Revisiting PGN’s Saka Energi
PT Saka Energi, subsidiary of Perusahaan Gas Negara (PGAS), lists US$625 million 4.45% Senior Notes due 2024 on Singapore Exchange (SGX). The Notes will be listed and quoted in the Bonds Market with effect from Monday, May 8, 2017. BNP Paribas, Citigroup, UBS, HSBC, Mandiri Securities, and Mizuho Securities are lead managers/bookrunners of the Notes.
The Growing Oil-Gas Deficit
Indonesia booked trade surplus of US$1.66 billion in the first three months of 2017, jumped 137% from the corresponding period of 2016. When it comes to oil and gas, however, Indonesia suffered US$2.6 billion of deficit, skyrocketing almost 500% from US$436 million only in the first quarter of 2016.
Coal Journal No. 13/2017: Q1 Results
Toba Bara Sejahtera (TOBA), coal producer linked to the family of Luhut B Panjaitan (coordinating minister for maritime affairs), booked net profit of US$10.2 million in the first quarter of 2017, jumped 96.2% from the corresponding period of 2016. The Company’s production and sales volume actually dropped by 26.7% (reportedly due to wet weather) and 21.4% respectively, but 22.2% increase in average selling price of coal contributed to higher margins.
Sampoerna Agro (SGRO): Q1 Results & Outlook
Sampoerna Agro (SGRO) booked net profit of Rp158 billion in the first quarter of 2017, skyrocketed from Rp14 billion only in the corresponding period last year, thanks to improved margins. The palm oil producer recorded sales revenue of Rp1.03 trillion in the quarter, jumped by 43% from the same period last year, while gross profit soared by 121% to Rp328.3 billion.
Aneka Tambang & Gosowong Gold Mine
Gosowong gold mine in Halmahera Island, North Maluku province is one of the remaining gold mines controlled by foreign investors in Indonesia other than Grasberg mine in Papua province (controlled by Freeport McMoRan). The government has demanded Freeport to divest up to 51% shares in Grasberg. How about Gosowong gold mine?
Revisiting Bukit Asam & Resource Alam
State coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) booked net profit of Rp870.8 billion in the first quarter 2017, skyrocketed 162% from the corresponding period of 2016, thanks to improved margins. Bukit Asam’s sales revenue actually grew only by 28% to Rp4.55 trillion, but gross profit doubled to Rp1.69 trillion.
Why Grasberg is So Important to Freeport…
Shares of Freeport McMoRan (FCX) jumped 9% Tuesday morning in New York to respond the Company’s strong performance in the first quarter and resumption of copper concentrate export from its Grasberg mine in Papua, Indonesia. In the quarter, Freeport booked net profit of US$228 million against loss of US$4.18 billion in the corresponding period of 2016.
Palm Oil: How Low Will You Go?
The benchmark July 2017 contracts of crude palm oil (CPO) dropped significantly by RM57 to RM2473 per ton on the Bursa Malaysia Derivatives Tuesday (Apr 25). Contracts for October 2017 were the lowest at RM2408, reflecting anticipation of market players about higher supply in the coming months.
Growing Acquisition in Coal Industry
Thermal coal has been stabilizing above US$80 per ton since early October 2016. While volatility is anticipated due to policy changes in China, some continued to acquire coal assets in Indonesia. The most recent is acquisition of 14.74% shares in a coal mine in Kalimantan by South Korean energy company.
Coal Journal No. 15/2017: Output to Watch
Thermal coal is now traded at around US$84.1 per ton, down significantly from its peak late last year, but the commodity has been hovering above US$80 per ton for nearly seven months since early October 2017 amidst mixed views of supply-demand balance in China and India, growing output in Indonesia, and weather issues in Australia.