Fr DBS Vickers:: Bukit Asam : Buy; Rp20,400;
Price Target : Rp23,000; PTBA IJ
Settled coal delivery to Suralaya at Rp825,000/ton
Tambang Batubara Bukit Asam (PTBA) has settled coal delivery to Suralaya in 2012 at Rp825,000/ton, slightly higher than Rp815,000/ton in 2011. Suralaya accounts for 67.7% of total delivery to PLN of 9.1m tons, with the rest for other power plants. We view this positively as coal price settlement to Suralaya will be a benchmark price for coal supply to the domestic market, which accounts for 65% of PTBA’s total sales. This should improve earnings visibility due to large contracted volume and limit exposure to coal price volatility as only 35%
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