Rabu, 06 April 2011
Bukit Asam : CBM venture drilling the first hole (PTBA, Rp22,300, Buy, TP: Rp23,950) - Mandiri
Bukit Asam Metana Enim, a subsidiary of PTBA in a JV together with Pertamina PHE (each has 27.5% share in the JV) and Dart Energy (45% of JV) is commencing its first drilling for CBM Pilot to Power Project. It is expected to start fully operated in 2013 with a capacity of 50 MMSCFD. Initial indication of Gas in Place was 0.8 TCF with firm indication expected to be known after firm commitment exploration in 2012. We have not put any earnings estimates for the project. PTBA is currently trading at FY11F and FY12F PER of 15.0x, and 11.4x, respectively, with EV/EBITDA FY11F and FY12F of 10.9x, and 7,7x, respectively.
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