Steel Pipe Industry of Indonesia Tbk The Largest Steel Pipe Producer in Indonesia in Terms of Production Volume

Steel Pipe Industry of Indonesia Tbk The Largest Steel Pipe Producer in Indonesia in Terms of Production Volume Phillip Securities Indonesia Research February 5, 2013

PINDO started their subsistence on January 30th 1971, as a foreign investment incorporated in Indonesia with its name PT Steel Pipe Industry of Indonesia. PT Gayantara, Itochu Corporation and Kawasaki Steel Corporation were the founding shareholders. In 1989 PT Radjin, an Indonesian steel pipe manufacturer, acquired 90% shares in SPINDO. In 1993, it was transformed into a domestic company. In 1998, SPINDO and PT Radjin were properly merged with SPINDO as the extant company in the merger.

S

In 2005, SPINDO added another industrial unit located in Karawang. SPINDO together with Japanese producers has built its Karawang industrial unit that manufactures mainly pipes for automotive sector. SPINDO eventually emerged as the largest steel pipe producer in Indonesia in terms of production volume. Its wide range of products has been completed with various international certifications and safety standards, which are necessary to survive in this competitive industry. At this moment, SPINDO employs around 1,153 employees and has 5 plants located in East and West Java, with 27 production lines. Currently, the company has five factories with a total of 27 production lines producing ERW steel pipes with diameter of 0.25 to 8 inches, spiral SAW Welded Pipes with diameter of 6-inches to 120-inches, and stainless Pipes with diameter of 0.5-inches to 4 inches. Besides those products, the company also provides coatings and Galbani services, cut services (Shearing), slitting services, quality testing services and other special products according to customer demand. The company position as market leader in Indonesia steel tubing provides many competitive advantages not shared by other steel pipe manufacturer. Most of the company steel sheet obtained from international suppliers, mainly from Japan and Korea and the rest were from domestic suppliers, especially Krakatau steel, the largest steel producer in Indonesia. The company believes to get steel sheet supplies continuously in large numbers so that

Phillip Securities Indonesia

5-Feb-13

Report date Exchange Sector Industry Sub-industry IPO Price Percent of Enlarged Capital Shares Offered Underwriter

Indonesia : Basic material : Iron / Steel : Steel-Producers : IDR 260 - 390 : 40.36% : 2,900,000,000 shares : : PT Andalan Artha Advisindo Sekuritas

Indicative Schedules Book Building Effective Statement Offer Period Allotment Distribution Indonesia Stock Exchange Listing

: : : : : :

28 Jan - 4 feb November 22, 2012 December 10, 2012 12-14 December 2012 December 17, 2012 December 19, 2012

: : : : : :

55.94% 0.70% 0.70% 0.55% 1.76% 40.36%

Initial Ownership Structure PT Cakra Bhakti para Putra Pandu Lokiswara Nugraha Salam Yamin Salam Heirs deceased The Tjahjono Tedjo Koesoemo Public Pandristo Prasetyo Ginarto [email protected] 62-21-57900900

Source: Company

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision

Steel Pipe Industry of Indonesia Tbk Indonesia Equities Research February 5, 2013

the company can freely expand their network because most other steel companies can only buy from small-scale local suppliers. Indonesian Steel Industry The steel industry in Indonesia still imports about 70% of the total raw material required. Currently, total national steel raw materials reach 6-7 million tons. Imported raw materials of steel were around 4.2 to 4.9 million tons per year, equivalent to an average price of steel raw materials of USD 3.9 billion. Prices of raw materials--especially steel scrap—soared over detention issues containers of materials suspected to contain hazardous materials. As a result of the detention at the port of import of raw materials, scrap prices soared 100% to USD 800 per ton compared to the previous USD 400 per ton.

