Golden Energy – 4th largest in Indonesia but share price lags Geo Energy by a mile! (27 Mar 17)

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Golden Energy (“GEAR”) has slumped 21% from $0.655 on 12 Dec 2016 to $0.515 on 27 Mar 2017. Compare this with a 47% rally in Geo Energy’s share price over the same period. Moreover, GEAR has slumped 10% post its results notwithstanding the strong set of results. Why is this so?

I have managed to fix an exclusive 1-1 meetup with Mark Zhou, Head of investments, GEAR (“Management”) to find out more about the company’s business and prospects.

 

Key takeaways from the meetup

Bullish on FY17F

Management continues to be bullish about its outlook. Based on Chart 1 below, Indonesia, China and India contributed about 58%, 25% and 14% respectively. For example, Indonesian government under President Jokowi’s administration has implemented an electrification programme to add 35,000 megawatts (MW) in power generation capacity across the country by 2019. Of which, almost 20,000 MW will come from coal-fired plants. Moreover, there is increasing budget allocated to infrastructure development which fuels demand for cement. Coal is used intensively in the cement manufacturing processing plant.

According to management, China’s coal imports, which has surged 64% to 24.91 MT in January this year, is also projected to increase further as a result of restrictions on local productions and its recent ban on North Korean coal import. However, management does not see any negative spill over effects from China limiting imports of low-quality coal. (See next point)

Power generation in India, which is reliant on coal-fired power to meet soaring domestic energy demand, is expected to increase to around 1,750 TWh by 2020, with coal accounting for more than 1,230 TWh  Southeast Asian countries, including Thailand, the Philippines and Vietnam are growth markets for thermal coal in the years out to 2020 as coal-fired electricity is used to fuel their fast-growing economies

All in, the outlook for coal continues to be positive.

Chart 1: Geographical split of GEAR’s revenue

Chart 1_Geographical split of FY16 revenue

Source: Company

GEAR unaffected by China clamping down on imports of low quality coal

Based on a Reuters’ article this month, China is controlling imports of low-quality coal amid concerns on smog and overcapacity in the world’s top coal consumers. However, management does not see any negative spill over effects. In fact, it is seeing robust demand for their coal which they attribute to its flexibility. This is because due to GEAR’s coal specifications (BIB 4,000 – 4,200 GAR) and large reserves, it can sell to power producers. Furthermore, as their coal has low ash and sulphur content, there is demand for their coal for blending with higher sulphur coal.

Confident of getting regulatory approval to raise BIB mine production from 7.5MT to 12MT

Management plans to ramp up coal production from 9.5MT in FY16 to 14.0MT in FY17F. This comes mainly from the BIB mine which is targeted to increase production from 7.5MT in FY16 to 12MT in FY17F, subject to regulatory approval. GEAR is confident of getting the regulatory approval.

Ramping up investor awareness

For such a large company of S$1.2b, GEAR is only covered by one brokerage house, KGI Securities. KGI ascribed a target price for GEAR at $0.960 with an estimated net profit attributable to shareholders amounting to US$100m, which is almost 5x that of FY16 net profit.

In view of the above, management is cognizant that it can do more to engage the investment community. It is doing a presentation to retail investors at SGX seminar on 30 Mar 2017. Furthermore, it is planning a site visit around the week of 20th Apr 2017 for analysts and media.

 

Comparison between Geo Energy and GEAR

As Geo Energy is the closest comparable listed on SGX bourse, I have made a simple comparison between the two. Based on Table 1, GEAR seems to be better than Geo Energy as it has a larger market capitalisation, net cash, larger reserves, lower cash cost and lower market capitalisation per ton of reserves.

Table 1: Comparison between Geo Energy and GEAR

Table 1_Geo Energy vs Golden Energy

Source: Companies’ FY16 results

* Geo Energy reserves include the acquisition of TBR, to be completed in 1H17

** I couldn’t find the cash cost in Geo Energy FY16 results and I used Philip Securities estimate for FY17F

** For GEAR, management believes that the cash cost should broadly stay around the above level in FY17F

 

Coal prices may have bottomed last year

Based on Chart 2 below, although coal prices may have hit a near term peak in Dec 2016 and have slid 17% since then, there is a couple of noteworthy points.

Firstly, to put things in perspective, Ecocoal, at the Mar 2017 price of US$44.41, is still up approximately 45%, compared to one year ago. Secondly, the rate of monthly decline seems to be slowing. i.e. there is a possibility that it may trade sideways in the next few months. In KGI’s analyst report, they use a long term average selling price (“ASP”) of US$42 / tonne to derive their target price of S$0.960. As of now, coal prices are still trading above KGI’s long term ASP assumption.

