Indonesia Initiating Coverage

23 June 2023 Energy & Petrochemicals | Energy

Astrindo Nusantara Infrastruktur Trading Buy

(BIPI IJ) Target Price (Return): IDR254 (+89%)
Price (Market Cap): IDR134 (USD569m)
The Tide Is Turning; Initiate TRADING BUY ESG score: 2.7 (out of 4)
Avg Daily Turnover (IDR/USD) 13,900m/0.93m
 Initiate coverage with TRADING BUY, DCF-based TP of IDR254 offers Analyst
89% upside. Astrindo Nusantara Infrastruktur’s new coal-mining business
should boost its earnings visibility and cash flow ahead. We expect the Indonesia Research
company’s earnings to surge – from USD0.2m in FY22 to c.USD120m in +6221 5093 9888
FY23F – while using a base case scenario that features conservative coal rhb.id.research@rhbgroup.com
price estimates. Main downside risks to our call include operational
disruptions, lower-than-expected production and sales volumes, price
volatilities and the negative effect of changes in government regulations.
 On the edge of a new horizon. BIPI intends to: i) Consistently expand its
coal output; and ii) improve cash costs (tied to its strip ratio management).
This will help maintain its topline – projected at c.USD700m for FY23F from Share Performance (%)
a c.USD60m pa average over the past five years – and margins (floor NPM: YTD 1m 3m 6m 12m
c.20%) over the long run. Its coal-mining activities will be concentrated in Absolute (15.2) (5.0) (6.3) (17.8) (5.0)
Jembayan, while it will make further developments in two other concessions
Relative (15.2) (5.0) (6.3) (17.8) (5.0)
in Sebuku and Penajam. This should take its total coal production to about
52-wk Price low/high (IDR) 108 – 224
12m tonnes pa by 2027-2028 (from c.6m tonnes currently). The additional
volume from these mines is vital for BIPI to negate the adverse effect of
fluctuating coal prices. BIPI IJ (BIPI IJ)
Price Close Relative to JAKPROP Index (RHS)

 Seasonal dip in coal prices, but it is not the end. Structural factors
236 1

related to seasonality (higher supply as gas prices normalise, built-up 216 1

inventory as demand was tepid post-winter driving season) have dragged 196 1

down the coal benchmark price to c.USD130/tonne (-67% YTD, 176 1

USD218/tonne on average). However, demand may pick up in the later part 156 1
of the year as power companies ramp up restocking activities. This may
136
also coincide with the improvement in China’s economy – this should be a
116
short-term catalyst for the coal sector in general, as mining activity picks up
when the dry season commences. Over the longer term, though, it may face 96

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Jun-23
a major risk in demand declining as more companies shift to renewable
energy (RE) to power their operations. As such, we lean towards being Source: Bloomberg
conservative in our outlook (Newcastle coal prices estimated at
USD150/tonne and USD90/tonne in 2023 and 2024, while USD75/tonne
would be a price support from FY25F onwards). These estimates would
also act as our base when projecting BIPI’s profitability as well.
 ESG overlay. BIPI has an ESG score of 2.7 out of 4. As such, in line with
our in-house proprietary methodology, we apply a 6% discount to its intrinsic
value to derive our TP. This is account for its “E” score as it uses fossil fuels,
albeit offset by its respectable level of corporate governance. Our TP also
implies 4.4-4.9x 2023-2024F P/E – which is still below the sector average,
in spite of its stellar FY23F EPS growth.

Overall ESG Score: 2.7 (out of 4)

E: GOOD
BIPI’s new venture into coal-mining (apart from its long
experience in coal logistics) may be at odds with the global
push towards green businesses. However, as the transition
Forecasts and Valuation Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F towards being fully powered by RE is still in progress –
Total turnover (USDm) 66 44 709 528 529 especially in the emerging markets – there is still global
demand for stable thermal energy. This type of business
Recurring net profit (USDm) 14 0 130 117 110
should be feasible for at least the next 10 years. So far, BIPI
Recurring net profit growth (%) (29.5) (98.6) 63,349.9 (10.3) (6.2) has had no legal issues on environmental matters.
Recurring P/E (x) 27.89 2,516.27 3.97 4.42 4.71 S: GOOD
P/B (x) 1.3 1.2 0.9 0.8 0.7 Some of its efforts include giving job opportunities to local
P/CF (x) na na 3.83 3.62 3.39 communities, as well as providing training and making
donations to help the underprivileged.
Dividend Yield (%) na na na na na
G: GOOD
EV/EBITDA (x) (0.12) na 0.42 0.11 (0.12) BIPI actively maintains the balance in the number and
Return on average equity (%) 4.6 0.1 26.6 19.7 16.3 spread of its workers and ensures that business activities
Net debtcover
Interest to equity
(x) (%) 8.1
0.84 20.3
0.26 1.0
5.99 net cash
5.01 net cash
4.37 are carried out efficiently and effectively.
Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Financial Exhibits
Asia Financial summary (USD) Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F
Indonesia Recurring EPS 0.00 0.00 0.00 0.00 0.00
Energy & Petrochemicals BVPS 0.01 0.01 0.01 0.01 0.01
Astrindo Nusantara Infrastruktur Return on average equity (%) 4.6 0.1 26.6 19.7 16.3

