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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, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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Showing 4711 to 4715 news of total 6871 |
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- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- The University of Queensland
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Planning Commission, India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
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