Chart 2: Monthly coal price chart by brands

Chart 2_Eco coal price as of 26 Mar 2017

Source: Coalspot.com (27 Mar 17)

Chart analysis

With reference to Chart 3 below, GEAR is testing the support area of around $0.510 – 0.520. After the sharp drop post its listing on 12 Dec 2016, there seems to be a short to medium term uptrend as depicted by the uptrend line. However, a break below $0.510 on strong volume and on a sustained basis is negative for the chart.

Near term supports: $0.515 / 0.510 / 0.500

Near term resistances: $ 0.525 / 0.535 – 0.545 / 0.565 – 0.570

Chart 3: GEAR is testing the support at 0.510 – 0.515

Golden Energy chart as of 27 Mar 17

Source: Chartnexus as of 27 Mar17

Conclusion

GEAR continues to lag behind Geo Energy in term of share price. This may be due to the market’s unfamiliarity with GEAR. Hopefully, this will be resolved to some extent by its continual delivery on its results (supported by a positive macro outlook), coupled with its investment seminars and site visit.

Readers are advised to refer to GEAR’s website (click HERE), the announcements on SGX, KGI research report and my previous write-up (click HERE) for more information.

Disclaimer

Please refer to the disclaimer HERE

222 thoughts on “Golden Energy – 4th largest in Indonesia but share price lags Geo Energy by a mile! (27 Mar 17)”

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  126. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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  127. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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  129. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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  130. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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  131. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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    Диагностическая карта – это официальный документ, который подтверждает, что ваш автомобиль прошёл технический осмотр и соответствует установленным требованиям безопасности. В карте содержится информация о состоянии всех основных узлов и агрегатов транспортного средства.

    С 2021 года диагностическая карта выдается в электронном виде, а данные о её наличии автоматически передаются в единую базу данных (ЕАИСТО).

    ### Для чего нужна диагностическая карта?

    1. **Оформление страховки ОСАГО.** Без действующей диагностической карты нельзя заключить договор ОСАГО.
    2. **Контроль технического состояния автомобиля.** Техосмотр помогает своевременно выявить неисправности, которые могут стать причиной аварий.
    3. **Соблюдение закона.** Отсутствие техосмотра влечёт административные штрафы в случае проверки.

    ### Как проходит техосмотр?

    Техосмотр проводится на специализированных станциях технического обслуживания (СТО), имеющих аккредитацию. Основные этапы проверки:

    1. **Визуальный осмотр.** Проверяются внешние элементы: кузов, фары, стеклоочистители.
    2. **Диагностика тормозной системы.** Измеряется эффективность торможения.
    3. **Проверка выхлопной системы.** Оценивается уровень выбросов вредных веществ.
    4. **Тестирование рулевого управления и подвески.** Обеспечение устойчивости и управляемости автомобиля.
    5. **Осмотр шин и колес.** Проверяется глубина протектора и их соответствие сезону.

    ### Какие автомобили обязаны проходить техосмотр?

    1. **Легковые автомобили.** Если машине больше 4 лет, техосмотр проводится раз в два года.
    2. **Коммерческий транспорт.** Проверка проводится ежегодно.
    3. **Такси и автобусы.** Техосмотр обязателен каждые 6 месяцев.
    4. **Мотоциклы и мотороллеры.** Раз в два года для техники старше 4 лет.

    ### Что делать, если диагностическая карта не пройдена?

    Если во время техосмотра были выявлены неисправности, автомобиль необходимо отремонтировать и повторно пройти проверку. Повторный техосмотр проводится бесплатно, если он осуществляется на той же станции в течение 20 дней после первой проверки.

    ### Где пройти техосмотр?

    Для прохождения техосмотра стоит выбрать аккредитованную станцию техобслуживания. Обратите внимание на:

    – Наличие лицензии у оператора.
    – Удобное местоположение и график работы.
    – Положительные отзывы от других владельцев автомобилей.

    ### Как долго действует диагностическая карта?

    Срок действия зависит от категории транспортного средства и его возраста:

    – Для новых автомобилей (до 4 лет) техосмотр не требуется.
    – Для автомобилей от 4 до 10 лет карта действительна 2 года.
    – Для машин старше 10 лет – 1 год.

    ### Заключение

    https://yandex.ru/maps/org/tekhosmotr_diagnosticheskaya_karta/232920085821 и диагностическая карта – это не просто формальности, а важный шаг к обеспечению безопасности на дороге. Регулярная проверка автомобиля помогает предотвратить возможные поломки и защитить вас и ваших пассажиров. Заботьтесь о своём автомобиле – и он прослужит вам долгие годы!