BIPI IJ
Valuation metrics Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F
Trading Buy
Recurring P/E (x) 27.89 2,516.27 3.97 4.42 4.71
P/B (x) 1.3 1.2 0.9 0.8 0.7
Valuation basis
FCF Yield (%) (9.0) (14.4) 15.5 15.4 15.4
10-year DCF valuation EV/EBITDA (x) (0.12) na 0.42 0.11 (0.12)
EV/EBIT (x) (0.16) 15.20 0.47 0.13 (0.15)
Key drivers
i. Aggressive growth in production volume; Income statement (USDm) Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F
ii. Lower production costs; Total turnover 65.6 43.7 709.1 528.2 529.0
iii. Fair quality of thermal coal products (low-pollutant, Gross profit 48.2 20.6 226.5 195.1 183.0
high calorific value). EBITDA 56.7 (36.3) 246.3 219.4 213.4
Depreciation and amortisation (13.6) 48.8 (28.5) (33.5) (39.9)
Key risks Operating profit 43.1 12.5 217.8 186.0 173.5
i. Delay in expansion plan; Net interest (51.4) (45.2) (35.5) (30.9) (28.2)
ii. Adverse effect of any changes in government Pre-tax profit 28.6 18.2 192.8 166.1 156.9
regulations; Taxation (6.7) (3.9) (48.2) (34.9) (32.9)
iii. Volatile coal prices. Reported net profit 14.3 0.2 130.4 117.0 109.8
Recurring net profit 14.3 0.2 130.4 117.0 109.8
Company Profile
Astrindo Nusantara Infrastruktur is an integrated energy Cash flow (USDm) Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F
and resources company. It is currently focused on coal Change in working capital (36) (29) (20) (5) 1
mining and logistics (port, continuous barge unloader, Cash flow from operations (36) (102) 135 143 153
overland conveyor, processing plant & crusher for
Capex 0 27 (55) (63) (73)
coal).
Cash flow from investing activities 388 10 (55) (63) (73)
Dividends paid 0 0 0 (0) (39)
Cash flow from financing activities (364) 258 23 24 11
Cash at beginning of period 4 8 17 124 230
Net change in cash (12) 166 103 104 91
Ending balance cash 8 17 124 230 319

Balance sheet (USDm) Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F

Total cash and equivalents 8 17 124 230 319
Tangible fixed assets 180 195 221 251 284
Total investments 529 547 547 547 547
Total assets 953 1,130 1,192 1,296 1,419
Short-term debt 14 26 30 34 34
Total long-term debt 26 99 101 112 134
Total liabilities 548 594 510 483 521
Total equity 406 536 682 813 898
Total liabilities & equity 953 1,130 1,192 1,296 1,419

Key metrics Dec-21 Dec-22 Dec-23F Dec-24F Dec-25F

Revenue growth (%) (16.5) (33.3) 1521.8 (25.5) 0.2
Recurrent EPS growth (%) (29.5) (98.9) 63349.9 (10.3) (6.2)
Gross margin (%) 73.5 47.1 31.9 36.9 34.6
Operating EBITDA margin (%) 86.4 (83.0) 34.7 41.5 40.3
Net profit margin (%) 21.8 0.5 18.4 22.2 20.7
Capex/sales (%) (0.6) (62.7) 7.8 12.0 13.7
Interest cover (x) 0.84 0.26 5.99 5.01 4.37

Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Business Overview
Changing course towards more reliable businesses
Founded in 2007, BIPI was originally an oil & gas (O&G) player via a joint operation
agreement with Indonesia’s state-owned oil company Pertamina. The company was listed
on the IDX as Benakat Petroleum Energy in 2010, raising c.IDR1.5trn from its IPO. In 2013,
its business underwent a change when management decided to enter the mining
infrastructure services field by acquiring Astrindo Mahakarya Indonesia. Thereafter, it began
to hive off its O&G investments. Since then, BIPI’s coal-generating assets in Kalimantan
have focused on coal marine terminals, a crushing & processing plant (CPP), overland
conveyor (OLC), and coal barge unloader (CBU) that cater to two long-term clients, Kaltim
Prima Coal and Arutmin Indonesia – both concessions are run by Bumi Resources (BUMI
IJ, NR) with total coal output of c.60m tonnes per year.

Figure 1: BIPI’s revenue generator from mining infrastructure and services

 Mitratama Perkasa (MP) provides
Mitratama Perkasa (MP) Nusa Tambang Pratama (NTP) integrated coal-handling services for
Asset Annual capacity Asset Annual capacity Arutmin Indonesia through a rental
Asam Asam Port 12m tonnes Bengalon Port 12m tonnes arrangement regulated under a long-
Asam Asam CPP and 12m tonnes (8.5km) Sangatta Crusher 12m tonnes term contract, with minimum take-or-pay
OLC terms
West Mulia Port CPP 12m tonnes TBCT Duplicate OLC 24m tonnes (12.6 km)
West Mulia CPP and OLC 12m tonnes (6.2km) Melawan CPP and OLC 24m tonnes (9.2 km)  NTP provides similar services (with the
North Pulau laut CBU 12m tonnes same terms mentioned above) for Kaltim
Prima Coal
Source: Company data, RHB

Figure 2: BIPI’s mining infrastructure and services operations – this segment was the company’s main revenue contributor
prior to it acquiring the coal mine

Source: Company data, RHB

Acquisition of coal mines sparks turnaround story

In February, BIPI won a coal-mining tender and purchased coal assets in East Kalimantan
from Thailand’s PTT (PTT TB, BUY, TP: THB46) for USD486m. The tender, which began
in early 2021, was considerably lucrative at that time as the Newcastle coal benchmark price
was hovering around USD100/tonne. This was right before the coal super-cycle began in
early 2022, and was further buoyed by the Russia-Ukraine war. This tender should bring
about strong cash flow, which can further enable BIPI to take on coal concessions where
operations have been ceased by the previous owner.

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Figure 3: Ownership structure of BIPI’s new coal assets – these will be helmed by Sakari Resources

Source: Company data, RHB

BIPI has been entitled to all economic interest of Nusantara Mining as of 1 Jul 2022, and
these will be consolidated fully post 1Q23. As depicted in Figure 3, the only operating
concession under Nusantara Mining is owned by Sakari Resources (SAR), apart from other
assets located overseas. SAR manages three main coal mines with total Joint Ore Reserve
Committee (JORC)-certified coal reserves of c.100m tonnes and resources totalling
c.1,430m tonnes.

