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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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Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
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Showing 4746 to 4750 news of total 6871 |
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- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Coal and Oil Company - UAE
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