New Locomotives Boost PTBA’s Performance

16 Apr 2013

By Parluhutan Situmorang 

An Additional of 20 railroad locomotives might increase the volume of the coal shipment of PTBA. This year, the company's revenue is predicted to grow 8.7% to USD12.5 billion compared to the revenue of the last year amounted to Rp11.5 trillion. 

 20 lokomotif kereta api tambahan dapat meningkatkan volume pengiriman batubara dari PTBA. .

PT KAI previously received an additional 20 railroad locomotives to transport coal in South Sumatra. The delivery of locomotives during March-April 2013 was part of adding 40 locomotives in total, throughout this year.

 PT KAI sebelumnya menerima tambahan lokomotif kereta api untuk mengangkut 20 batubara di Sumatera Selatan. Pengiriman lokomotif selama Maret-April 2013 adalah bagian dari penambahan 40 lokomotif .

CIMB Securities analyst, Erindra Krisnawan revealed that the punctual presence of those locomotives turns out to be a positive surprise of the prospect of PTBA’s coal sales volume in 2013. This additional of 20 locomotives seems to exceed the expectations of the company's sales this year.

 Analis CIMB Securities, Erindra Krisnawan mengungkapkan bahwa kehadiran tepat waktu dari  lokomotif mereka ternyata menjadi kejutan positif dari prospek volume penjualan batubara PTBA di tahun 2013.

The positive sentiment also comes from the agreement of the average selling price of coal to PLN for coals supply to the Suralaya’s Coal-fired Power Plant (PLTU). Determination of the average selling price PLN can be a good sign for performance and flow of PTBA’s share price in future, Erindra said in his research recently.

 Sentimen positif juga datang dari kesepakatan harga jual rata-rata batu bara ke PLN untuk batubara pasokan ke Suralaya yang berbahan bakar batubara Pembangkit Listrik (PLTU). 

Those two main issues emphasize the assumption of CIMB Securities about the raise of PTBA’s profit targets that reach approximately 5-11% during 2013-2015. Share price is also targeted to increase up to Rp17,700 based on the outperform recommendation. In fact, this foreign securities company already sets PTBA as the top choice for coal mining sector. The average PTBA’s selling price to PLN was equal to 7% lower than the selling price last year that reached USD72 per ton. "The average selling price is lower than last year's realization. However, the price is better than realization of first quarter in 2013 at the level of USD66 per ton,” Erindra wrote. The Shipment of 20 new locomotives pushed CIMB Securities to raise its target sales volume of PTBA by 5% to 18.4 million tons. however, the target is still lower than the management projections about 20.6 million tons, the assumption of sales volume might reach 20.6 million tons. According to him, the net profit per PTBA’s share potentially increase approximately 22% during 2013. The growth in share prices also reflects on the company's coal reserves, low production costs, and domination in domestic coal market. "Those superiority which make PTBA has defensive shares compared to rest in the coal mining sector," Erindra explained.

 Kedua isu utama menekankan asumsi CIMB Securities tentang kenaikan laba target PTBA yang mencapai sekitar 5-11% selama 2013-2015. Harga saham juga ditargetkan meningkat hingga Rp17,700 berdasarkan rekomendasi outperform. Bahkan, perusahaan sekuritas asing ini sudah menetapkan PTBA sebagai pilihan utama bagi sektor pertambangan batubara. Harga jual rata-rata PTBA untuk PLN adalah sebesar 7% lebih rendah dari harga jual tahun lalu yang mencapai USD72 per ton. "Harga jual rata-rata lebih rendah dari realisasi tahun lalu. Namun, harga lebih baik dari realisasi kuartal pertama tahun 2013 di level USD66 per ton.

Meanwhile, Deutsche Bank Verdhana Indonesia analyst, William Kho said that the arrival of 20 new locomotives will have an impact on the growth of PTBA’s coal transport volumes. ''Although there are additional new locomotives, but during the implementation; it needs to be monitored. Therefore, the bottleneck along the railway of Prabumulih-Muara Enim might cause those locomotives do not have a major impact on increasing freight volumes," as William said in his research. Deutsche Bank targeted the PTBA’s share price amounted to Rp17,300. The price reflects the forecasts of PER about 19.5 times this year, higher than last year around 13.5 times. The expectation of dividends could be a catalyst for short-term PTBA’s share price movement.

  Deutsche Bank ditargetkan harga saham PTBA sebesar Rp17,300. Harga mencerminkan perkiraan PER sekitar 19,5 kali tahun ini, lebih tinggi dari tahun lalu sekitar 13,5 kali. harapan dividen bisa menjadi katalis bagi pergerakan harga saham jangka pendek PTBA.

Source: Investor Daily page. 15 on Tuesday, April 16, 2013

http://ptba.co.id/en/article/index/6/lokomotif-pemacu-kinerja-bukit-asam