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Jumat, 17 Juni 2011

Buy Intraco Penta (INTA): 1Q11 audited results showing 59% sequential growth in sales, on-track to double PBT in year 2011 - JPM

On year-on-year basis, INTA has doubled its sales and EBIT, while EPS grew by 165% in 1Q11. The company is benefiting from the mining investment boom and its new capacity to provide financing (recent LC lines and fresh loans), boosting its heavy equipment unit sales. For the full year, INTA targets to increase unit sales by 55%, from 835 to 1,293 units. The company appears to be on-track to hit its full year 2011 profit target of Rp155bn, or 9.7x P/E.

What’s exciting is that INTA’s 1Q11 results have been audited, suggesting that its rights issue and coal mine acquisition deal may happen in the next 3 months. I suspect the deal structure may involve an effective share swap, between INTA shareholders and the coal mine selling party. INTA’s share price still appears cheap compared to the negotiated value of the target coal mine of US$2-3/ton of reserves, with around 100mn tons of JORC certified reserves.

If successful, the acquisition would give INTA the benefits of integrating its heavy equipment sourcing and mining contracting expertise into a relatively big coal mine operation, giving it the financial scale and long term earnings stability. In the medium term, INTA shareholders may benefit from the re-rating of brown-field to fully operational coal mine valuation, from US$2-3/ton to above US$10/ton. BUY.

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