Kategori: Mining

MEDC possesses expansive O&G upstream assets portfolio in both domestic and international markets Its assets span beyond Indonesian blocks to sites in USA, Libya, Yemen, and Oman. MEDC also engages in downstream businesses, renewable energy, power generation and recently coal mining. We view MEDC’s recent cost leadership, production initiatives, and diversified portfolio in energy-related businesses.

Emerging new core business. Currently, the group’s earnings are predominantly contributed by its subsidiaries, Cipta Kridatama (~43% earnings contribution – contract mining) and Sumberdaya Sewatama (~16% – power solutions). However, in the long run, we expect ABMM’s subsidiary, Reswara (currently contributing only 9% to group earnings), to be the backbone of ABMM’s consolidated business. We.

Weak demand from China will negatively impacted KKGI’s sales volume As mentioned in the Coal Asia Magazine (Jul-Aug’12 edition), stockpile in one of China’s biggest coal port, Qinhuangdao, already hit the highest level since the 2008 crisis. By June, the stockpile has reached 9.4m tonnes, already close to the 10.1m tonnes capacity. Noted that coal.

PTBA exposure in the domestic market provides a stable cushion during difficult export market condition, therefore able to generate more stable profitability compared to its more export oriented peers. Recently announced 1H12 performance reveals that ASP remains stable despite weaker global price benchmark. We pick PTBA as one of our top picks in the sector.

Leveraging on the Trakindo Group. ABMM’s major shareholder the Trakindo Group (Hamami Family) – which is also the sole distributor of Caterpillar heavy equipments since 1971 – has an established reputation and strong brand recognition in Indonesia. ABMM’s strong relationship with Trakindo would allow the former to gain access to financial resources, timely market intelligence,.

Bad weather disrupts production In 1Q12, coal production volume only reached 0.9m tonnes (-11% q-o-q), which leaves KKGI with a lot of catching up to do to achieve our previous full-year estimate of 6m tonnese. Hence, we are lowering our volume assumption by 8% and 13% for FY12 and FY13 each respectively to 5.5m tonnes.

PTBA 1Q12 earnings were up by 15% q-o-q and 14% y-o-y, in line with both our estimates and consensus. For the quarter, sales volume registered a 7% q-o-q jump to 3.9m tonnes and coal production volume stood at 3.4m tonnes. Blended ASP was relatively flat on a q-o-q basis but was 4% higher on a.

Company background Petrosea (PTRO) is one of Indonesia’s leading coal mining contractors, with a 40-year track record. Ranked sixth in terms of overburden removal, PTRO lays claim to being the only local company providing complete pit-to-port mining solutions. The company is 69.8%-owned by Indonesia-listed energy company, Indika Energy (INDY). Its mining contract business accounted for.

Company background Petrosea (PTRO) is a long established company with over 40 years of vast experience and along the way has built strong recognition as one of the Indonesia’s leading coal mining contractor ranked at 6th place in terms of overburden removal. PTRO claims to be the only local company which provides a complete pit-to.

KKGI reported a net profit of IDR450bn for FY11, representing a 19% q-o-q decline but a 171% y-o-y increase. This figure undershot our and consensus expectations, largely due to a slight drop in sales volume and accrual expenses incurred in 4Q. Overall, the top line performance is satisfactory but in view of the lack of.