JAKARTA – Solvability ratio of PT Adira Dinamika Multi Finance Tbk (ADMF) increased the highest compared to two other multifinance companies, namely PT BFI Finance Indonesia Tbk (BFIN) and PT Wahana Ottomitra Multiartha Tbk (WOMF), according to Finance Today Research Department. Adira Finance’ solvability ratio, which is measured from its interest-bearing debt to equity ratio, rose 1.13 times. The other companies’ ratio only surged 0.02 times and 0.04 times.
According to Finance Today Research Department, increased debt usage, which is seen in higher solvability ratio, is related to the company’s credit expansion. This is reflected on the company’s revenue growth which reached 27.3 percent in 2012 to Rp 6.75 trillion (US$ 695.25 million), higher than the revenue growth of the other issuers.
PT Asuransi Jiwa Bumi Asih asks for relaxation to revoke restrictions on business activities by the Financial Services Authority. According to company directors, the relaxation is performed in accordance with new potential investors to Bumi Asi.
Relaxation becomes one of the requirements for investors to be verified as the company's shareholders. Investors will inject funds if the FSA provides relaxation.
Mitsubishi Corporation, the multibusiness company from Japan, sold about 4.20, or equivalent to 158.389 million shares of PT Sumber Alfaria Jaya Tbk (AMRT), a daily consumer goods retail company. From the total sales, Mitsubishi won funds worth Rp 713.70 billion with sales prices per share of 39.38 yen.
PT Mitra Adiperkasa Tbk (MAPI), retail and distribution companies, used capital expenditure budget of Rp 300 billion in the first five months of this year, or about one-third of the total budgeted capital expenditure of Rp 900 billion. According to company executives, the majority of these funds have been absorbed to add 106 outlets.
PT Jembo Cable Company Tbk (JECC) and PT Voksel Electric Tbk (VOKS), a cable company, this year increased itd capital expenditure budget, respectively by 38.88 percent and 25 percent to Rp 25 billion and Rp 70 billion. The increase in capital expenditures to support the company's sales growth targets respectively by 30.68 percent and 16.2 percent to Rp 1.61 trillion and Rp 2.87 trillion.
PT Sampoerna Agro Tbk (SGRO), a listed oil palm and rubber plantation, allocate some capital expenditures for plant expansion in order to increase sales volume. The company executive stated, Sampoerna Agro will invest about Rp 100 billion for the expansion of palm oil mills in West Kalimantan.
PT Indosat Tbk (ISAT), telecommunication issuer, set up two financing options to repay debt maturing in August this year to reach Rp 2.7 trillion. Two of these options is to use internal funds and bank loans. Each option is used in a balanced way, both internal cash and some bank loans. The Company was reluctant to name the bank in question.
PT Asuransi Wahana Tata, a large insurance company, targets until the end of the year, portion of motor vehicles will be increased to 38 percent from around 34 of the total premium income. According to company directors, increasing the portion of motor vehicles in anticipation of the reduced contribution on property business.(*)
Profitability of eight coal companies could potentially erode due to higher royalty expenses in next year. The government regulations related to increase royalties will be even less profitable for coal companies.
Apart from having to face higher royalties on the ownership of Coal Mining Agreement (PKP2B), companies also have to pay higher royalties on the ownership of the Mining Business License (IUP).
Eight coal companies with profitability of being potentially eroded with a range of three percent – 31 percent are PT Harum Energy Tbk (HRUM), PT Indo Tambangraya Megah Tbk (ITMG), PT Bukit Asam Tbk (PTBA), PT Adaro Energy Tbk (ADRO), PT Resource Alam Indonesia (KKGI), PT Toba Bara Sejahtera Tbk (TOBA), PT Golden Energy Mines Tbk (GEMS), and PT Bayan Resources Tbk (BYAN).