· Antam will start its CGA project next year as the company has signed the engineering, procurement and construction (EPC) agreement yesterday. This US$450mn project involves Wijaya Karya (WIKA, Rp590), Nusea, Tsukishima Kikai Co. Ltd., and Indonesia Chemical alumina (owned by Antam and Showa Denko).
· The construction is scheduled to start in 1Q11 and the facility is expected to commence in 1Q14. The project will bear 300k ton CGA production capacity, 200k tons of which is exclusive for Showa Denko and will be shipped to Japan . Meanwhile, the balance will be allocated for domestic market.
· The progress is positive for Antam despite the impact would not be imminent.
· Currently ANTM is trading at 2011F PER of 11.2x and EV/EBITDA of 5.8x, Buy.
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