· Aneka Kimia Raya Corporindo won a public service obligation tender held by BPH Migas to 32.7mn kl fuel. The company itself will distribute as much as 103,000 kl and plans to add 33 fuel stations until the end of this year.
· The new stations will be located nation wide. AKRA will use its internal cash to fund the construction. It is estimated one station costs between Rp700mn to Rp3bn or total Rp23.1-Rp99.0bn. AKRA currently has Rp548.0bn in cash, which is more than enough to finance this project.
· Revenue from the new stations will start to contribute next year. The fuel distribution business is expected to contribute 70.0% of AKRA revenue.
· AKRA is trading at 2011F consensus PER of 10.5x and EV/EBITDA of 6.9x.
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