indonesia (CFIN IJ), a consumer finance company, jumped 11 percent to 630 rupiah, the most since Feb. 2. Earnings at the company may rise 37 percent this year, Bret Ginesky and Dewi Kusuma, analysts at CLSA Asia-Pacific Markets, wrote in a note yesterday.

PT Indika Energy (INDY IJ), which owns Indonesia’s third- biggest coal producer, gained 1.2 percent to 4,150 rupiah. The company bought a 51 percent stake in coal transport company PT Mitrabahtera Segara Sejati, Indika said in an e-mailed statement. Indika, through its unit PT Indika Energy Infrastructure, paid 1.45 trillion rupiah ($167.5 million) for the acquisition, according to the statement.

PT Perusahaan Gas Negara (PGAS IJ), Indonesia’s largest gas distributor, advanced 2 percent to 3,925 rupiah. Gas Negara plans to acquire a gas area in Indonesia to secure supply of the fuel, President Director Hendi Prio Santoso said, without providing details.

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