Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Bahana raises Wika price targets on new projects

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STOCKS NEWS INDONESIA-Bahana raises Wika price targets on new projects Aug 30th 2012, 07:07 Thu Aug 30, 2012 3:07am EDT Bahana Securities raised its price target on shares of PT Wijaya Karya, citing new power plants and property projects of the nation's biggest construction firm. Bahana increased its price target on Wika shares to 1,400 rupiah from 1,200 rupiah. Wika shares fell 1.9 percent to 1,040 rupiah at 0155 local time (0655 GMT) on Thursday as investors took some profit. The stock has risen 77 percent so far this year. Jakarta Composite Index was down 1.66 percent at 0659 GMT. "Successful projects (power plants and concrete factories) and solid project execution have been supportive of WIKA's diversification story and bottom line improvements," it said in a report. (Reporting by Jakarta Bureau; janeman.latul@thomsonreuters.com) **************************************************************** 12:57 STOCKS NEWS INDONESIA-Bumi rises after sell-off subsides Shares of Asia's biggest thermal coal exporter PT Bumi Resources rose as much as 9 percent on Thursday, the first time in a week, after a massive sell-off by investors that saw the stock fall 32 percent since Aug. 23. Bumi, whose stock has fallen 69 percent this year, has been hit by negative sentiment recently, including a ratings downgrade by S&P earlier this month and after the coal miner reported a net loss of $322.1 million for the January-to-June period this week. "Bumi is like a beautiful girl who always breaks your heart but you'll still be coming back to her because at the end of the day, it's all about fundamentals," said a local fund manager who declined to be named, but is accumulating Bumi's shares. "You can price in the governance issue, the financial fiasco, but at this stage I like my chances to make money." Bumi currently trades at 10.2 times the forward price-to-earning (P/E) ratio, relatively cheaper compared with rivals such as PT Bayan Resources which trades at 28.4 times the forward P/E ratio and PT Indo Tambangraya Megah at 10.7 times, according to Starmine's Smartestimate. At 0500 GMT the stock was trading up 1.5 percent at 680 rupiah, the only coal company trading in positive territory. The Jakarta Composite Index was down 1.5 percent. (Reporting by Jakarta Bureau; janeman.latul@thomsonreuters.com) Link this Share this Digg this Email Reprints

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