Indika Energy is currently in the process of negotiating some US$700mn
worth of new engineering contracts via its Tripatra Engineering group.
This is part of the close to US$2bn worth of bidding activities being
conducted by Indika this year. We consider this to be vital for Indika
since its Tripatra order book is running thin (US$184mn) and is expected
to be exhausted by year end.
Aside from this, Indika and its partners (Marubeni, Komipo, Samtan) are
also working out a deal to secure some US$500mn of syndicated loans to
fund the US$821mn Cirebon Electric Power Project, wherein Indika
Energy has 20% stake. So far, the company has invested a total of
US$35.2mn in the project as of Jan09. Kideco, Indika’s coal unit is set to
be one of the coal suppliers of this 660MW power plant project, slated
for completion in 2011.
We maintain Buy on the stock, which currently trades at PER09x of 5.5x
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