• TB Bukit Asam has signed an agreement for its new railway project that will connect Tanjung Enim and a new port at Tanjung Api Api, South Sumatera. This 270km railway project involves TB Bukit Asam, Adani Group and South Sumatra Provincial Government. Adani is an India based company specializing in power, infrastructure, global trading, logistics and energy.
• This is a completely new project apart of the company’s railway project with Rajawali and China Railway Engineering. This project will connect Tanjung Enim to Palembang, while project with Rajawali and China Railway Engineering connects Tanjung Enim with Lampung.
• From the brief explanation, we find that Adani will provide the whole US$1.65bn funding, which makes the group own 98% stakes in this project. TB Bukit Asam will supply the 34mn tons coal per year through this new infrastructure.
However, there are no further explanations explaining whether Adani has exclusive right for the coal or will only collect the fees from the railway, uploading and unloading activities and port fee.
• Initial estimates showed this project will be able to bear 34mn tons capacity and will commence in 2014. Hence, this is positive for TB Bukit Asam as it would make the company one of the largest coal producers in Indonesia. In addition current existing projects already bear 60.7mn tons coal capacity per year. With this new project, the company’s maximum logistic capacity will reach 94.7mn tons, which will provide access to TB Bukit Asam’s abundant reserves.
• Currently PTBA is trading at 2011F PER of 13.2x and EV/EBITDA of 11.6x, Buy.
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