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Sunday, Apr-20 2014 20:58 WIB
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UNSP Menimang Keberuntungan dari Oleokimia
Published: 25 Jan 2012 05:24 WIB


Ilustrasi
IMQ, Jakarta —  Pajak ekspor produk kelapa sawit di Tanah Air yang semakin kondusif membuat PT Bakrie Sumatera Plantation Tbk (UNSP) menerima manfaat peluang yang besar bagi industri kelapa sawitnya.

UNSP juga memiliki kesempatan untuk menangkap sinergi dari produksi hulu guna menambah nilai derivatif hilirnya. Saat ini, UNSP mengelola lebih dari 125.000 hektar dengan mengoperasikan 12 pabrik berkapasitas 715.000 metrik ton per tahun yang menghasilkan kombinasi hulu dan hilir produk sawit mentah, yakni kernel, karet, dan bahan kimia oleo.

"Untuk melanjutkan tren pertumbuhan pada tahun depan dengan mengharapkan hasil tandan buah segar (TBS) secara bertahap dapat memperkecil kesenjangan dengan industri sejenis," demikian riset e-Trading Securities edisi Januari 2012.

Di samping itu, portofolio UNSP juga semakin bertambah dengan adanya oleokimia. e-Trading percaya permintaan Asia untuk produk oleo akan terus bertumbuh berkisar 5-7%. Industri oleokimia tentunya memberikan nilai tambah 40%, selain CPO dan PKO.

"Dengan marjin di atas 15%, oleokimia juga menaikkan pendapatan dengan menerima insentif pajak," tuturnya.

CPO dan PKO menerima kebijakan pajak progresif di atas US$1.250, sementara produk-produk kilang dengan harga acuan di atas US$1.250 antara 10-15%, namun tidak ada pajak untuk produk fatty alcohol.

Saat ini, UNSP terdaftar sebagai perusahaan dengan wilayah terbesar penanam karet, sekitar 18.477 hektar. Karet produksi perseroan sepanjang 2010 meningkat signifikan, atau kira-kira 62% dibandingkan dengan industri karet di Tanah Air. Alhasil, penjualan karet memberikan kontribusi sekitar 26,7% dai total penjualan UNSP.

Tingkat pertumbuhan tahunan UNSP selama lima tahun terakhir skeitar 20,5% dan dalam satu tahun pertumbuhannya berdasarkan data Bloomberg adalah 29,21% mengalahkan rata-rata industri yang berada di level 16,01% dengan marjin yang signifikan 13,20%.

"Pendapatan ini dipacu tingginya gearing karena UNSP sempat terlilit utang dalam proses untuk akuisisi, khususnya fokus pada oleokimia," terangnya.

Selain itu, tuntutan produk oleokimia di masa mendatang akan besar sehingga dibutuhkan dana untuk pengembangan produk tersebut. Produk ini pun dianggap cukup positif bagi perseroan.

"Mengingat harga buku UNSP 0,44 kali dibandingkan dengan rata-rata industri sejenis 2,28 kali, maka kami percaya UNSP cukup menarik dengan gearing yang tinggi di industri perkebunan," tuntasnya.
Author: Susan Silaban
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