Figure 4: Brief details of SAR’s concessions – the major focus is on its Jembayan mines
Jembayan Sebuku Penajam
CCOW: Under Development
Status Producing Under Development
IUP 1&2 : Suspended
Location East Kalimantan South Kalimantan East Kalimantan

License IUP (3 IUPs) 2 IUPs & 1 CCOW IUP (2 IUPs)

IUP 1: 2027 IUP 1: 2020 IUP 1: 2028
License Expiry IUP 2: 2024 IUP 2: 2022 IUP 2: 2026
IUP 3: 2032 CCOW: 2028
IUP 1: 6,959 ha IUP 1: 1,249 ha IUP 1: 605 ha
Area Covered IUP 2: 3,409 ha IUP 2: 175 ha IUP 2: 700 ha
IUP 3:2,479 ha CCOW: 848 ha
Coal Reserves 71.2m tonnes 15.5m tonnes 14.5m tonnes
IUP 1&2: 15.5m tonnes
Coal Resources 493.2m tonnes 37.1m tonnes
CCOW: 898.2m tonnes
IUP 1&2: 3m tonnes pa
Maximum Coal Port Capacity Up to 12m tonnes pa n.a.
CCOW: n.a.
Average Production 6m tonnes n.a. n.a.
CV: 5,606 kcal/kg (GAR) CV: 4,840 kcal/kg (GAR) IUP 1: CV: 4.491 kcal/kg (GAR), Moisture:
Ash: 6.2% Ash: 20.7% 26.4%, Ash: 4.5%, Sulphur: 0.8%
Coal Quality
Moisture: 18.5% Moisture: 15.7% IUP 2: CV: 3.924 kcal/kg (GAR), Moisture:
Sulphur: 0.6% Sulphur: 1.5% 34.2%, Ash: 5.7%: Sulphur: 0.5%
Notes: IUP: Izin Usaha Pertambangan (Mining License), CCOW: Coal Contract of Work. CCoWs are charged a royalty of 13.5% of sales and income taxes of 45%, against
the newer coal-mining permits (IUP), which have royalties of 2-7% and a standard 25% tax rate. The new regulations convert CCOWs into special mining business licences
(IUPK) upon expiry and allow mining to continue in existing areas.
Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Apart from owning the assets, BIPI also will continue to fulfil its trading contract with a regular
customer (through SAR’s trading arm in Singapore) that is a dominant player in a utilities
market with higher restrictions, ie requiring coal with less pollutants, which is typically
mandated in places like Japan, South Korea and Taiwan. For now, most of BIPI’s near-term
coal production comes from the Jembayan mine (Figures 4 and 5).

Figure 5: The Jembayan mine is BIPI’s current key focus

 Jembayan is BIPI’s only operating coal
concession, and infrastructure has been
established to support all mining activity
in two areas: Jembayan Muarabara
(JMB) and Arzara Baraindo Energitama
(ABE)
 Operational activities are currently
focused in JMB and ABE, while mining in
Kemilau Rindang Abadi (KRA) will begin
in 2024
 PTT, the previous owner of the
concession, has halted land acquisition
activities since its decision to divest it
three years ago. As such, BIPI will look
to continue acquiring land from 2023
onwards (with prices estimated at
IDR300-500m/ha)
 Additional upside reserve may also come
from JMB’s Prangat Block, with
approximately 3,000ha of block size
requiring further exploration and forestry
permits
Source: Company data, RHB

BIPI currently produces coal with an average calorific value (CV) of c.5,600 kcal/kg from the
Jembayan area, with an annual capacity of c.6m tonnes (c.5m tonnes of volume have been
put under contract with its client). As only 20% of the annual target volume will be sold at
the spot market, it has long-term revenue visibility of at least one year. The company plans
to start mining the south (for the KRA area) and north corners (for the JMB Prangat Block)
in 2024. The expansion in the south will be able to add another c.2m tonnes of production
capacity, while the north corner is set for expansion in the years to come – as it still needs
to be explored and forestry permits are required.

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Next expansions in the pipeline – Sebuku and Penajam

Figure 6: Sebuku is the next medium-term target

 Sebuku contains three mining areas:

Bahari Cakrawala Sebuku (BCS),
Karbon Mahakam (KM) and Metalindo
Bumi Raya (MBR)
 Sebuku has a historical strip ratio ranging
5-9x, as well as a short-haul and barging
distance to loading point
 Sebuku was producing coal since 1997
with an annual capacity of c.2m tonnes,
until operations were suspended in end-
2020. Production is expected to kick off
again by 2024

Source: Company data, RHB

Figure 7: Prospective mine developments in the Penajam area

 There are two areas in the Penajam

concession: Mutiara Kapuas and Sentika
Mitra Persada
 The concession is a greenfield mine that
covers c.1,300 ha that was acquired by
SAR in 2019
 Penajam is expected to commence
production in 2024, which is expected to
be gradually ramped up to c.2m tonnes
pa
Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Investment Thesis
Strong volume growth
We expect BIPI, considered one of the fastest growing listed coal companies, to double its
production to c.12m tonnes by 2027-2028. This is because all its operations have been
stabilised in the transition of its business focus. Currently, its annual production totals 6m
tonnes, from the matured block in Jembayan – contributed by mines in the underdeveloped
southern area of Jembayan, Sebuku and Penajam which contribute about 2m tonnes each.
These newly acquired mining areas have not been developed for three years, since PTT
was in the process of selling the asset. Furthermore, BIPI’s latest update on its reserves
indicates an equivalent of c.15 years of mining life, based on its current production capacity.
However, we believe that it should not have any issues extending its concession mining
license in the future.

Integrated infrastructure to match sales with production capacity

BIPI’s experience in providing integrated services for coal handling enabled it to win the
tender from PTT. We also think thermal coal should still enjoy long-term demand to fulfil
energy needs even while the transition to RE is underway. BIPI’s coal from Jembayan is of
the type that is preferred by utilities companies, ie it has a relatively low pollutant level. SAR
has prepared the handling capacity to support the growth of its volume production. All mining
activities in Jembayan will be managed by a renowned contractor, Pamapersada Nusantara
(PAMA), which is owned by United Tractors (UNTR IJ, BUY, TP: IDR29,000).

