• TB Bukit Asam will allocate 40% of its Rp1.40tn capex or equal to Rp560.0bn for acquisition purpose. The company is currently eyeing a coal site in Kalimantan and cites that it has finished the due diligence process. The company added that another site that is still under the feasibility study.
• The company prefers to acquire a greenfield mine and will use its huge internal cash to support the acquisition plan.
• Separately, the company said its sales volume this year will reach 15.5mn tons despite a few setbacks in 1Q10 that dragged the company’s sales volume to 3.2mn tons compared to 3.8mn tons in 4Q09.
• We view the company has ample capability in term of funding and will provide TB Bukit Asam with larger opportunities to expand its business through acquisition and running its existing project at the same time. The company currently has Rp5.5tn of cash which would provide adequate support for the company’s plan.
• Currently PTBA is trading at 2010F PER of 17.8x and EV/EBITDA of 15.4x, Buy.
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