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  184. **Почему Вавада Официальный Телеграм – Идеальный Выбор для Любителей Казино**

    Сегодня социальные сети стали неотъемлемой частью жизни, и топовые операторы онлайн-казино успешно используют их для общения с пользователями. Одним из таких примеров является **Вавада официальный Телеграм** – канал, который стал настоящей находкой для десятков тысяч подписчиков и новичков. Давайте разберём, почему этот канал заслуживает вашего внимания и какие преимущества он предоставляет.

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    1. **Оперативная информация**
    В Телеграм-канале вы всегда найдёте свежие новости о бонусах, акциях, турнирах и специальных предложениях. Пользователи получают доступ к актуальной информации без необходимости искать её на сайте.

    2. **Эксклюзивные бонусы**
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    3. **Простота использования**
    Доступ к каналу возможен с любого устройства – смартфона, планшета или компьютера. Всё, что нужно, – установить Телеграм и подписаться на канал Вавада.

    4. **Обратная связь**
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    Для новых пользователей предусмотрены:

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    – **Демо-режимы игр.** В Телеграме часто рассказывают о новых слотах, которые можно попробовать бесплатно.
    – **Сообщество.** Быть частью канала – это не только выгодно, но и интересно. Вы сможете участвовать в обсуждениях и делиться своим опытом с другими подписчиками.

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    1. Установите приложение Telegram на своём устройстве.
    2. Найдите официальный канал Вавада через поиск или воспользуйтесь ссылкой с сайта казино.
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    ### Заключение

    **Вавада официальный Телеграм** – это не просто информационный ресурс, а полноценная платформа для общения, обучения и развлечений. Подписывайтесь на канал, чтобы первыми узнавать о лучших предложениях, получать эксклюзивные бонусы и наслаждаться игрой в одном из лучших лицензированных онлайн-казино. Ваш успех начинается с правильного выбора!

    https://businessxconnect.com/groups/qvavada-80e/

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  199. ### Бизнес-реклама на авто: мобильный способ продвигать ваш бренд

    Современный бизнес требует оригинальных и эффективных способов продвижения. Одним из таких решений является реклама на автомобиле. Этот метод не только привлекает внимание, но и обеспечивает мобильность вашего рекламного сообщения, охватывая самые разные аудитории.

    #### Что такое реклама на авто?
    Реклама на авто представляет собой размещение рекламных изображений, логотипов или слоганов компании на транспортном средстве. Это могут быть личные или корпоративные автомобили, которые ежедневно перемещаются по городу, обеспечивая бренду максимальную видимость.

    #### Почему реклама на авто эффективна?
    1. **Широкий охват аудитории**
    Автомобиль с рекламой проезжает по улицам, где его видят сотни или даже тысячи людей ежедневно. Это идеальный способ привлечь внимание в разных районах города и даже за его пределами.

    2. **Экономичность**
    В отличие от традиционных рекламных площадок, таких как билборды или телевидение, реклама на авто обходится дешевле. Единожды вложившись в разработку и нанесение дизайна, вы получаете долгосрочный рекламный эффект.

    3. **Выделение среди конкурентов**
    Движущийся автомобиль с ярким и креативным дизайном легко привлекает внимание. Это особенно важно в условиях высокой конкуренции.

    4. **Гибкость**
    Вы можете использовать автомобили в зависимости от задач бизнеса. Например, направить машину с рекламой в оживлённые районы города или на специальные мероприятия.

    #### Какие виды рекламы на авто существуют?
    – **Виниловые наклейки**
    Долговечный и яркий вариант. Они могут покрывать всю поверхность автомобиля или отдельные его части.

    – **Магнитные таблички**
    Подходят для временной рекламы. Их легко установить и снять, что особенно удобно для частных автомобилей.

    – **Реклама на стёклах**
    Специальные наклейки на заднее или боковые стёкла, которые не мешают обзору водителя.

    #### Как создать эффективную рекламу на авто?
    1. **Привлекательный дизайн**
    Дизайн должен быть ярким, запоминающимся и понятным с первого взгляда. Укажите контактные данные и ключевые услуги компании.

    2. **Качественные материалы**
    Используйте стойкие к погодным условиям материалы, чтобы реклама оставалась яркой и заметной в любое время года.

    3. **Правильное размещение**
    Наиболее заметные зоны автомобиля – боковые двери, капот и заднее стекло. Разместите там основные элементы рекламы.

    #### Заключение
    Реклама на авто – это уникальная возможность сделать ваш бренд узнаваемым и привлечь новых клиентов. Этот метод сочетает в себе доступность, мобильность и креативность, что делает его идеальным выбором для любого бизнеса. Начните использовать автомобили как рекламную площадку, и ваш бизнес станет заметнее, а клиенты – ближе!

    https://campus.iedrlaunion.edu.co/blog/index.php?entryid=849

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