Figure 8: Infrastructure under Sakari Resources

Jetty 1 Jetty 2  About 12m tonnes pa of loading capacity

Year built: 2005
Current capacity: 4m tonnes pa
4 x product reclaim tunnels
1,200 tonnes per hour (tph) barge loading
conveyor
Barge Loading Port
Capacity: 300-330ft (all-year round loading)
Pit to port (hauling road): 20-29km
Distance from jetty: 261km
Year built: 2012
Current capacity: 8m tonnes pa
4 x product reclaim tunnels
2,000 tph barge transfer conveyor
2,000 tph barge loading conveyor
have been prepared to match BIPI’s
future volume production
 BIPI chose PAMA – with which it has a 5-
year mining contract – as its main coal
mining contractor in Jembayan. About
c.340 heavy equipment (HE) units
(drilling machines, excavators, haulers,
etc) are to be deployed for the operation
 PAMA’s credibility and experience lends
assurance that BIPI will fulfil its
operational targets

Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Valuation And Forecasts

We initiate coverage on BIPI with a TRADING BUY call and DCF-based TP of IDR254. Our
TP includes an ESG discount of 6% to account for its business trajectory (its products are
related to fossil fuels) and fair corporate governance. The bulk of the valuation is
represented by the Jembayan mine, followed by the expansion of the other two
concessions. This translates to 2023-2024F P/Es of 4.4-4.9x (still fairly below the sector
average), relative to its stellar FY23F EPS growth.

Figure 9: Forecasted toplines from the Jembayan mine (CV: about 5,600kcal/kg)
2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Jembayan revenue (USDm) 648 369 306 357 383 407 407 411
 Jembayan will be the only coal mine to
Sales volume (m tonnes) 5.6 5.7 6.0 7.0 7.5 8.0 8.0 8.1 generate revenue for a while, and its coal
Coal mined (m tonnes) 5.6 5.7 6.0 7.0 7.5 8.0 8.0 8.1 contains the highest CV compared to
(%) growth -8% 2% 5% 17% 10% 7% 0% 1%
coal produced from its other sites
Newcastle avg. (m tonnes) 150 90 75 75 75 75 75 75  Production may be temporarily
ASP (USD/tonne) 115.5 64.8 51.0 51.0 51.0 51.0 51.0 51.0 dampened, due to extreme weather.
% of NewC - price 77.0% 72.0% 68.0% 68.0% 68.0% 68.0% 68.0% 68.0% However, we believe that this situation
Cash cost (USD/tonne) 82.2 41.0 33.3 32.6 33.6 34.6 34.3 34.6 should alleviate when the dry season
% growth 3% -46% -25% -2% 3% 3% 3% 1% begins
Strip ratio (x) 13.0 12.0 13.0 13.0 13.0 13.0 12.5 12.5
Mining cost (USDm) 461 233 200 228 252 276 274 279

Source: Company data, RHB

Figure 10: Forecasted toplines from the Sebuku mine (CV: c.4,800kcal/kg)
2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F
Sebuku revenue (USDm) 104 93 102 99 96 95 95 95

Sales volume (m tonnes) 2.0 2.0 2.2 2.1 2.1 2.0 2.0 2.0  Production from the Sebuku area will
Coal mined (m tonnes) 2.0 2.0 2.2 2.1 2.1 2.0 2.0 2.0 start again in 2024, with an initial annual
(%) growth 0% 10% -3% -3% -1% 0% 0%
volume of 2m tonnes
Newcastle avg. (m tonnes) 90 75 75 75 75 75 75 75  The mining site is considered a
ASP (USD/tonne) 52.2 46.5 46.5 46.5 46.5 46.5 46.5 46.5 brownfield area as some supportive
% of NewC - price 58.0% 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% infrastructure remains intact after
Cash cost (USD/tonne) 38.0 32.9 32.3 32.3 32.3 31.0 31.7 31.0 production was halted in 2020
% growth -3% -20% -2% 0% 0% 0% 2% 2%
Strip ratio (x) 7.2 7.8 7.8 7.8 7.8 7.5 7.5 7.2
Mining cost (USDm) 76 66 71 69 67 64 65 64

Source: Company data, RHB

Figure 11: Forecasted toplines from the Penajam mine (CV: c.3,900-4,500kcal/kg)
2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F
Penajam revenue (USDm) 81 91 96 94 92 90 88 87

Sales volume (m tonnes) 2.0 2.1 2.2 2.2 2.1 2.1 2.0 2.0  The company will look at other prospects
Coal mined (m tonnes) 2.0 2.1 2.2 2.2 2.1 2.1 2.0 2.0 in Penajam (a greenfield mine). The CV
(%) growth 5% 5% -2% -2% -2% -2% -2% of this site’s coal is the lowest compared
Newcastle avg. (m tonnes) 75 75 75 75 75 75 75 75 to that of others, but is also still feasible
ASP (USD/tonne) 40.7 43.5 43.5 43.5 43.5 43.5 43.5 43.5 for the utilities sector – due to its lower
% of NewC - price 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% ash content compared to other coal
Cash cost (USD/tonne) 27.7 28.2 29.0 29.3 29.3 29.3 29.3 29.3 products in the region
% growth -21% 2% 3% 1% 0% 0% 0% 0%
Strip ratio (x) 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6
Mining cost (USDm) 55 59 64 63 62 61 60 58
Source: Company data, RHB

See important disclosures at the end of this report

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Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Figure 12: DCF valuation

