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Synergy from the merger Chandra Asri Petrochemical (TPIA), which was recently formed early this year through a merger between Chandra Asri and Tri Polyta Indonesia, has become the largest integrated olefins and poly olefins producer in Indonesia, providing a distinctive edge by possessing the only naphtha cracker in Indonesia with an integrated set of downstream-chain.

Reinstate coverage with Neutral call, TP: IDR21,150 , potential upside: -6.2%. We reinstate coverage on PTBA with a neutral call, with our TP implying a 17.1x-12.5x FY11-12f earnings. PTBA’s value hinges on its ability to execute its long-term projects that will rapidly increase the utilization of its vast coal reserves. But until more certainty emerges.

Overweight on the sector We initiate coverage on the coal sector with a positive view reinforced by the strong earnings growth momentum, exciting demand-supply dynamics and Indonesia’s strategic position in the global seaborne coal market. The coal companies under our coverage are projected to deliver earnings growth of 67% – 46% in the 2011-2012 period,.

COMPANY PROFILE Indopoly is a producer of plastic packaging film, Biaxially-Oriented Polypropylene (BOPP). Starting 2011, Indopoly also produces Biaxially-Oriented Polyester (BOPET). The products are mainly used for consumer product packaging such as food and cigarettes. Indopoly start commencing its first operational activities in 1996. In 2009, Indopoly acquire Yunnan Kunlene and Suzhou Kunlene, both also.

Supported by adequate coal reserves and in-place coal processing and handling infrastructure, Resource Alam Indonesia (KKGI) is set to continuously ramping up its coal production volume in coming years. The company has an internal estimate coal reserves of 73m tonnes that translates to life-of-mine of 20 years. Production for 2011 is slated to reach 3.6m.

Mitra Bahtera Segarasejati (MBSS) provides cost-effective and reliable sea and river based coal transport to Indonesia’s top tier coal producers, which are reaping the benefits of rising domestic and global demand for Indonesia’s coal. Equipped with a sizable and modern fleet of tugs and barges as well as floating cranes and a well-trained workforce, MBSS.

Strengthened production arm IPOL targets to finish the installment of 20,000 tonnes new annual production capacity for new products, biaxially-oriented polyester (BOPET), in May. After commencement of the new plant, IPOL’s production capacity will increase by 25%. IPOL current annual capacity is at 80,000 tonnes for BOPP product line. The company expects the new machine.