Mirae Asset Sekuritas Indonesia
(May 30, 2018)
(angga.choirunnisa@miraeasset.co.id)
Stock Focus
PT Harum Energy Tbk (HRUM)
Now IDR 3.080 (+4,05%)
Company Description
HRUM is a company with a business portfolio in coal mining with its logistics activities located in East Kalimantan. The scope of HRUM activities is engaged in mining, industry, trade and services. The main business activity of HRUM at the moment is to operate and invest in coal mining and logistics through subsidiaries.
HRUM's coal mining operations operations are operated through four subsidiaries, PT Mahakam Sumber Jaya (MSJ), PT Santan Batubara (SB), PT Tambang Batubara Harum (TBH) and PT Karya Usaha Pertiwi (KUP).
Financial Review
- HRUM profit of 1Q18 increased by 5.34% (YoY), which was recorded at IDR 173.49 billion, compared to the 1Q17 net profit of IDR 164.68 billion.
- Sales of HRUM at 1Q18 of IDR 1.19 trillion, up 14.4% (YoY) compared to 1Q17 sales of IDR 1.04 trillion.
- On this day HRUM is trading at IDR 3,080 (+ 4.05%), with EPS annualized 256, PER 12.0x, and PBV 1.9x.
Positive Sentiment
- This year's capital expenditure budget of HRUM is US$ 13.8 million, which is used for exploration and development expenses, buildings and infrastructure, heavy equipment acquisition, and maintenance of tugs and barges.
- March 2018, HRUM acquired PT Bumi Karunia Pertiwi coal mine owned by PT AKRR Corporindo.
- Last year, HRUM exported coal to Malaysia (29%), South Korea (26%) and Taiwan (16%), and the rest sold to Thailand, India, Bangladesh and China.
- The export value of coal exports in the first quarter of 2018 was US$ 82.92 million or 95.52 percent of total revenues of US$ 86.81 million. The three major customers are Avra ​​Commodities Pte Ltd, TNB Fuel Services Sdn Bhd and KCH Energy Co. Ltd.
- The rising trend in coal prices is exploited by HRUM by targeting new export destinations, namely Vietnam and the Philippines and wanting to deepen the Bangladesh market.
- HRUM is also preparing an expansion and acquisition of a coal mine that can be marketed in the domestic market by relying on MSJ coal production with 5,500 kcal/kilogram (kg) of calorie and KUP production of about 5,250 kcal/kg.
- Currently, HRUM serves more contract orders (70%) than spot orders (30%),
- In 2018, HRUM's coal production target of 4.5 million tons-5.25 million tons, of subsidiary of PT Mahakam Sumber Jaya (MSJ) is about 4 million tons-4.5 million tons, and a subsidiary of PT Karya Usaha Pertiwi about 500,000 tons-750,000 tons.
- HRUM will distribute cash dividend from profit of book year 2017 worth IDR 248.58 per share.
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