*General Overview *
Atlas Resources has a proven growth track record with regards to operating
the mining resources and reserves to the end process of producing coal.
Since the establishment of the Company and subsidiaries, they had been
expanding their portfolio from 3 to 14, with total area coming to around
185,000 ha. According to a report generated by JORC, IUP area in Berau Bara
Energy, Dive Kencana Borneo, Gorby Putra Uama, Gorby Energy, and Banyan
Koalindo Lestari have around 83.5 Mn Ton reserves and 330.7 Mn Ton resources.
Production currently is in three IUP area namely Berau Bara Energy, Diva
Kencana Borneo, and Hanson Energy Martapura, and in the process of
initiating production in a fourth IUP area on the fourth quarter of 2011.
The other IUP areas are in the exploration stage and or in the development
stage for production preparation purposes.
*Advantages Enjoyed by Atlas Resources*
§ *** Diversified Location of Hubs*
Atlas has five hubs that are spread around Indonesia, diminishing the
risk of production interruption if one of the hub is experiencing
extreme weather or any other factors that affect the production pipeline.
§ * Strategic Partnership*
An ongoing partnership with a quite prestigious partner, namely Noble
Group which will ensures consistent revenue throughout the partnership
§ * Wide Array of Coal Products*
Atlas produces quite a variety of products that can be targeted into
different market segments
*Our Call on Atlas Resources *
Based on annualized 1H 2011 net income amounting to Rp 92 billion than the
offering price of Rp 1,500 – Rp 1,900 will give a PE 2011 range of 51 -64.
Assuming that Atlas Resources experienced an extraordinary net income growth
of 500% to Rp 552 billion in 2012 from improved infrastructure and ramped up
production thus the 2012 PE will range from 9 to 11. It’s a pretty big
assumption depending on key factor like punctuality of the infrastructure
and exploration project, cost factor like logistic that will cut into
margin, and last but not least the prospect of above $100 coal price for the
next year for their thermal coal product. With peer companies scoring a
historical pe ranging from 11 – 15 with proven historical production, we see
Atlas valuation a bit steep but still a buy given that 1there is a price
floor in the Bloomberg consensus forecast for coal; $105 for the most
bearish situation currently for the next year. 2The possibility of extreme
weather that will disrupt production for metallurgy coal in
Australia(Riseborough, 2011)and this is where Atlas will come in and
make a play assuming the planned
projects will be finished on time with no due disruptions. 3Ramped up volume
production-wise to offset any reduction in coal price.
*Company Est. PE 2012 Est PB 2012 ROE EV / Sales 12 EV /
EBITDA EV / Reserves *
ADRO 9.16 1.62 22.8% 1.58 5.27 8.36
BUMI 7.99 2.45 28.5% 1.27 4.67 3.32
HRUM 8.61 4.78 62.2% 2.16 8.26 21.69
ITMG 8.73 4.58 50.6% 1.89 7.33 17.41
PTBA 8.95 4.12 43.5% 2.43 7.28 2.31
ATLAS 9.00 – 11.00 2.10 – 2.80 28.0% 2.20 – 2.88 4.30 –6.10
5.43 – 7.62
Average 8.69 3.51 41.5% 1.87 6.56 10.62
*Source: Bloomberg per October 12**th** 2011 pricing** *
***CLICK HERE TO VIEW FULL
REPORT*<http://www.etrading.co.id/ResearchData/analysis/Atlas%20Resources%20IPO.pdf>
**
Best Regards,
*Linda Lauwira*
Research Analyst
PT eTrading Securities
Wisma GKBI Lt. 17 Suite 1715
Jend. Sudirman No. 28
Jakarta 10210, Indonesia
Ph: +6221 574 1442
Fax: +6221 574 1443
*www.etrading.co.id* <http://www.etrading.co.id/>
2011/10/14 Mike Leung <[email protected]>
> **
>
>
> http://www.ipotindonesia.com/ipot_new/ipot/ipo.php
>
> semoga membantu
>
> ------------------------------
> *From:* "[email protected]" <[email protected]>
> *To:* Milis <[email protected]>
> *Sent:* Thursday, October 13, 2011 11:08 PM
> *Subject:* Re: [saham] Ipo atlas
>
>
> Ada yg punya prospektusnya? Mungkin bisa disharing
> Powered by Telkomsel BlackBerry®
> ------------------------------
> *From: * "7site" <[email protected]>
> *Sender: * [email protected]
> *Date: *Thu, 13 Oct 2011 14:48:05 +0000
> *To: *<[email protected]>
> *ReplyTo: * [email protected]
> *Subject: *[saham] Ipo atlas
>
>
> Rekan2x,
>
> Bagaimana ipo atlas ∂ï 1500?
> Beli or not ?
>
> Thanks
> Sent from my seventhsite.com®
> powered by 7site
> ------------------------------
> *From: * Dokter Market <[email protected]>
> *Sender: * [email protected]
> *Date: *Thu, 13 Oct 2011 17:26:02 +0700
> *ReplyTo: * [email protected]
> *Subject: *[saham] LSIP Berpeluang Menguat
>
>
> http://doktermarket.blogspot.com/2011/10/lsip-berpeluang-menguat.html
> --
> Regards,
>
> Dokter Market
> http://doktermarket.blogspot.com/
> twitter: @doktermarket
> [email protected]
> Join milist : [email protected]
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