Source: http://www.issb.co.uk/global.html

Ministry of Industry said the national steel industry has been heavily dependent on imports of raw materials by 70%, while 30% is supplied from within the country. From around 6 - 7 million tonnes of imported steel, the total raw material can be generated to reach 9.9 million tons. Based on data from South East Asia Iron & Steel Institute, the total demand for steel products in Indonesia at the end of 2011 is estimated at 9.9 million tonnes. Of that amount, about 54% is supplied by imports. In 2010, the consumption of steel products in the country ends up to 9 million tons, with the share of imports by 55%. Steel demand in the country were supported by economic growth, steel consumption is also driven by an increase in automotive production. At the level of ASEAN, Indonesia has lagged behind Malaysia placing the order 21 world steel producers with production of 6 million tons. Judging from the comparison of the production and import of steel, Indonesia is one of the world’s largest steel importers. Actually this is a potential market for new investment, so long as it can compete with the low prices and good quality of steel products. Krakatau Steel is one of the dominant players in the steel sector because of the long history and proximity to the state government. Indonesian steel market in 2013 is estimated at IDR 71.05 trillion, up 7% from 2012 amounting to IDR 66.4 trillion. Indonesia Iron and Steel Industry Association (IISIA) has projected the



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Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id


domestic steel consumption in 2013 will increase by 7% to 10.97 million tonnes from 10.25 million tonnes in 2012. However, the world price of steel (hot rolled steel / HRC become benchmark price of steel in the world) at the end of 2012 fell to USD 570-590 per ton from the end of 2011 at USD 690-720 per ton. Decline in world steel prices could affect the value of Indonesia steel market in 2013. The prediction in steel consumption in Indonesia is based on the increased investment in the manufacturing, automotive and the realization of government infrastructure development projects. The growth of the steel industry in the next year is still prospective throughout the industry as global economic conditions continue to improve. With the economic slowdown in China due to the global crisis, steel selling prices is still depressed as a result of reduced demand over supply. If China economic condition may rebound next year, it will affect positively to the national steel market. Risks relating to the Company Business: 1. Reliance on Third Parties in terms of provision of raw materials, product sales and product delivery 2. Economic risk, political and macro trends affecting the company performance. 3. Risk of changes in the supply or price of steel Fluctuations rupiah. 4. Risks relating to the development and expansion of factories 5. Natural disasters Business Prospects • Prospect of Oil and Gas Project Kepodang gas field has a peak production reached 116 MMSFCD. • Steel Demand Continues to Rise Based on the WSA (World Steel Association) the average world per capita steel consumption in 2010 was 220.8 Kg. While Indonesia’s average steel consumption per capita of 50 Kg is still far below the World’s average, this very low national steel consumption suggests that there exists the room of opportunities to develop a very large capacity and production. Welded pipe Indonesia industry has the potential for significant growth.

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Market development in the future will depend on a lot of oil and gas sector, especially for the transmission and distribution of natural gas reserves which are still very large. Gas pipelines are needed to ensure the continuity and costs efficiency of long-term transportation. Technically, Indonesia’s Welded Pipe industry already has a relatively equal ability with existing industries in the country though medium and large scale factories such as SPINDO have been able to meet various international standards in the production process; thus, the Indonesian products can be readily accepted by export market. The problems are the limitation of Welded Pipe domestic sources supply of raw materials. As the Company imports the raw material from more sources, it can reduce its costs and make it less dependent from certain suppliers. On top of this, Indonesia’s import tariffs for Welded Pipe is relatively low compared to other countries, which provides the easiness for foreign products to enter the Indonesian market. Balance Sheet (IDR Billions) Assets

2007

31st December 2008 2009

2010

2011

30th September Sep-11 Sep-12

Current Assets Cash and cash equivalents Short-Term Investment Trade Receivables Third Parties Related Parties Other Receivables Inventories Gross Amount Due from Customers Prepaid Taxes Total current assets

9.38 47.60

14.12 6.13

17.02 0.00

6.34 0.00

6.21 27.16

11.61 165.31

8.06 0.00

342.08 5.76 1.90 682.91 0.00 35.15 1124.77

279.00 3.39 2.15 1347.35 58.57 26.53 1737.24

272.35 2.45 42.66 673.51 133.74 0.08 1141.81

271.08 4.66 43.46 711.10 32.80 0.00 1069.44

698.14 5.57 22.33 1139.96 14.02 0.00 1913.38

454.10 4.53 38.54 881.73 53.99 5.72 1615.52

519.01 6.57 19.54 1762.40 63.94 6.34 2385.88

Non-current Assets Investment in Associated Companies Receivables to related parties Tax Receivables Deferred tax assets Fixed assets Intangible assets-Net Other Assets Total non-current assets TOTAL ASSETS

