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Kamis, 07 Juli 2011

United Tractors (UNTR IJ) Secured a coal mine in Sount Sumutra - CLSA

UT, through its subsidiary, Pama, acquired 20% stake in Bukit Enim Energi which owns a concession in Muara Enim, South Sumatra with reserve of 110m tonnes (4,500-6,000kcal)
Acquisition cost is US$21m for the 20% stake which implies ~US$1 per tonne reserve. This is financed from their recent rights issue of US$700m, out of which 50% will be used for acquisitions.
We think this is reasonable pricing given it is still a green field investment. UT will have to build the infrastructure as well.
The mine is expected to start production in 2 years with 500,000 tonnes pa initial production and to be ramped up to 7m tonnes pa.
Post this acquisition, UT now doubled its reserve to 200m tonnes. The target is to increase reserve to 400m by 2020. UT this year is expected to sell 4.5m tonnes coal from their existing mines, DEJ and TTA.
Separately, UT is in finalization process of acquiring another mine in Central Kalimantan of 150m tonnes reserve of 5,800-6,000 kcal. This deal is expected to be completed end of this month
UT also wants to increase its stake in Asmin Bara from 30% to 60%. Asmin was purchased earlier this year. Reserve is 40m tonnes, near UT’s current mine TTA in Central Kalimantan. Production is expected to start in a year. UT paid US$40m for the 30% stake, implying US$3 per tonne reserve. The increase of stake in Asmin will require another US$40m, to be financed from the rights issue proceed as well. The transaction is expected to be completed in 2-3 months.
Maintain Buy on UT, now trading at 14.5x PE12, with 20% earnings cagr in the future. As more mines got acquired and start production, there will be upside to its future earnings (2013-onwards).

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