The collapse of a section of Jl. RE Martadinata in Tanjung Priok, North Jakarta, more than 100 meters, which is the artery road that connects area getting to Tanjung Priok Port should be perceived as a blessing in disguise condition for the newly Cikarang Port owned by KIJA.
We view the recovery of the road collapse would take for at least 3 months, which hamper the running businesses in Tanjung Priok that lead them. The prospective investors may look for an alternative area, hence comes to the benefit of KIJA’s Cikarang Dry Port as the only alternative place. Yet, in addition, the about to complete railway connection on Cikarang Dry Port to Tanjung Priok, which expected to be at end of November, might also add some thoughts for the movement consideration.
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. We call a buy for KIJA, currently trading at 74% discount to our NAV.
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