0.00 0.90 36.06 10.89 381.19 6.06 0.64 435.75 1560.51

0.00 0.00 65.24 10.12 371.99 3.62 0.82 451.79 2189.02

0.00 1.83 72.16 68.05 539.32 1.72 1.13 684.20 1826.01

0.00 1.91 61.83 59.79 499.46 1.29 13.60 637.89 1707.33

0.45 4.46 72.93 0.00 622.34 1.03 27.93 729.14 2642.52

0.00 3.19 72.38 35.29 490.36 1.06 16.59 618.88 2234.40

0.289. 5.82 114.85 0.00 751.73 0.83 31.61 904.84 3290.72

594.06

1140.55

651.89

539.98

836.44

815.24

1672.06

301.43 1.08 3.11 27.46 5.51 51.27 36.89

327.36 0.85 0.00 11.06 29.19 3.65 42.45

290.40 1.56 0.00 12.01 14.43 7.81 39.98

350.69 0.87 0.26 15.05 8.83 11.52 48.25

653.18 0.87 21.61 33.25 50.38 7.47 70.57

425.98 0.59 21.48 11.23 10.16 7.67 81.06

268.00 0.66 36.12 11.27 23.07 21.24 91.96

0.00 9.55 1030.37

0.00 8.57 1563.68

1145.00 5.44 2168.51

200.00 2.94 1178.40

51.62 4.43 1729.82

12.91 1.21 1387.53

15.91 1.20 2141.49

27.93

44.407

138.60

141.48

146.75

294.82 6.13 32.50 0.00 0.78 362.14 2,530.66

94.82 4.12 35.50 0.00 0.44 179.27 1,357.67

177.99 8.47 39.90 3.35 0.45 368.75 2,098.57

229.61 12.85 38.88 0.00 1.32 424.13 1,811.66

177.99 8.55 43.27 60.13 0.23 436.92 2,578.41

Liabilities Current Liabilities Trade payables Short Term Bank Loans Trade Payables Third Parties Related Parties Other Payables Tax Debt Accrued Expenses Customer advances Customer Deposit Derivative Liabilities Bank Debt Lease liabilities Total Current Liabilities

Liabilities Non Current Liabilities Payable to related parties 1.65 87.89 Long-term debt-net of current portion due within one year Bank Debt 0.00 0.00 Lease liabilities 11.20 4.76 Post-employment benefits liability 28.59 31.20 Deferred tax liability 0.00 0.00 Deferred gain on sale and lease back 1.32 0.36 Total non-current liabilities 42.76 124.20 TOTAL LIABILITIES 1,073.13 1,687.88 Equity Share Capital Comprehensive income net Retained Earnings (Deficit)

428.60 0.00 59.15

428.60 0.00 72.44

428.60 132.19 -235.59

428.60 132.19 -211.23

428.60 215.83 -100.52

428.60 132.19 -138.14

428.60 305.59 -21.65

487.75

501.04

325.20

349.56

543.91

422.66

712.54

0.00 487.75

0.10 501.14

0.10 325.30

0.10 349.66

0.07 543.98

0.09 422.75

0.06 712.60

1560.87

2189.02

2855.96

1707.33

2642.55

2234.40

3291.01

Equity attributable to owners non-controlling interests TOTAL EQUITY TOTAL LIABILITIES AND EQUITY

Source: Company

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Income Statement (IDR Billions) Revenue Cost of Revenue Gross Profit Operating Expenses Selling expenses General and Administrative Expenses Sales of goods afral Interest Income Gain (Loss) on foreign exchange net Interest expense and finance Others Income before income tax Income tax Current tax Deffered Tax Income (loss) in the period Revaluation surplus after tax Comprehensive income Non-Controlling Interests Net Income

