Anything is possible [?] On Fri, Jan 8, 2010 at 9:50 PM, B_ND <nyaham.d...@gmail.com> wrote:
> > > Bisa jadi PTBA ke-2 nya pak Rei nih!! > > Salam, > > On Fri, Jan 8, 2010 at 10:28 PM, <highwaysta...@gmail.com> wrote: > >> >> >> Sent from my computer of course! >> ------------------------------ >> *From: * dani...@aaasecurities.com >> *Date: *Fri, 8 Jan 2010 09:37:06 +0000 >> *Subject: *Fw: ADRO - The Rise of Envirocoal >> >> Sent from my BlackBerry® >> powered by Sinyal Kuat INDOSAT >> ------------------------------ >> *From: * "Herman Koeswanto" <herman.koeswa...@aaasecurities.com> >> *Date: *Fri, 8 Jan 2010 16:18:04 +0700 >> *To: *Herman Koeswanto<herman.koeswa...@aaasecurities.com> >> *Subject: *FW: ADRO - The Rise of Envirocoal >> >> >> >> >> >> *Herman Koeswanto* >> >> - Research Division - >> >> >> >> *PT Andalan Artha Advisindo Sekuritas* >> >> Artha Graha Building 26th Floor >> >> Jl. Jendr. Sudirman Kav 52 - 53 >> >> Phone +6221 5152640 >> ------------------------------ >> >> *From:* Ciptadana Research [mailto:ciptadanaresea...@ciptadana.com] >> *Sent:* Friday, January 08, 2010 2:42 PM >> *Subject:* KI : ADRO - The Rise of Envirocoal >> >> >> >> PT Adaro Energy >> >> The Rise of Envirocoal >> >>  >> >> We are initiating our coverage on PT Adaro Energy (Adaro, JCI code: ADRO) >> with a *BUY* recommendation at *TP of Rp 2,450/share*. Adaro is currently >> Indonesia’s second largest thermal coal producer, operating the largest >> single coal mine in Indonesia, and one of the lowest cost coal producer in >> the world. Last year, the company was able to re-price their legacy >> contracts, thus, average selling price jumped significantly >> y-o-y—supporting FY09 performance. While 2009’s performance is driven by >> price increase, we believe sales volume will drive Adaro’s performance in >> 2010 and going forward. As power sector’s appetite for Envirocoal is >> growing, the company is expanding to boost production by 77.8% in five-years >> to 80Mt. Using DCF valuation with 11.0% WACC and 3.0% growth rate, we come >> up with a 12-month target price of Rp 2,450/share. Currently trading at Rp >> 1,840/share, our target price provides a 33.2% upside. >> >>  >> >> *Increasing demand for Envirocoal* >> >> With only one mine in operation, Adaro’s business model is very simple >> as they only have one product—i.e. Envirocoal. Envirocoal is one of the >> cleanest fossil fuels in the world. It has ultra low sulphur, ash and >> nitrogen contents. Today, the demand for Envirocoal is growing as people’s >> concern about environmental issues towards coal usage emerged. Envirocoal >> can be used especially where environmental restrictions are strictly >> controlled or as blending agents for coals with high ash and sulphur. With >> the unique qualities of Envirocoal, it become the most environmentally >> acceptable and cost effective solid fuel available. >> >>  >> >> *Possible winner of BHP Billiton’s coal mine in Maruwai* >> >> Recent media reported that Adaro has been chosen by BHP Billiton as their >> strategic partner in running its coal mine in Maruwai, Central Kalimantan. >> The news has not been confirmed with BHP, however, it is suspected that >> Adaro is BHP’s main option for technical and strategic reasons as >> Adaro’s mine location is close Maruwai. Official announcement from BHP is >> expected in the near future. Acquiring 25% of Maruwai coal mine will be a >> positive catalyst for the share price. >> >>  >> >> *Target Price: Rp 2,450/share, BUY* >> >> With 3.5 bn tones of coal resources and 38.5Mt of coal production in 2008, >> Adaro is the second largest thermal coal producer in Indonesia. Aside from >> trying to boost production, going forward Adaro is planning to build a mine >> mouth power plant and an overland conveyor to lower costs. At our target >> price, Adaro’s P/E 2010 and 2011 is 21.6x and 13.2x, respectively. >> Currently-at 3.1x P/BV 2010-the company is trading with one of the lowest >> P/BV compared to its Indonesian peers. Risks to our valuation include the >> volatility of International coal prices, the ability of the company to >> obtain high selling price, timely completion of on-going projects and the >> weather as it affects operational performance. >> >> >> >> -- >> Regards, >> Research Department >> PT Ciptadana Securities >> Plaza ASIA Office Park Unit 2 >> Jl. Jend. Sudirman Kav.59 >> Jakarta 12190 >> Phone : 62-21 2557 4920 >> Fax    : 62-21 2557 4900 >> >> *DISCLAIMER* >> This email may contain privileged and/or confidential Information intended >> only for the use of the addressee. If not, or you are not the person >> responsible for delivering it to the person addressed, you may not use any >> part of it, forward, disclose, copy or deliver this to anyone else. If you >> receive this email by mistake, please immediately delete it from your system >> and notify the sender by return email. Internet communications can not be >> guaranteed to be timely, secure, error or virus free, the sender does not >> accept any liability for error or omissions. The information contained in >> this email and/or report is not be taken as any recommendation made by PT. >> Ciptadana Securities or any other member of the Ciptadana Capital. This >> email and/or report are prepared in general circulation. It does not have >> any intention to the specific person who may receive this email and/or >> report. In considering any investments you should make your own independent >> assessment and seek your own professional financial and legal advice. >> >> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ >> ~~~ Message has scanned by AAAS Mail Security Gateway ~~~ >> ~~~ No virus found in this incoming message ~~~ >> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ >> >> >> >> > > -- Sent from my coal-powered phone.
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