Pelayaran Nasional Bina Buana Raya. Initial Public Offering

Pelayaran Nasional Bina Buana Raya Initial Public Offering Phillip Securities Indonesia Research 12 December 2012

P

elayaran Nasional Bina Buana Raya (BBR) is an Indonesia-based shipping company, which mainly serves Indonesian energy market. The Company owns and operates 35 tugboats, 32 barges, a self-propelled barge, and three Anchor Handling Tug Supply (AHTS) vessels. The Company primarily uses its tug and barges to serve coal industry, while its AHTS vessels serve offshore oil & gas industry. The average age of BBR’s tugs and barges is less than three years old, while the ages of its AHTS vessels are less than two years old. In 2011, the sales of “tugs and barges” service contributed to 85.8% of BBR’s total revenue, while the sales contribution of offshore support service was 13.7%.

Phillip Securities Indonesia

Report Date Core Business Recommendation IPO Price Shares Offered Maximum Shares Outstanding

: : : : : :

Use of Proceeds

:

12-Dec-12 Shipping Services N/A IDR 195-250 600,000,000 shares 24.3% of issued and fully paid capital 51% to pay the 30% value of principal and interest of Convertible Obligation I 42% to finance capital expenditure to buy 2 units of "Anchor Handling Tug Supply" ships 7% to finance working capital PT OSK Nusadana Securities Indonesia

Underwriter

:

Indicative Schedules Book-building Effective Date Offering Period Allotment Listing Date

: : : : :

5 - 14 December 2012 21-December-12 27 December 2012 - 3 Januray 2013 07-January-13 09-January-12

: : : :

49.00% 21.40% 20.40% 9.20%

Business Overview Indonesia’s coal industry has mainly been driven by the growing energy needs of other big emerging countries such as People’s Republic of China and India along with their high economic growths. According to the lastest BP’s statistics, China’s coal consumption was 49.4% of the world’s total coal consumption in 2011. India’s coal consumption was 7.6% of the world’s total coal consumption in 2011. Hence, these two countries were the first and third biggest coal users—the second was the United States of America. Unsurprisingly, Indonesia’s top coal export destinations are China (25%) and India (18%). Other major export destinations are South Korea (12%), Japan (12%), and Taiwan (8%). More than 80% of Indonesia’s coal production is exported. During the last ten years, the CAGR of coal consumption in China, India, Indonesia, South Korea, Japan, and Taiwan are 9.8%, 7.4%, 10.1%, 5.7%, 1.3%, and 3.1%. In line with the fact, Indonesia’s coal production CAGR in the last ten years is 13.4%. Going forward, China and India are expected to continue their growing domination as biggest coal importers, while domestic demand is expected to be able to grow at an even higher rate as many coal-based power generators are currently built up in order to satisfy the growing domestic usage of eletricity. Indonesia’s nickel industry has shown some growth in the past seven years although the growth has not been steady. Indonesia’s nickel production grew from 3.8 million tons in 2005 to reach 7.5 million tons in 2011. Most of this production is exported. Along with Indonesia’s geographic condition as a maritime nation, the increasing demand of both coal and nickel is the key support of the growing commodity shipping demand, which benefits BBR’s business performance.

Initial Ownership Structure Marco Polo Shipping Co Pte Ltd PT Bina Sarana Resource Latip Sally

Relative Valuation Pelayaran Nasional Bina Buana Raya

P/E (TTM) 7.14 - 9.15 (Est.)

