Jan 30, 2011

Exploitasi Energi, a PLN proxy

Exploitasi Energi Indonesia (CNKO) has successfully completed its first 2x7 MW BOO (build, operate, own) coal-fired power plant in West Kalimantan.
In a company focus published by Mandiri Sekuritas on January 26 2011, CNKO has additional two 2x7 MW power plants under construction whose completion is expected in 2012. Aside from power plants, CNKO is also coal contractor for PLN, with 2.5 million tons annual contract. CNKO is currently owned by the family of Andri Cahyadi with 52% ownership through various entities.
CNKO trades at 1.0x 9M10 P/BV, with FY10F and FY11PER of 9.4x and 4.1x respectively, according to the company’s estimates.
Supplying PLN
CNKO currently has two contracts with PLN and its subsidiaries. The first contract is for 4 million tons for 4 years (5,000 kcal) with Indonesia Power valid until 2012, and the second contract is with PLN for 7.5 million tons for 5 years (4,200 kcal). 
Around
700,000 ton of coal annually is mined from its own mine which has mineable resources of 11 million tons, and the remaining will be supplied from its partners in which
CNKO is the mine operator. CNKO estimated a net margin of US$10/ton from its own mine (assuming average selling price of Rp670k/ton for 4800 kcal), and US$6- 7/ton margin from its coal trading business.
Owning a jetty
CNKO also owns a jetty with loading capacity of 3 million tons annually. The jetty is operated by Pamapersada subsidiary and now is under contract with Arutmin. CNKO earns Rp5,000/ton of toll fee, net of cost.
Owning and operating power plants. CNKO will be paid a levelized fee of Rp367/kwh for 25 years with the first 5 years at Rp500-600/kwh. PLN will guarantee the coal sourcing and CNKO will be paid for its plant operation. Investment cost for 2x7 MW was US$16 million and IRR of the project is 15%. CNKO is currently building 2x7 MW power plants in Rengat and Tembilahan, Sumatera.
Future growth
Growth will be provided by the power plants expansion and increase in coal trading business. Under its affiliates, CNKO has also obtained coal supply contract for PLN (amount undisclosed) and operating 2 sets of tug and barges with additional 8 sets to be available by end 2011. 
The company estimates net profit of 2010, 2011, and 2012 at Rp70.5 billion, Rp161.8 billion, and Rp391.8 billion, respectively.

Disclosure: No position at the stock mentioned above. 

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4 comments:

Anonymous said...

Andri Cahyadi adalah orang yang sangat baik

Anonymous said...

Andri Cahyadi adalah seorang penipu ulung

Anonymous said...

Andr Cahyadi adalah penipu ulung. CNKO adalah saham gorengan. Uang perusahaan disalahgunakan untuk membeli lamborgini mercedez yg digunakan untuk menipu orang dengan cara meminjam duit ke org org yg terpesona olehnya. pinjaman dijanjikan dengan bunga tinggi tp selalu wanprestasi. CFO cnko selalu ganti2. Hutang pajaknya pun besar karena transaksi nya fiktif

jowdjbrown said...

CNKO also owns a jetty with loading capacity of 3 million tons annually. The jetty is operated by Pamapersada subsidiary and now is under contract with Arutmin. CNKO earns Rp5,000/ton of toll fee, net of cost.top vpn