We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 25 November 10
ANALYSIS: COAL SECTOR: VALUE EMERGENCE - THE JAKARTA POST
 Coal demand will remain firm due to a build-up of coal-fired power plants in India, China and Indonesia. As a result, we have upgraded our coal price from US$95 per ton to a range of between $100, 105, 108, 110 and 115 per ton, respectively in 2011, 2012, 2013, 2014 and 2015 (inflation rate of 1 percent thereafter).
Additionally, Indonesia is one of the lowest cost coal producers in the world, which means that coal prices have to adjust with the incremental cost of production of higher-cost structured companies.
Thermal Seaborne coal demand is set to rise by 74 percent to 1,187 million tons in 2025 from 680 million tons in 2010, according to Coaltrans Coal Conference in Amsterdam last month. This is driven by a higher demand from China and India, which currently accounts for about 28 percent of the global thermal coal market.
China, which currently relies on coal to produce 80 percent of its power needs, is installing two new coal-fired power plants per week with capacities of 500 megawatts per plant. This pace will persist at least in the next decade, potentially doubling power capacity by 2020 and adding a 500-gigawatts new coal-fired electricity generation capacity according to the International Energy Agency. We highlight that with China consuming 43 percent of the global thermal coal production, imbalances between its indigenous production and consumption will drive global coal prices higher.
As for India, at present it imports about 8 percent of global coal production. But the number is set to grow to 25 percent by 2015. Indian thermal coal demand is expected to rise 810 million tons, or 131 percent, by 2025, driven by a 158 percent hike in coal-fired power capacity, in line with power demand, which will rise from the current 147 gigawatts to 380 gigawatts by 2025.
Meanwhile, Vietnam, which three years ago was the largest exporter of coal to China, is expected to become a net importer by 2015, putting further pressure on global supply in the medium term. Vietnam currently exports about 50 percent of its production or about 24 million tons, but this will fall to only 3 million tons, despite rising coal production from 48 million tons in 2009 to about 105 million tons in 2025.
Stripping out PT Bayan Resources’ (BYAN’s) price movements, the coal sector has underperformed the market by 9.8 percent year-to-date (ytd). We believe value is emerging, particularly for our top picks, and we raise our sector weighting to overweight.
At this stage, PT Bukit Asam (PTBA) has the highest upside potential based on Discounted Cash Flow (DCF), helped by the inclusion of the Banjarsari power project in our forecasts. We like PTBA’s railway expansion projects, which will increase PTBA’s railway capacity from 11 million tons currently to 47.7 million tons by 2015 or 82.7 million tons by 2018.
This will increase fourfold PTBA’s production from 12.7 million tons to 52.5 million tons by 2015 or by seven fold to 87.5 million tons by 2018. We also like PTBA for its government link, translating to more secured supply contracts to PLN. Additionally, we like its huge reserves (fives times Indonesia’s coal production), which will pave the way for it to become the second-largest coal producer after BUMI starting in 2018.
This means 33 percent compound annual growth rate (CAGR) for earning per share (EPS) in the next five years through 2015. It also has cash reserves of Rp 4.9 trillion with no debt and solid corporate governance. Our second pick is PT Indika Energy or INDY (+27 percent upside), due to Kideco’s strong performance (which contributes 76 percent of its pre-tax profit). This is followed by Adaro Energy (+19 percent), the largest market cap and second-highest average daily turnover after BUMI, which plans to nearly double production from about 42 million tons in 2010 to 80 million tons by 2014.
Surabhi Chopra, The writer is an analyst at PT Bahana Securities Source: The Jakarta Post
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
|
|
|
Showing 5566 to 5570 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
|
| |
| |
|