(USDm) 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F

EBIT 218 186 173 203 202 198 200 194 203 197 220
EBIT (1-t) 163 147 137 152 151 148 150 146 152 147 165
Depreciation & amortisation 29 33 40 48 58 69 81 89 95 103 111
Changes in working capital (20) (5) 1 (9) (3) (4) (0) (0) (1) (0) (2)
Capital expenditures (55) (63) (73) (87) (93) (100) (107) (114) (122) (131) (140)
Net free cash flow 117 112 105 105 112 113 124 120 124 119 133
PV FCF 117 96 78 66 61 53 49 41 36 30 203
Terminal value 806
Terminal growth 0%
WACC 17%
Total discounted firm value 831
Net debt 247
Minority interest (14)
Equity value 1,064
Number of shares (m units) 57,918
Equity value per share (IDR) 270
ESG Discount 6%
Implied TP 254
Source: Company data, RHB

BIPI may still be one of the few companies that may see a turnaround in coal sales, even
though coal prices may still be at risk of falling further. Coal GPMs are still quite healthy,
and sales should provide fair cash flow for some years ahead. We estimate its FY23-33
revenue based on the estimated increase of its coal production volume and moderate
pricing for the commodity. We expect its production capacity to expand from c.6m tonnes in
2022 to c.12 m tonnes in 2027 – this steady increase (at a 13% CAGR over the next six
years) is key for BIPI to minimise the risks of price fluctuations. Management will also need
1-2 adjustment periods where it can fine-tune overall costs – according to our conservative
GPM outlook (which is a base case scenario). We also have moderate growth estimates on
BIPI’s other segments (ports and crusher rental) accordingly (3-5% YoY growth), with stable
margins anticipated.

Figure 13: Peer comparison – coal and related players

Market P/E (x) EPS growth (%) P/BV (x) Div yield (%) ROE (%)
Price Target EV/
Company cap
(IDR) (IDR) Resources FY23F FY24F FY23F FY24F FY23F FY24F FY23F FY24F FY23F FY24F
(IDRbn)
United Tractors 23,000 32,600 86,072 - 5.7 6.3 (29.3) (9.3) 1.0 1.1 7.4 6.7 17.1 17.0
Adaro Energy 2,260 3,050 72,288 0.5 3.0 4.5 (33.0) (33.7) 0.8 0.7 20.8 12.8 25.7 16.1
Bukit Asam 3,850 3,750 44,354 0.3 6.2 6.9 (43.1) (9.9) 1.4 1.3 12.3 10.2 22.8 18.8
Indo
24,025 38,500 27,146 0.3 2.6 4.2 (46.0) (37.6) 0.9 0.8 20.6 18.2 35.8 18.8
Tambangraya
Indika Energy 1,925 - 10,029 0.4 2.5 3.3 (40.0) (24.7) 0.5 0.4 9.9 7.6 21.0 13.4
Harum Energy 1,410 - 19,060 1.9 5.8 5.6 (41.8) 4.4 1.5 1.2 6.3 5.8 28.0 22.2
Astrindo 134 - 8,537 0.7 4.4 4.9 64,242.8 (10.0) 0.8 0.7 0.0 0.0 19.2 15.2
Simple avg. 0.7 4.3 5.1 (38.9) (18.5) 1.0 0.9 12.9 10.2 25.1 17.7
Weighted avg. 0.6 4.6 5.5 (35.8) (18.8) 1.0 1.0 13.4 10.2 23.4 17.5
Source: Bloomberg, RHB

Figure 14: BIPI’s revenue trend is supported by its sales Figure 15: BIPI’s net earnings trend points to reasonable
growth margins
(USDm) (m tonnes) (USDm) (%)
700 14.0
140 23.5

650 12.0 135 22.5

10.0 130
21.5
600
125
8.0 20.5
550 120
6.0 19.5
115
500
4.0 18.5
110

450 105 17.5

2.0
100 16.5
400 0.0 2023 2024 2025 2026 2027 2028 2029 2030
2023 2024 2025 2026 2027 2028 2029 2030
Net profit (LHS) NPM (RHS)
Mining revenue (LHS) Coal sales volume (RHS)
Source: Company data, RHB Source: Company data, RHB

See important disclosures at the end of this report

9
Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Industry Overview
Extension of China’s zero tariff rate on coal imports; weather risks
China is the biggest consumer of thermal coal, accounting for nearly 70% of global coal
demand. The extension of its zero import tariff indicates that 2023F demand outpaces its
domestic output by far, against the backdrop of its economic reopening. China’s coal output
has been increasing throughout 2022, with December’s output already >20% higher than
the monthly average in 1H22. Meanwhile, the latest coal (thermal and metallurgical) YTD
import data in China still points to an uptrend – in line with its plan to increase inventory
levels. This is also backed by the country’s initiative to prevent any shocks stemming from
extreme weather changes. After learning from the past, governments are taking no chances
to secure national power supplies ahead, to eliminate power outages.
Figure 16: China’s total seaborne coal imports Figure 17: China’s domestic coal production
(m tonnes)
435 40.0%
Total imported coal in average: c.260m tonnes p.a
335
410 32.5%
300 385 25.0%
Average: 5.2% YoY
265 360
+96% YoY 17.5%
230 335
10.0%
310
195
2.5%
285
160 -5.0%
260
125 -12.5%
235
90 210 -20.0%

Dec-19
Dec-18

Dec-20

Dec-21

Dec-22
Aug-21
Apr-18

Aug-18

Aug-19

Aug-20

Aug-22
Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
55

20
Coal production (m tonnes; LHS) YoY growth (RHS)

Source: Various sources, RHB Source: China Bureau of Statistics, RHB

Figure 18: Indonesia’s total coal output – coal is still a preferred choice to
generate power
(m tonnes)
750
700
650  Given its large coal reserves, Indonesia
is still focusing on coal production by
600
ramping up domestic demand for
550 electricity and catering to the offshore
500 market (Indonesian coal makes up about
450 60% of China’s total coal imports). Coal
is still needed to generate power through
400
conventional means, as the transition to
350 RE takes time. RE currently accounts for
300 only c.14% of Indonesia’s total power
250 output
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F2024F

National coal output Export volume

Source: Ministry of Energy and Mineral Resources, RHB

Rising electricity consumption – air conditioner usage to triple by 2050

According to the International Energy Agency's (IEA) report titled The Future of Cooling, the
demand for air conditioning is expected to continue to grow rapidly in the coming years due
to rising temperatures and the spiking demand for comfort. Energy consumption from air
conditioning will continue to increase, especially in developing countries. This will have
significant implications for energy security, air pollution, and climate change. The report also
states that air conditioning is responsible for around 10% of global electricity consumption,
with the US and China accounting for nearly half of the total consumption.

