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STOCKS NEWS INDONESIA-CLSA initiates Alam Sutera with buy

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CLSA Asia Pacific Markets started coverage of PT Alam SuteraRealty Tbk with a 'buy' rating and a target price of650 rupiah, as the real estate company is expanding its landbank with a strong pent-up demand for new projects.

"Asri added 90 hectares of land in Serpong this year for a300 hectares total. The lifespan of the land development shouldbe seven to eight years and it may acquire another 100 hectaresin 2013," CLSA said in a note on Thursday.

The research house noted that the 2,600 hectares of land inPasar Kemis will be the "key growth" driver for the company inthe coming years.

Alam Sutera will open its Serpong mall in December 2012 andit is also venturing into commercial projects, which offer hugepotential, the brokerage said.

CLSA said Alam Sutera stock price reflects only Serpong'sland value as it is trading at a 9 percent discount to its netasset value, implying a good entry point.

The property developer's shares were up 1.03 percent at 490rupiah, while the broader index was down 0.4 percent.

1400 (0700 GMT)

(Reporting by Andjarsari Paramaditha, Editing by Anand Basu)((andjarsari.p@thomsonreuters.com)(+62 21 3199 7170)(ReutersMessaging: andjarsari.p.thomsonreuters.com@thomsonreuters.net))

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10:40 STOCKS NEWS INDONESIA-Pelayaran Nelly soars on debut

Shares in Indonesian shipping firm PT Pelayaran Nelly DwiPutri Tbk gained as much as 45.8 percent after itstrading debut on Thursday.

Pelayaran Nelly was the seventeenth company to list on theIndonesian stock exchange this year. Its IPO, which aimed toraise 58.5 billion rupiah ($6.10 million), was priced at 168rupiah a share. Most of the proceeds will be used to buy newships and for business expansion.

The stock was trading at 188 rupiah with a volume of 103.7million shares traded. The Jakarta Composite Index wasdown 0.17 percent.

($1 = 9,592 rupiah) 1029 (0329 GMT)

(Reporting by Andjarsari Paramaditha,Editing by Sunil Nair)

((andjarsari.p@thomsonreuters.com)(+62 21 3199 7170)(ReutersMessaging: andjarsari.p.thomsonreuters.com@thomsonreuters.nett))

Keywords: MARKETS INDONESIA STOCKSNEWS/ALAMSUTERA