RHB (DR)
Indo Tambangraya (ITMG IJ): Acquiring green field with coal reserve of 77.4m tonnes
Indo Tambangraya (ITMG IJ, BUY, TP IDR33,600) is to acquire Nusa Perdana Resource (NPR) for USD30m. NPR has coal reserves of 77.4mn tonnes and its concession area is located in Central Kalimantan. ITMG will finance the acquisition with its cash - according to ITMG, NPR is currently still a green field.
Our comment:
we think the acquisition as a positive move as it should mitigate concern on ITMG's limited mine life. We maintain our forecasts and BUY call with TP of Rp33,600, implies 8.8X PER'18. We continue to like Indo Tambangraya for
its high ROE (30.5%) and lucrative dividend yield (12% dividend yield).
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