See important disclosures at the end of this report

10
Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Air conditioning consumption is expected to triple by 2050, equal to electricity usage of

c.4,000 TWh – which, in turn, is equivalent to the combined energy consumption of the EU,
Japan and US currently. Furthermore, some of other key risks to consider regarding the
outlook of the global coal industry are:
i. Global coal consumption has been declining in recent years due to the increased use
of RE sources and efforts to reduce greenhouse gas emissions.
ii. Despite declining demand, coal remains a significant source of energy in many
countries, particularly in Asia. China, India and the US are the largest consumers of
coal – and demand in these countries will likely continue to drive the industry in the
near future.
iii. Technological advancements in coal-mining and coal processing have made extraction
and production more efficient and cost-effective. However, environmental concerns
related to coal-mining and combustion (such as air pollution and carbon emissions)
continue to be a major challenge for the industry.
iv. Many countries and international organisations have committed to reduce their
dependence on coal in order to meet climate change goals. The Paris Agreement, for
example, aims to limit global warming to well below 2°C above pre-industrial levels and
to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
This will require a significant shift away from fossil fuels, including coal.

Figure 19: Coal-powered plant trend in global – dominated by China & India

100,000
90,000 Energy addition per year in average: 66,700 MW  Despite the transition to RE, there is still
80,000 a crucial need for stable energy output
from thermal coal, in order to fulfil the
70,000
demand for power
60,000
50,000
 Looking at the number of blackouts in the
past two years (due to a sudden surge in
40,000 Retired power plant per year in average: 19,700 MW
energy demand, caused by climate
30,000 factors and the COVID-19 pandemic),
20,000 some regions are are still commencing
coal-powered plant projects – c.70% of
10,000
new coal-fired power plant capacity in the
0 past five years were from India and
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

China

New coal-fired power capacity around the world (MW)

Source: Various sources, RHB

Figure 20: Newcastle benchmark price trend points to new turbulence in the
cycle ahead, albeit for the short term. This would also determine the sensitivity of
share prices ahead
16,000  Strong economy posts GFC (2007-2009)  Economy revival
 Higher coal demand from China  Gas supply conundrum from geopolitcal tensions 440

14,000  Abundancy in supply

 More coal mines being opened
390  The volatility of coal prices is often
12,000  Coal inventory on utilies were at record high
340
related to weather changes and
 Slower global demand overall disruptions in the supply of energy
10,000  China's coal production cutback
 Despite the inevitable decline in the price
290
 India's coal surge demand
8,000  Covid-19
outbreak
240 of coal (from the apex of the current
6,000 190
cycle), we expect the Newcastle price to
average USD150/tonne and
4,000
 Normalized
140 USD90/tonne in 2023 and 2024. We
2,000
gas supply and
90
expect the price to be around
build up coal USD75/tonne during the downtrend,
inventory
0 40 although domestic coal producers should
Dec-20
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-21

Dec-22
Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Jun-20

Jun-21

Jun-22

Jun-23

still chalk decent margins then

Coal sector share price (pts; LHS) Newcastle price (USD/tonne; RHS)

Source: Bloomberg, RHB

See important disclosures at the end of this report

11
Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Milestones And Management

Figure 21: Company’s notable milestone in the past

2007 Established as Macau Oil Engineering & Technology

JO (subsidiary) with Pertamina EP at Benakat Barat, Sumatera
2009
JO (subsidiary) with Pertamina EP at Bangkudulis, East Kalimantan
Changed name to Benakat Petroleum Energy
2010 – 2011 IPO, listed on the IDX (Bloomberg ticker code: BIPI IJ)
Acquired 37.67% of Elnusa (ELSA IJ, Not NR)
Acquired 10.3% of Buana Lintas Lautan (BULL IJ, NR)
2013 – 2017 Changed name to Benakat Integra
Divested Elnusa, Benakat Patina, Benakat Oil, and Indelberg Oil Indonesia
Acquired Astrindo Mahakarya Indonesia (AMI)
Consolidation of Mitratama Perkasa (MP) in Jul 2018
2018 – 2019 Changed name into Astrindo Nusantara Infrastruktur
Divested of Buana Listya Tama
Acquired 41.04% of Sumber Energi Andalan (ITMA IJ, NR) shares
Source: Company data, RHB

Figure 22: Board of Commissioners

Name Position Description
Achmad Widjaja

Achmad Widjaja, an Indonesian, was born in 1959. He earned a Bachelor of

Economics degree from HKBP Nommensen University (1981) and an MBA from IEU,
Belgium (1993). He was appointed as President Commissioner and Independent
President / Independent
Commissioner in Jul 2022. He also serves as the Secretary of Indonesia Business
Commissioner
Council UAE & Bahrain (Middle East) (2018-present), President Director of Prima
Mustika Candra (2019-present), and President Commissioner of Netzme Kreasi
Indonesia (2020-present).

Winston Jusuf

Winston Jusuf, a 49-year-old Indonesian, has a Bachelor’s degrees in Business at

Edward College, Australia (1992) and Santa Monica College, the US (1996). He was
appointed as a Commissioner on 27 Sep 2017. He also serves as the Managing
Commissioner
Director of Eastland Development (2010–present), Independent Commissioner of
Bumi Resources Mineral (2020–present) and President Commissioner of Sumber
Energi Andalan (2021–present).

