>>MSCI – Two additions to MSCI Indonesia: Charoen Pokphand Indonesia (CPIN) and Kalbe Farma (KLBF). Estimated buying volume for CPIN is 43.5mn shares, for KLBF is 133mn shares.>>>
"إِنَّا مَكَّنَّا لَهُۥ فِى ٱلْأَرْضِ وَءَاتَيْنَهُ مِن كُلِّ شَىْءٍۢ سَبَبًۭا فَأَتْبَعَ سَبَبًا Sesungguhnya Kami telah memberi kekuasaan kepadanya di (muka) bumi, dan Kami telah memberikan kepadanya jalan (untuk mencapai) segala sesuatu, maka diapun menempuh suatu jalan." (QS. AL KAHFI:84-85)
>> Saham Agung Podomoro Dilepas Rp365 per Unit >>> INDY: After mkt close the major shareholders placed out a USD 200m block of stock, or about 10% of cap at 3675 (range 3600-3725) at a 5.7% discount. The placement was said to be 3X subscribed to.

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Minggu, 19 September 2010

NISP TB Bukit Asam signs long term contract with PLN (PTBA, Rp18,900, Buy)

· TB Bukit Asam signed a 20-year contract to supply an additional 14.5 million tons of coal a year to Perusahaan Listrik Negara (PLN). TB Bukit Asam currently supplies 8.1mn tons coal to PLN, 6.1mn tons of which are conveyed to Suralaya power plant and the balance are for Tarahan and Bukit Asam power plants.
· TB Bukit Asam added that it will start to fulfill the contract after the company completed its railway project in order to boost logistic capacity.
· There is no further explanation when this contract will be started, however, we foresee this is prepared to support PLN’s 10,000 MW project.
· Nevertheless, despite no further details, we see this contract is very positive for TB Bukit Asam. With this secured demand for its coal, the company’s railway projects are becoming bankable where the company could utilize the contract to obtain financing to support the projects.
· Currently, PTBA is trading at 2011F PER of 14.9x and EV/EBITDA of 12.9x, Buy.

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