Mitra Bahtera Segara Sejati (MBSS)

5.2

Pelayaran Tempuran Emas (TMAS)

3.2

Rig Tenders (RIGS)

9.3

Samudera Indonesia (SMDR) Wintermar Offshore Marine (WINS) Sector

4.5 10.7 6.6

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision

Pelayaran Nasional Bina Buana Raya Indonesia Equities Research 12 December 2012 Revenue, Operating Profit and Net Income Revenue (USD) 18,000,000

Operating Profit (USD)

2010, 2011 & 1H-2012 net incomes of the Company were USD 538,647, USD 541,122, USD 2,623,280, and USD 4,215,000. BBR’s assets, showing consistent growth, were USD 5,165,726 in 2009, USD 31,183,134 in 2010, USD 110,491,823 in 2011, and USD 134,270,298 in 1H-2012 as its liabilities grew. Its liabilities in 2009, 2010, 2011 and 1H-2012 were USD 4,589,821, USD 32,182,901, USD 87,831,363, and USD 107,150,219, while its total equity were USD 575,905, USD -999,767, USD 22,660,460, and USD 27,120,079.

Net Income (USD)

16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000

Business Risks

0 2009

2010

2011

6M2012

Source: Company

Assets, Liabilities and Equity Assets (USD)

Liabilities (USD)

Equity (USD)

160,000,000 140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 ‐20,000,000

2009

2010

2011

6M2012

Source: Company

Revenue Breakdown Tugs & Barges (USD)

Offshore Support Vessels (USD)

Agency (USD)

16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 2009

2010

2011

6M2012

Source: Company

Financial Performance Since 2009, the Company’s revenue, operating income and net income have been growing along with the growing coal and nickel demand. The CAGR of revenue from 2009 to 2011 is 188% as the Company’s sales from ”tug and barges” service was up from USD 1,866,317 in 2009 to USD 13,975,111 in 2011 (CGAR: 174%) and the Company’s sales from offshore support service was up from USD 0 in 2009 to USD 2,235,746 in 2011. BBR booked revenue of USD 1,966,522 in 2009, USD 6,012,390 in 2010, USD 16,289,873 in 2011, and USD 15,737,481 in 1H-2012. The Company’s operating incomes in 2009, 2010, 2011 and 1H-2102 were USD 842,324, USD 1,912,507, USD 5,604,355, and USD 7,282,550. The 2009,

2 of 5

Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

As a company operating in shipping service sector, Bina Buana Raya has the following business risks: • Unexpected fluctuations of shipping rates and utilisations. The demand of shipping service fluctuates togther with the demand fluctuations of the underlying goods being transported. Since BBR primarily serves energy market, the demand of its service is likely affected by the condition of energy market. If the transactions in the market drop significantly, both BBR’s service rates and vessel utilisations is likely to decrease. If there is an unexpected, significant and persistent drop in its service demand, the Company might experience severe negative operation and financial performance as the business has high operation and financial leverage. • Legal and regulation risks. Shipping industry has to follow a number of domestic regulations and international convensions. Changes in these regulations or rules might affect the Company’s performance. • Operational risks. Weather condition affects coal or oil production. Infrastucture such as roads and bridges affect the delivery of coal or oil. Workers and locals are important factors to ensure smooth coal and oil production. Any problem from these factors will indirectly dent the Company’s performance. • Foreign exchange risks As the Company receives most of its revenue in US dollar and have its operational costs in Rupiah, the Company has significant foreign exchange risks. On top of this, most of the Company’s borrowings is either in US dollar or Singporean dollar. • Expansion risk The Company’s business is capital intensive since it needs a huge capital in order to buy a lot of its fixed assets (i.e. vessels). Thus, a business expansion increases the Company’s risk, especially when the shipping service demand is low. • Fuel cost risks Because 25% of the Company’s direct costs is fuel expense and the Company cannot fully pass any fuel price increase to its customers, the Company might experience lower profit margin. In case of the fuel price increase beyond a certain percentage agreed in contracts, the Company will make an adjustment in its rates to offset this fuel price hike.

