Irvin Avriano A.
Selamat Sempurna issue IDR300 billion bond
JAKARTA: PT Selamat Sempurna Tbk, exporter of filters and radiators stock emitters, will issue bonds maximum worth of IDR300 billion of in the near future.
The information revealed in the PT Pemeringkat Efek Indonesia (Pefindo) research which published yesterday. The research set the rating at the idAA level for the company with stable outlook.
In the research, Pefindo Analysts Donny Kuswantoro said said the ratings reflects the companies revenues that supported the production of filters and radiators, a conservative capital structure, and strong cash flow protection.
"However, the ratings were still constrained by the company dividend payout ratio and high exposure to the volatility of commodity prices," he said in the statement letter.
The emitter is an automotive filter and radiator components exporter, as well as several other components like brake hoses, exhaust tube, and the gas tank to beragan types of cars.
The company stated as many as 76% of their production are exported to 104 countries. Selamat Sempurna produces 72 million filter units and 1.2 million radiator units per year.
The company's current shareholders are PT Adrindo Intiperkasa for 58.13% and 41.87% is the public shareholders.
Selamat Sempurna has issuing bonds worth IDR100 bio in 2000 and paid off in 2005. At that time the company pocketing idA bonds rating from Pefindo.
PT NC Securities Head of Debt Capital Markets Heru Helbianto said it the little amount of the issuance shows the company intend to issue another bonds.
"It looks like they will be published again in the near future if they get a good demand, because they want to see the attraction of capital market investors first, due to high rating that they earned."
According to him, Selamat Sempurna is a company with a good financial profile, due to high ratings obtained by the company. In addition, he said, most likely investors will glance the investment instruments because it comes from non-financial industries sector.
"We have a lot of issuing bonds from banks or financial institution, so investors who want to diversify their portfolios can select bonds from issuers that came from non-finance sectors, the issuance is one of the company's alternative."
Currently, Heru added, there are several investors who are interested in the instrument and shows intention of buying the Selamat Sempurna's bond.
Selamat Sempurna 1stQ/2010 financial report showed an increase in net profit amounted to 38.96% from the level of IDR25.46 bio in the 1stQ/2009 to IDR35.38 billion this year.
The company's share price closed down 0.74% to IDR1,330 level on the market yesterday, and formed the market capitalization of the emitters shares of IDR1.91 trio.