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Kamis, 27 Januari 2011

Mandiri Sekuritas CNKO: A PLN proxy

Exploitasi Energi Indonesia (CNKO) has successfully completed its first 2x7-MW BOO (Build, Operate, Own) coal-fired power plant in West Kalimantan. CNKO has additional two 2x7-MW power plants under construction whose completion is expected in 2012. Aside from power plants, CNKO is also coal contractor for PLN, with 2.5Mt annual contract.  CNKO is currently owned by the family of Andri Cahyadi with 52% ownership through various entities. CNKO trades at 1.0x  9M10 P/BV, with FY10F and FY11PE R of 9.4 x and 4.1x respectively, according to the company’s estimates.

Supplying PLN. CNKO currently has two contracts with PLN and its subsidiaries. The first contract is for 4Mt for 4 years (5000 kcal) with Indonesia Power valid until 2012, and the second contract is with PLN for 7.5Mt for 5 years (4200 kcal). Around 700,000 ton of coal annually is mined from its own mine which has mineable resources of 11 Mt, and the remaining will be supplied from its partners in which CNKO is the mine operator. CNKO estimated a net margin of US$10/ton from its own mine (assuming average sell ing pric e of Rp670k/ton for 4800 kcal), and US$6-7/ton margin from its coal trading business.

Owning a jetty. CNKO also owns a jetty with loading capacity of 3 Mt annually. The jetty is operated by Pamapersada subsidiary and now is under contract with Arutmin. CNKO earns Rp5,000/ton of toll fee, net of cost.

Owning and operating power plants. CNKO will be paid a levelized fee of Rp367/kwh for 25 years with the first 5 years at Rp500-600/kwh. PLN will guarantee the coal sourcing and CNKO will be paid for its plant operation. Investment cost for 2x7 MW was US$16mn and IRR of the project is 15%. CNKO is currently building 2x7 MW power plants in Rengat and Tembilahan, Sumatera.

Future growth. Growth will be provided by the power plants expansion and increase in coal trading business. Under its affiliates, CNKO has also obtained coal supply contract for PLN (amount undisclosed) and operating 2 sets of tug and barges with additional 8 sets to be available by end 2011. The company estimates net profit of 2010, 2011, and 2012 at Rp70.5bn, Rp161.8bn, and Rp391.8bn, respectively.
Posted by Saham Pilihan at 09.03

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