Pelayaran Nasional Bina Buana Raya Indonesia Equities Research 12 December 2012

Financials Balance Sheet (USD) Description ASSETS Cash and Cash Equivalent Fixed Assets Other Assets Total Assets LIABILITIES Bank Loan Account Payable Other Liabilities Total Liabilities Minority Interest Common Equity Total Equity Total Liabilities and Equity INCOME STATEMENT Description Revenue Cost of Revenue Gross Profit NET PROFIT (LOSS) FINANCIAL RATIOS Description ROA (%) ROE (%) Net Profit Margin (%) Sales Growth (%)

2009

2010

6M2012

11,462 4,848,470 305,794 5,165,726

685,773 25,398,230 5,099,131 31,183,134

1,480,793 103,747,356 5,263,674 110,491,823

2,127,515 125,047,249 7,095,534 134,270,298

969,231 349,208 3,271,382 4,589,821 0 575,905 575,905 5,165,726

20,495,108 239,333 11,448,460 32,182,901 0 -999,767 -999,767 31,183,134

32,978,077 1,238,809 53,614,477 87,831,363 0 22,660,460 22,660,460 110,491,823

34,677,158 547,178 71,925,883 107,150,219 0 27,120,079 27,120,079 134,270,298

2009 1,966,522 1,016,159 950,363 538,647

2010 6,012,390 3,825,187 2,187,203 541,122

2011 16,289,873 9,870,140 6,419,733 2,623,280

6M2012 15,737,481 7,773,619 7,963,862 4,215,000

2009 10.43 93.53 27.39 13.60

2010

Source: Company

3 of 5


2011

1.74 -54.12 9.00 205.70

2011 2.37 11.58 16.10 170.90

6M2012 n/a n/a 26.78 n/a


Research Team | Telp: +62-21-57900800 | E-mail: [email protected] Armand Dharmasana Gunawan Sutanto Aditya Perdana Putra Pandristo Prasetyo Ginarto

Ratings for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months.

Ratings for Stocks: Buy : We expect this stock to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : We expect this stock to give total return of between -15% and 15% over the next 12 months. Sell : We expect this stock to give total return of -15% or lower over the next 12 months.

Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

4 of 5



ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email : [email protected] Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id Jakarta Komp. Ruko Mega Grosir Cempaka Mas Jl. Let. Jend. Soeprapto Blok D No. 7 Jakarta, 10640 Telp. (62-21) 4288 5051 / 52; Fax. (62-21) 4288 5049 E-Mail: [email protected]

Mangga Dua Ruko Bahan Bangunan Mangga Dua Blok F1/8 Jl. Mangga Dua Selatan Jakarta 10730 Telp. (62-21) 6220 3589; Fax. (62-21) 6220 3602 E-Mail: [email protected]

Rukan Sentra Latumenten Jl.Prof.Dr Latumenten no.50 Blk AA 12 Jakarta, 11460 Telp. (62-21) 5694 1781; Fax. (62-21) 5694 1791 E-Mail: [email protected]

Roxy Pusat Niaga Roxy Mas Blok B2/2 Jl. KH. Hasyim Ashari - Jakarta Barat Telp. (62-21) 6386 8308; Fax. (62-21) 6333 420 E-Mail: [email protected]

Pantai Indah Kapuk Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Telp. (62-21) 5694 5791/92/93; Fax. (62-21) 56945790 E-Mail: [email protected]

Taman Palem Rukan Malibu Blok H No. 23 Cengkareng, Jakbar 11730 Telp. (62-21) 5694 5055 / 5077; Fax. (62-21) 5694 5013; E-Mail: [email protected]

Sunter Jl. Mitra Boulevard Blok D No. 5 Sunter Jakarta, 14350 Telp. (62-21) 6530 2729; Fax. (62-21) 6583 7463 E-Mail: [email protected]

Kelapa Gading Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939; E-Mail: [email protected]

Citra Garden 2 Komp. Citra Niaga Blok A No.18 Citra Garden 2 - Kalideres, JakBar Telp. (62-21) 5436 0175; Fax. (62-21) 5436 0174 Jawa Tengah Purwokerto Jln. Perintis Kemerdekaan No. 38 Purwokerto - Jawa Tengah, 53110 Telp. (62-281) 626 899; Fax. (62-281) 891 150 E-Mail: [email protected]