Hermawan Chandra

Hermawan Chandra, 70, is an Indonesian. He has a Bachelor of Economics degree

Independent Commissioner
(1976) and Master’s in Accounting (2010) from the University of Indonesia. He also
has a Bachelor of Law degree from the Institute of Business, Law, and Management
(IBLAM) (2011). He was appointed as Independent Commissioner on 26 May 2017.
He is also a lecturer on accounting at several state and private universities (1975–
present) and Commissioner of Marga Nurindo Bhakti (2010–present).

Source: Company data

See important disclosures at the end of this report

12
Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Figure 23: Board of Directors

Name Position Description
Raymond Anthony Gerungan

Raymond Anthony Gerungan, 53, is an Indonesian. He has a Bachelor’s degree in

Electrical Engineering from Northrop University in the US (1985), and was a candidate for
a Bachelor of Science at the School of Engineering, Aerospace Engineering, University of
Southern California (1986–1990). He also earned a license as an investment manager
President Director
from the Financial Services Authority (OJK) (2001). He was appointed as President
Director on 21 Dec 2017. Prior to that, he was an Executive Director for Corporate
Solutions & Financing at Nomura Singapore (2011–2012), Director – Head of Private &
Structured Finance at Macquarie Bank Singapore (2012–2016).

Michael Wong

Michael Wong, a 55-year-old Indonesian, has a Bachelor of Arts degree in Business &
Administrative Studies from Lewis & Clark College in Oregon, the US (1990) and a
graduate diploma in Marketing of Financial Services from Marketing Institute Singapore
Director
(1993). He was appointed as a director on 16 May 2017. Previously, he was Vice President
– Structured & Project Finance at ING Indonesia Bank (1997-1999) and a Director of
Benakat Barat Petroleum (2008-2010).

Ferdy Yustianto

Ferdy Yustianto, a 48-year-old Indonesian, has a Bachelor of Science degree from Trisakti
University in Jakarta in 1995, an MBA from California State University in 1999, and a
Master’s degree in Geology from Padjadjaran University (2014). He was appointed as a
Director
director on 27 Nov 2019. He also served as President Director of Perdana Sawit Mas and
Director at Cakrawala Sejahtera Sejati (2010-present) and President Director of Sejati
Palma Sejahtera and President Director at Netzme (2017-present).

Andreas Kastono Ahadi

Andreas Kastono Ahadi is a 51-year-old Indonesian. He has a Bachelor's degree in

Management from Binghamton University in the US. He was appointed as Director of
Finance on 26 May 2017. He also served as President Director of Pacific Citarasa
Director Indonesia (2011-present), President Director of Paradise Indonesia Carpedia (2011-
present) and a Commissioner of Buana Lintas Lautan (2021-present). Previously, he was
an investment banker in Singapore and San Francisco, specializing in structured finance
– with services that include project advisory, project finance, securitisation, and debt
restructuring.

Source: Company data

See important disclosures at the end of this report

13
Astrindo Nusantara Infrastruktur Indonesia Initiating Coverage
23 June 2023 Energy & Petrochemicals | Energy

Recommendation Chart
Date Recommendation Target Price Price
Price Close
2023-06-21
233
Source: RHB, Bloomberg
213
193
173
153
133
113
93
73
53
33
Jun-18 Sep-19 Jan-21 Apr-22
Source: RHB, Bloomberg

