Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

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).

Tidak ada komentar:

Poskan Komentar