It is reported that Antam is ready to start its FeNI IV project. The news also cited that the company is currently exploring opportunities to cooperate with overseas companies on this Rp11.16tn project.
The first phase of this project requires an initial investment of Rp5.60tn, thus Antam needs to find a partner on FeNI IV.
We prefer to wait for the official release from Antam, as the company has not found a partner on this project since last year. Initially, FeNI IV development is scheduled to start in 2011 and commence in 2014.
Currently, ANTM is trading at 2010F PER of 16.1x and EV/EBITDA of 8.3x, Buy.
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