Solo Jl. Veteran 140 / 2-3 Solo, Jawa Tengah Telp. (62-271) 655 567, 667 168; Fax. (62-271) 647 288 E-Mail: [email protected]

Semarang Jl. Karang Wulan Timur No. 2 - 4 Semarang Indonesia Telp. (62-24) 355 5959; Fax. (62-24) 351 3194 E-Mail: [email protected]

Tegal Kompleks Nirmala Square Blok C no.7 Jl. Yos Sudarso - Tegal 52121 Telp. (62-283) 340773; Fax. (62-283) 340774

Jawa Barat Komp.Paskal Hypersquare Blok C-21 Jl Pasirkaliki 25-27 Bandung Telp. (62-22) 8606 0690; Fax. (62-22) 8606 0765 E-Mail: [email protected]

Bali Jln. Melati No. 45 Blok E Denpasar - Bali, 80233 Telp. (62-361) 238 987; Fax. (62-361) 229 803 E-Mail: [email protected]

Jawa Timur Jln. Flores No. 11 Surabaya, 60281 Telp. (62-31) 501 5777; Fax. (62-31) 501 0567 E-Mail: [email protected]

Batam Kompleks Mahkota Raya Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 748 3117; E-Mail: [email protected]

Jambi Jln. GR. Djamin Datuk Bagindo No. 56A Jambi, 36142 Telp. (0741) 707 8260, 7555 699 E-Mail: [email protected]

Kalimantan Barat Jl. Teuku Umar Komplek Pontianak Mal C 23-24 Pontianak, Kalimantan Barat Telp. (62-561) 777 887; Fax. (62-561) 745 103 E-Mail: [email protected]

Lampung Jl. Ikan Tongkol No. 33 Blok 7-8 Teluk Betung - Bandar Lampung, 35223 Telp. (62-721) 474 234; Fax. (62-721) 474 108 E-Mail: [email protected]

Pojok BEI (Phillip Sec Ind. – Univ. Bandar Lampung – BEI) Jl. Z.A Pagar Alam No. 89 Bandar Lampung, 35141 Telp. (62-721) 771 695; Fax. (62-721) 770 261

5 of 5


FORMULIR APLIKASI IPO SAHAM PT. PELAYARAN NASIONAL BINA BUANA RAYA TBK.

▪

Nama Saham / Emiten

:

▪

Tanggal Penawaran Umum

: 18 Desember s/d 26 Desember

▪

Harga Penawaran

: Rp. 230,- per saham

2012 (pkl. 12.00 WIB)

A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan)) 1.

Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan harga per saham (Rp. 230,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 26 Desember 2012 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.

2. 3.

4. 5.

4.

5. 6. 7. 8.

Nasabah mengisi Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar dan menanda-tanganinya. Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM yang masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat). Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah, iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran. Rekapitulasi Pesanan Nasabah berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 26 Desember 2012 pukul 12.00 Wib. Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter / Biro Administrasi Efek (BAE) jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada Divisi Corporate Finance (first come first served). Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan dipenuhi semua, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter). Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0 Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas) ▪

Nama & Kode Nasabah

:

▪

No. KTP. / SIM

:

▪

Alamat sesuai KTP. /

:

Kode :

SIM ▪

No. Telp./HP/Fax

:

▪

Alamat email

:

▪

Jumlah Pesanan

:

▪

Total Nilai Pemesanan

: Rp.

lembar

(

lot)

Tempat dan Tanggal : ....….…………,………….., …… Kantor Cabang / Sales :

Nasabah :

(…………………………………….)

(…………………………………….)

Nama & Tanda-tangan

Nama & Tanda-tangan

Pelayaran Nasional Bina Buana Raya. Initial Public Offering

Recommend Documents