Bloomberg reports that Bukit Asam (PTBA IJ) raised prices for two power plants in Sumatera by as much as 45%. PTBA also increased supply prices for SOE PLN.
Here are comments by analyst Olie:
Bukit Asam, reportedly, has received price escalation of 45% YoY for coal supplied to PLTU Bukit Asam and 20% YoY for that supplied to PLTU Tarahan. Note that Bukit Asam sells around l.2m tonnes to PLTU Bukit Asam and 800kt to PLTU Tarahan, represensting some 15% of our full year sales target of 14m tonnes.
This comes in better than our expectation, as the average price increase would therefore be 35% YoY in 2009 compared to 10% assumed in our model. We believe the price increases have been positive surprise to consensus as well.
We are looking at potential for 5% to 8% adjustment to our 2009 and 2010 earnings forecasts. The counter currently trade at PER09 of 8.0x and PER10 17.0x. Maintain O-PF.
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