MEDIA HIGHLIGHTS

Domestic FY11 flour production may reach 4.86m tons (+10% y-o-y)
According to the Indonesia Flour Producer Association (Aptindo), domestic flour production may grow 10% y-oy, topped to 4.86m tons in 2011 from 4.42m tons in 2010, driven by higher instant noodle and bread production.
There are three major flour producers in Indonesia, Bogasari Jakarta (capacity 7,400 tons per day), Bogasari Surabaya (4,366 tons per day, and Berdikari Sari Utama Makasar (2,146 tons per day). Number of Indonesia flour producer increased to 15 companies, from previously four companies, with total capacity 7.88 tons per annum. In addition to that, three new companies, with total capacity 330k tons per annum, plan to commence its flour production this year. (Bisnis Indonesia)

Perusahaan Gas 1H11 net profit flat at IDR3.15trn
Perusahaan Gas Negara, which involves in natural gas distribution and transmission, reported 1H11 net profit of IDR3.15trn , up only 2% y-o-y, and came in at 42% and 44%of our and consensus’ estimates. Revenue was also relatively flat y-o-y at IDR9.4trn. However, operating profit declined 11% to IDR4.1trn in 1H11 on the back of 21% y-o-y higher in operating expense. The company has yet to release operating data.

Indomobil bought some Multistrada stake at IDR465-550 per share
It is reported that Indonesia auto retailer, Indomobil (IMAS), through its subsidiary Central Sole Agency (CSA), bought 67.4m (equivalent to 1.1%) of Multistrada (MASA) stake in market at IDR465-550 per share, during August 9-19 2011. Notably, MASA share price was closed at IDR540 yesterday. (Investor Daily)

Wijaya Karya 1H11 operating profit up 15% but net profit flat
Wijaya Karya, Indonesia’s largest state-owned contractor, posted 1H11 net profit of IDR141bn (+1% y-o-y), which came below our expectation as it made up only 40% of our FY11f net profit estimates. Revenue was strongly up 31% y-o-y to IDR3.3trn. Operating profit grew 15% y-o-y to IDR209bn, accounting for only 35% and 32% of our and consensus’ forecast, respective

source: OSK