TB Bukit Asam is reported to have obtained a partner for its 4x600 MW mine mouth power plant project at Banko Tengah. The partner is Lanco Infratec, one of the largest infrastructure companies in India. Despite no confirmation, PTBA admits that it is currently planning to develop a US$3.0bn power plant project in Tanjung Enim.
Previously, the project is in Power Purchase Agreement (PPA) phase, with PLN acting as buyer for this 12mn tons annual coal consumption project. Current partners are China Huadian, PLN, Truba and local government.
We still wait for the update of this project, as along with Banjarsari mine mouth power plant and new railway projects, the project will be the key driver for TB Bukit Asam’s growth in the future.
Currently PTBA is trading at 2011F PER of 12.9x and EV/EBITDA of 11.4x, Buy.
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