Hatta Rajasa,the coordinating minister for the economy,said on Saturday that the first phase of construction railway connecting Cikarang Dry Port, owned by KIJA which brokeground last Saturday,August 28,2010, with Tanjung Priok Port could be completed within three months.The completed railway is expected to increase industry productivity and capacity having faster delivery.Additionally,the public works ministry set to complete construction of the flyover connecting the main high-way straight to the main dry-port hub by end of this year.
Cikarang Dry Port serves as an extension of Tanjung Priok,located on 10ha area of land with 150k TEUs capacity,extendable up to 150ha.Upon reaching TEUs of 276k throughput units by 2012,net income contribution from the dryport is expected to be about US$5mn/year.Note that our TP of Rp265 excludes any contribution from the dry port which we see as an additional catalyst in the 2-3 years.We maintain buy,trading at 74% discount to NAV10.
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