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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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Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
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Showing 4786 to 4790 news of total 6871 |
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- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- MS Steel International - UAE
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
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