Analyst Sarina takes a look at Jababeka. She is putting this stock “under review” given the uncertainty on the power plant fate - KIJA is trading at 76% discount to NAV
The positive:
The 10ha Bekasi dry port was finally inaugurated last week. This would boost company revenues by US%5-10m per annum
Banks have allowed KIJA to draw down the remaining US$45m, one step closer to completion of the power plant
Good marketing sales in 2Q2010. Sales from industrial land plots was up 150% QpQ. The 1H2010 marketing sales has almost met our FY2010 target
But here’s the negative….
Power plant project is still uncertain – The US$45m drawdown will be prioritized for the bridging loan, not to complete power plant
Emergency contract with State-owned Power company PLN ended last month July 2010. As long as KIJA has not secured long-term sales contract from PLN, divestment of the power plant remains a possibility
As of June2010, KIJA has US$5m in cash withUS$140m in debt. 70% of the debt is related to the power plant, translating into net gearing of 75%
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