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The First Half of 2016 , PTBA’S Performance More Steady
The first half of 2016, PT Tambang Batu Bara Bukit Asam Tbk. re-carve the performance is quite steady and encouraging. In this period, the company's issuer code PTBA record coal sales volume of 10.02 million tons, or 11 percent higher than the previous year, ie 9.0 million tonnes, with details, 40% for export and 60% domestic.
Until the end of 2016, PTBA management is targeting sales volume rose 51% to 29.17 million tons. Therefore, a new achievement in the first half equivalent of 34.3% of target.
Kontan.co.id on July 27 launch the research results Bloomberg Intelligence analyst Michelle Leung who found, the increase in sales volume due to the power rail transport improved, so that the target of coal transportation KAI up 50% over last year to 23.7 million tons in 2016.
Thus, the Port of EVAL can fully operate according to its capacity of 25 million tons per year. PTBA diversify revenue with PT Adaro Energy Tbk (ADRO) program in assisting the government to achieve the target power projects of 35,000 megawatts (MW) in the future.
"PTBA operates power plants with a capacity of 266 MW and is planning to build another plant of 4.4 gigawatts over the next five years," said Michelle Leung.
Meanwhile, Asjaya Indosurya Securities analyst William Surya Wijaya, was quoted as saying kontan.co.id, assess, this year, the coal industry still faces tough challenges, such as reduced demand and coal prices are not stable. In addition, the world crude oil price correction is affecting the mining sector. Coal prices remain at US $ 60 per ton.
Therefore, William assess, whether or not the target is reached PTBA sales volume depends on the strategy pursued PTBA management. According to him, today, PTBA start to focus on trading and transporting coal, no longer a coal mine exploration.
Ariantara Arandi Bahana Securities analyst in the research reported on Thursday (14/7), as reported by kontan.co.id, said, PTBA has the highest proven reserves compared to other coal companies, namely 3.33 billion tons. About 63% is sub-bituminous coal suitable for power generation. PTBA has made a purchase agreement with PT PLN for the next 25-30 years.
Arandi predicted, In 2020, PTBA will pocket the revenue Rp20,5 trillion, of which the sales volume reached 30 million tons. Additional volume will come from the sale of the power plant to Banko 5.4 million tons, 8.4 million tons Peranap and Sumsel 9 and 10 amounted to 8.4 million tonnes.
"We expect this to increase domestic sales PTBA so that portion can 74% by 2020," he said.
William recommend hold PTBA stock with a target of Rp 11,000 per share. While Arandi and Danareksa Lucky Bayu analysts recommend buy with a target price each worth USD 12 670 per share and Rp 12,250 per share.