ESG Rating History

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00
Jan-24F

Jun-24F

Jan-25F

Jun-25F

Jan-26F

Jun-26F
Jul-24F

Jul-25F

Jul-26F
Aug-24F

Dec-26F
Sep-24F

Mar-25F

Aug-25F
Sep-25F
Oct-25F
Feb-24F
Mar-24F

Nov-25F
Dec-25F

Aug-26F
Sep-26F
Apr-24F

Oct-24F
Nov-24F
Dec-24F

Feb-25F

Oct-26F
May-24F

Apr-25F

Feb-26F
Mar-26F

Nov-26F
May-25F

Apr-26F
May-26F

Number of months in report

Source: RHB

See important disclosures at the end of this report

14
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-
term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next
12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
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present certain risks. The securities of non-U.S. issuers may not be registered with, or
be subject to the regulations of, the U.S. Securities and Exchange Commission.
Information on non-U.S. securities or related financial instruments may be limited.
Foreign companies may not be subject to audit and reporting standards and regulatory
requirements comparable to those in the United States. The financial instruments
discussed in this report may not be suitable for all investors. Transactions in foreign
markets may be subject to regulations that differ from or offer less protection than
those in the United States.
DISCLOSURE OF CONFLICTS OF INTEREST
RHB Investment Bank Berhad, its subsidiaries (including its regional offices) and
associated companies, (“RHBIB Group”) form a diversified financial group,
undertaking various investment banking activities which include, amongst others,
underwriting, securities trading, market making and corporate finance advisory.
As a result of the same, in the ordinary course of its business, any member of the
RHBIB Group, may, from time to time, have business relationships with, hold any
positions in the securities and/or capital market products (including but not limited to
shares, warrants, and/or derivatives), trade or otherwise effect transactions for its own
account or the account of its customers or perform and/or solicit investment, advisory
or other services from any of the subject company(ies) covered in this research report.
While the RHBIB Group will ensure that there are sufficient information barriers and
internal controls in place where necessary, to prevent/manage any conflicts of interest
to ensure the independence of this report, investors should also be aware that such
conflict of interest may exist in view of the investment banking activities undertaken by
the RHBIB Group as mentioned above and should exercise their own judgement
before making any investment decisions.
In Singapore, investment research activities are conducted under RHB Bank Berhad
(through its Singapore branch), and the disclaimers above similarly apply.
Malaysia
Save as disclosed in the following link RHB Research conflict disclosures - Jun 2023
and to the best of our knowledge, RHBIB hereby declares that:
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1. RHBIB does not have a financial interest in the securities or other capital market
products of the subject company(ies) covered in this report.
2. RHBIB is not a market maker in the securities or capital market products of the
subject company(ies) covered in this report.
3. None of RHBIB’s staff or associated person serve as a director or board member*
of the subject company(ies) covered in this report
*For the avoidance of doubt, the confirmation is only limited to the staff of research
department
4. RHBIB did not receive compensation for investment banking or corporate finance
services from the subject company in the past 12 months.
5. RHBIB did not receive compensation or benefit (including gift and special cost
arrangement e.g. company/issuer-sponsored and paid trip) in relation to the
production of this report.
Thailand
Save as disclosed in the following link RHB Research conflict disclosures - Jun 2023
and to the best of our knowledge, RHB Securities (Thailand) PCL hereby declares that:
1. RHB Securities (Thailand) PCL does not have a financial interest in the securities
or other capital market products of the subject company(ies) covered in this report.
2. RHB Securities (Thailand) PCL is not a market maker in the securities or capital
market products of the subject company(ies) covered in this report.
3. None of RHB Securities (Thailand) PCL’s staff or associated person serve as a
director or board member* of the subject company(ies) covered in this report
1. *For the avoidance of doubt, the confirmation is only limited to the staff of research
department
4. RHB Securities (Thailand) PCL did not receive compensation for investment
banking or corporate finance services from the subject company in the past 12
months.
5. RHB Securities (Thailand) PCL did not receive compensation or benefit (including
gift and special cost arrangement e.g. company/issuer-sponsored and paid trip) in
relation to the production of this report.
Indonesia
Save as disclosed in the following link RHB Research conflict disclosures - Jun 2023
and to the best of our knowledge, PT RHB Sekuritas Indonesia hereby declares that:
1. PT RHB Sekuritas Indonesia and its investment analysts, does not have any
interest in the securities of the subject company(ies) covered in this report.
For the avoidance of doubt, interest in securities include the following:
a) Holding directly or indirectly, individually or jointly own/hold securities or
entitled for dividends, interest or proceeds from the sale or exercise of the
subject company’s securities covered in this report*;
b) Being bound by an agreement to purchase securities or has the right to
transfer the securities or has the right to pre subscribe the securities*.
c) Being bound or required to buy the remaining securities that are not
subscribed/placed out pursuant to an Initial Public Offering*.
d) Managing or jointly with other parties managing such parties as referred to in
(a), (b) or (c) above.
2. PT RHB Sekuritas Indonesia is not a market maker in the securities or capital
market products of the subject company(ies) covered in this report.
3. None of PT RHB Sekuritas Indonesia’s staff** or associated person serve as a
director or board member* of the subject company(ies) covered in this report.
4. PT RHB Sekuritas Indonesia did not receive compensation for investment banking
or corporate finance services from the subject company in the past 12 months.
5. PT RHB Sekuritas Indonesia** did not receive compensation or benefit (including
gift and special cost arrangement e.g. company/issuer-sponsored and paid trip) in
relation to the production of this report:
Notes:
*The overall disclosure is limited to information pertaining to PT RHB Sekuritas
Indonesia only.
**The disclosure is limited to Research staff of PT RHB Sekuritas Indonesia only.
Singapore
Save as disclosed in the following link RHB Research conflict disclosures - Jun 2023
and to the best of our knowledge, the Singapore Research department of RHB Bank
Berhad (through its Singapore branch) hereby declares that:
1. RHB Bank Berhad, its subsidiaries and/or associated companies do not make a
market in any issuer covered by the Singapore research analysts in this report.
2. RHB Bank Berhad, its subsidiaries and/or its associated companies and its
analysts do not have a financial interest (including a shareholding of 1% or more)
in the issuer covered by the Singapore research analysts in this report.
3. RHB Bank Berhad’s Singapore research staff or connected persons do not serve
on the board or trustee positions of the issuer covered by the Singapore research
analysts in this report.
4. RHB Bank Berhad, its subsidiaries and/or its associated companies do not have
and have not within the last 12 months had any corporate finance advisory
relationship with the issuer covered by the Singapore research analysts in this
report or any other relationship that may create a potential conflict of interest.
5. RHB Bank Berhad’s Singapore research analysts, or person associated or
connected to it do not have any interest in the acquisition or disposal of, the
securities, specified securities based derivatives contracts or units in a collective
investment scheme covered by the Singapore research analysts in this report.
6. RHB Bank Berhad’s Singapore research analysts do not receive any
compensation or benefit in connection with the production of this research report
or recommendation on the issuer covered by the Singapore research analysts.
Analyst Certification
The analyst(s) who prepared this report, and their associates hereby, certify that:
(1) they do not have any financial interest in the securities or other capital market
products of the subject companies mentioned in this report, except for:

Analyst Company
- -

(2) no part of his or her compensation was, is or will be directly or indirectly related to
the specific recommendations or views expressed in this report.

KUALA LUMPUR JAKARTA

RHB Investment Bank Bhd PT RHB Sekuritas Indonesia
Level 3A, Tower One, RHB Centre Revenue Tower, 11th Floor, District 8 - SCBD
Jalan Tun Razak Jl. Jendral Sudirman Kav 52-53
Kuala Lumpur 50400 Jakarta 12190
Malaysia Indonesia
Tel : +603 9280 8888 Tel : +6221 509 39 888
Fax : +603 9200 2216 Fax : +6221 509 39 777

BANGKOK SINGAPORE
RHB Securities (Thailand) PCL RHB Bank Berhad (Singapore branch)
10th Floor, Sathorn Square Office Tower 90 Cecil Street
98, North Sathorn Road, Silom #04-00 RHB Bank Building
Bangrak, Bangkok 10500 Singapore 069531
Thailand Fax: +65 6509 0470
Tel: +66 2088 9999
Fax :+66 2088 9799

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