• TB Bukit Asam’s has received loans commitment to support its plan on Banko Tengah mine mouth power plant project. The company said that currently one overseas bank from China has agreed to support this US$3bn project and ready to provide up to 70% of funding.
• With this support, the company still has one more agreement that needs to be settled, which is the power purchase agreement to PLN.
• The company aims to commence the project in 2014 which will contribute an additional 12mn tons of coal sales per annum. As such, the company’s coal sales volume in 2014 would reach more than 40 mn tons, supported by the existing railway capacity of 22.7mn tons, the commencement of new railway of 7mn tons and this mine mouth power plant.
• TB Bukit Asam also has another mine mouth power plant project, which is Banjarsari, with coal consumption of 1mn tons per year. This project is also in negotiation phase with PLN regarding the electricity tariff.
• All in all, TB Bukit Asam has the driver to boost sales volume and also backed by healthy financial structure and favorable cash turnover. Thus, with current 2010F valuation PER of 17.8x and EV/EBITDA of 15.4x, we still maintain Buy.
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