2007 1461.55 -1319.94 141.62

2008 2432.78 -2043.83 388.94

2009 1785.10 -1974.88 -189.78

2010 1711.27 -1472.95 238.33

-39.11 -30.46 29.41 0.48 -14.39 -50.41 -4.09 -33.04

-80.15 -48.71 36.44 1.83 -143.09 -119.76 -8.35 27.16

-69.85 -58.00 32.20 0.12 15.88 -171.33 30.73 -410.03

-84.17 -35.77 35.58 0.06 4.41 -130.46 4.64 32.61

-103.67 -54.56 47.58 0.25 -18.94 -124.07 3.23 145.95

-43.07 -33.08 33.07 0.11 3.49 -93.79 -2.90 97.59

-56.51 -35.51 41.76 0.06 -32.91 -106.53 7.62 105.73

-11.34 1.02 22.72 0.00 22.72 0.00 22.72

-13.09 -0.78 13.30 0.00 13.30 0.00 13.30

0.00 102.00 -308.03 132.19 -175.84 0.00 -308.03

0.00 -8.26 24.36 0.00 24.36 0.00 24.36

0.00 -35.26 110.68 83.64 194.32 -0.03 110.71

0.00 -24.50 73.09 0.00 73.09 -0.01 73.10

0.00 -26.87 78.87 89.75 168.62 -0.01 78.87

2011 Sep-11 2577.42 1675.07 -2181.29 -1441.30 396.13 233.78

Sep-12 2236.97 -1949.21 287.75

Source: Company

Financial Review From the company historical data, it can be concluded that the company’s inventory turnover ratio of 2.25X on average indicates that the company requires at least 6 months to sell the entire inventory that will certainly affect the revenue. The Company’s current ratio is around 0.95X. Higher current ratio indicates that the company has greater ability to pay short-term liabilities. But a very high current ratio shows poor management of current assets. Excess in current assets should be used to pay dividends, repay debt or for long-term investment that can yield more returns. In 2011, the company booked NPM of 4%, meaning that, for each item sold, the company gets a profit of 4%, and since the Company’s GPM was 15%, 11% of the profits the company ‘s sold goods was allocated to operational sectors. The fact that the Company managed to obtain an 11% ROE in 2011 is positive for shareholders because then the rate of return to shareholders would eventually be even greater. On the other hand, the management ROI only gained 1%, which means the management of assets to capitalize was less effective.

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Research Team | Telp: +62-21-57900800 | E-mail: [email protected] Armand Dharmasana Gunawan Sutanto Aditya Perdana Putra Pandristo Prasetyo Ginarto

Ratings for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months.

Ratings for Stocks: Buy : We expect this stock to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : We expect this stock to give total return of between -15% and 15% over the next 12 months. Sell : We expect this stock to give total return of -15% or lower over the next 12 months.

Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

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FORMULIR APLIKASI IPO SAHAM PT. STEEL PIPE INDUSTRY OF INDONESIA TBK.

▪

Nama Saham / Emiten

:

▪

Tanggal Penawaran Umum

: 7 Februari

▪

Harga Penawaran

: Rp.295,- per saham

s/d

13 Februari 2013 (pkl. 12.00 WIB)

A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan)) 1.

Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan harga per saham (Rp.295,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 13 Februari 2013 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.

2. 3.

4. 5.

4.

5. 6. 7. 8.

Nasabah mengisi Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar dan menanda-tanganinya. Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM yang masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat). Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah, iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran. Rekapitulasi Pesanan Nasabah berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 13 Februari 2013 pukul 12.00 Wib. Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter / Biro Administrasi Efek (BAE) jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada Divisi Corporate Finance (first come first served). Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan dipenuhi semua, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter). Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0 Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas) ▪

Nama & Kode Nasabah

:

▪

No. KTP. / SIM

:

▪

Alamat sesuai KTP. /

:

Kode :

SIM ▪

No. Telp./HP/Fax

:

▪

Alamat email

:

▪

Jumlah Pesanan

:

▪

Total Nilai Pemesanan

: Rp.

lembar

(

lot)

Tempat dan Tanggal : ....….…………,………….., …… Kantor Cabang / Sales :

Nasabah :

(…………………………………….)

(…………………………………….)

Nama & Tanda-tangan

Nama & Tanda-tangan

Steel Pipe Industry of Indonesia Tbk The Largest Steel Pipe Producer in Indonesia in Terms of Production Volume

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