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Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
 COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US Coal companies, since Q1, 20122, have shifted their coal sales from domestic to overseas, helped by low transportation cost as reflected by the low Baltic Dry Index. US exports in 2011 grew significantly to 118.2 m tons (+31.3% y-y) with Europe (50.3%) and Asia (25.7%) as major destinations.
With the Euro zone slowing, more and more US coal, most of which are metallurgical coal, are finding their way to Asia, specifically Japan (11% of Indonesia’s 2011 total coal exports goes to Japan) and China (33%), Bahana said in its report.
Thermal coal prices: Heading further down
The coal inventories at key power plants in China remain high, increasing by 5.4 m tons from end April to 88.9m tons on 20 May, sufficient to generate power plants in the next 26 days (normally 15-17 days).
In China’s Qinhuangdao, the world’s largest coal port by capacity (9m tones), have exceeded levels, the first time since late 2008 during the height of the financial crisis. At that time, thermal coal prices was dropped sharply. Last week, Qinhuangdao’s inventory reached 8.2m tones, up 1.1m tones in just 10 days, suggesting lack of demand.
It is clear that thermal coal prices have only one way to go: Down.
Bahana was also reduced its coal price assumptions by 15% - 38% for the period 2012 - 2014 despite yesterday’s Newcastle average coal price y-y drops nearly 15%, reflecting about 10% fall to USD 107.6 from its recent peak of USD 118.9/ton. However the current coal prices, remaining much higher than the gas prices.
As coal prices are below USD 90/ton in June 2012, the first time since August 2010, Bahana has reduced its 2012 coal benchmark price assumption by 15% to USD 97/ton (2H 12 average: USD88/ton; Current: USD89/ton) and by 29% to USD85/ton in 2013, before falling further to USD80/ton in 2014, in line with the expected fixing of China’s railway problem, which has affected imported coal usage, including Indonesia.
As a result of lower coal prices, Bahana has downgraded coal companies’ 2012 earnings by 6% - 40%, translating to lower target prices (TPs) within their coverage.
About Bahana Securities
PT. Bahana Securities was established in 1993 and 100% of its shares are owned by Perusahaan Perseroan (Persero) PT. Bahana Pembinaan Usaha Indonesia and member of the Indonesian Stock Exchange. Since its establishment up to this date BAHANA Securities strives and works hard to introduce innovation, contribution, committment to play an important role in the development of Indonesian stock exchange development.
Today BAHANA Securities provides numerous innovative services in the investment banking, stock exchange and bonds. With a reliable research ability, an efficient back office, effective IT implementation, BAHANA Securities rises to the challenges as a leading securites company in Indonesia.
Supported by trade transactions that are consistently ranked as the three biggest nasional stockbroker agency with the highest value, coupled with incisive market analysis, we were awarded "The Best Investment Bank", "The Best Equity House", and "The Best Broker" from The Assets, etc
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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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Showing 4701 to 4705 news of total 6871 |
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- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
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