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soon.
Price and volumes just continue to surge!!!
THE BEST IS YET TO COME!!
Indonesia's largest shipping firm of liquid cargo, Berlian Laju Tanker (BLTA.JK: Quote, Profile , Research)(PTBL.SI: Quote, Profile , Research) said its unit has entered into an $850 million deal to buy a chemical tanker company and its fleet of 11 chemical tankers. The firm said the acquisition will be funded by cash and bank loans.
good upside potential. today news.
PROPOSED ACQUISITION OF CHEMBULK TANKERS LLC
The Board of Directors of PT Berlian Laju Tanker Tbk (the ?Company?) is pleased to announce that on 12 October 2007, Asean Maritime Corporation (?Asean Maritime?), a wholly owned subsidiary of the Company (the ?Buyer?), has entered into a conditional Membership Interest Purchase Agreement (the ?Acquisition Agreement?) to purchase from Chembulk Holdings Inc., the entire issued share capital of Chembulk Tankers LLC including its 11 chemical tankers (the ?Proposed Acquisition?).
Rationale. By the addition of 16 chemical tankers coupled with a proven strong and experienced Chembulk management team, the Company will be the third largest stainless steel chemical tanker operator in the world in terms of capacity and number of ships with 54 vessels of chemical tankers and 820,600 DWT capacity.
FLEET EXPANSION AND COMPANY ACQUISITION
For the year 2007, the Company has added six tankers which consist of two LPG tankers, two stainless steel IMO II chemical tankers and two double hull oil tankers. With these additional tankers in the fleet, the Company currently owns and operates 65 tankers comprised of 38 chemical tankers, 18 oil tankers, eight gas tankers and one FPSO tanker with total capacity of 1.86 million DWT.
STRONG BUY IDR1,730
DBS Group Research . Equity . Small Caps 1 December 2006
JCI: 1,734.8
Price Target : 1-year IDR3,000
Reason for report: Company Update
Catalyst:
rates in 3Q numbers after rates slumped in 2Q;
(ii) dual listing on SGX in Oct 2006.
KIM ENG estimates TP at Rp2000 (S$0.30) on 12 Sep
23 May 2007
CIMB Research Report
Berlian Laju Tanker - Betting on rate recovery
Target: Rp 2,500 (S$ 0.43) OUTPERFORM
The strong fundamentals should drive the price higher and higher!!
Berlian Laju provides seaborne transportation specializing in liquid bulk cargo. These liquid bulk cargo includes crude oil, petroleum products, lubricating oil, liquid chemicals, liquefied gas such as LPG. Its Ship Chartering operations charters vessels out to 3rd parties, which is alike to Ezra, Swiber etc. Basically, Berlian is a very big company. Its earnings increased 165% in 2005 to Rp645,185,592,405 and 86.7% in 2006 to Rp1,205,279,899,017.
Meanwhile, Samudera owns and operates ocean-going ships and provides containerised feeder shipping services. It offers transportation services such as regional container shipping, tanker, offshore, land transportation services for heavy equipment and containers, storage and maintenance of containers. Earnings have been a disappointment to date as it dropped from 82million singapore dollars to 15million singapore dollars.
I am not too sure if there's any report on Samudera but the CIMB report by bullrun4ever seems reasonable if not conservative given that Berlian is still out of radar despite the positive marine outlook and results.
What is difference between Berlian and Samudera?
Any idea? Which one better value?