· TB Bukit Asam is allocating Rp1.00tn of budget for loading port facility in Lampung in order to support the company’s Tanjung Enim – Lampung railway project. The company cited that the plan is currently in preparation phase and expects to build the port next year.
· The commencement schedule is in 2013 and at full capacity the port can handle 25mn tons of coal per annum.
· This project is part of the company’s target to achieve 70mn tons of coal production in 2016. TB Bukit Asam will use its internal cash for this Rp1.00tn project as the company sees it still has an ample cash position.
· We view this as a progress of the company long term projects, including three railway projects that would unlock TB Bukit Asam’s ability to access its abundant reserves. Currently, TB Bukit Asam holds 2.0bn tons of coal reserves or equal to 29.4% of total coal reserves in Indonesia.
· PTBA is trading at 2011F PER of 15.8x and EV/EBITDA of 10.3x, Buy.
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