Indonesia Trading Idea
24 September 2019
Commodities | Coal Operations
Transcoal Pacific (TCPI IJ)
Not Rated
Target Price (Return)
Price:
Market Cap:
All Aboard The Transcoal Pacific!
N/A
IDR7,975
USD2.8b
42b /3.01m
Avg Daily Turnover (IDR/USD)
• A fully-utilised shipping company. Transcoal Pacific offers sea
transportation and logistics services for major commodity players in Indonesia.
It began in 2007, with Arutmin and Kapuas Prima Coal (Bumi Resources
subsidiaries) as major clients. Management believes the endless demand for
its cargo services sets it apart from competitors. It aims to grow its ownedvessel unit to counter growing cargo demand, while branching out into new
customer bases.
• More stable earnings vs commodity players. Although the majority of
revenue comes from the coal-mining industry, earnings are less affected by the
volatility in coal or other commodity prices, as the company charges fixed
prices to customers. This explains the strong 90% YoY earnings growth for the
company vs coal miners’ -18% YoY, as coal prices have fallen by 35% YoY
YTD.
• Earnings driven by cargo volume. TCPI generates revenue exclusively from
sea transportation services, mainly transporting cargo derived from the coal
sector. Management expects cargo volume to continue growing, as domestic
coal demand will continue to climb with more coal-fired power plants coming
online. Based on data from the Ministry of Energy & Mineral Resources
(ESDM), domestic coal demand is estimated to reach 128m tonnes in 2019
(+11% YoY). The company has also been widening its pool of business
customers to service players involved in other commodities such as nickel,
CPO and other metals. This is evidenced by the shift in its revenue breakdown,
in which coal accounted for 68% of total revenue in 2Q19, vs 92% in 1Q19.
• Expansion strategy – to grow owned vessel contributions. Based on our
recent discussion with management, TCPI aims to expand margins by
increasing the ratio of owned vessels to chartered ones to 60:40 (currently
38:62). This will enable it to widen margins, as transportation expenses
accounted for 70% of the company’s total cost of revenue and largely come
from cost from chartered vessels. Management has also set this year’s capex
at IDR700bn, which will be used to purchase more vessels in order to increase
the contribution to group numbers by owned vessels.
• Valuation. TCPI booked a 1H19 net profit of IDR156bn (+90% YoY). If we
annualise this figure, it will bring 2019F earnings to IDR312bn and translate
into a 2019F P/E of 127x. Annualised P/BV and EV/EBITDA currently stands
at 25x and 60x. There are no direct peer comparisons for this coal logistics
company, while the average P/E, P/BV, and EV/EBITDA multiples for
Indonesia’s coal miners currently stand at of 7x, 1.1x, and 3.8x.
Forecasts and Valuations
Dec-15
Dec-16
Dec-17
Dec-18
1H19
334
559
1,526
2,288
1,156
37
86
103
254
156
Recurring net profit growth (%)
NA
67.4
173.6
50.0
90
Return on average equity (%)
16%
18%
12%
20%
12%
1.0
1.8
1.0
0.8
0.8
Total turnover (IDRbn)
Reported net profit (IDRbn)
Net debt to equity (%)
Source: Company data, Bloomberg
See important disclosures at the end of this report
1
Analysts
Ja’far Saifuddin
+6221 2783 0719
jafar.saifuddin@rhbgroup.com
Andrew Hotama
+6221 2970 7065
andrew.hotama@rhbgroup.com
Share Performance (%)
YTD
1m
Absolute
(7.00)
17.73
Relative
0.92
(0.72)
52-wk Price low/high (IDR)
3m
6m
12m
23.88
70.08
138.51
(1.38)
(3.53)
6.43
3030 - 9025
TCPI (IDR)
Source: RHB, Bloomberg; Note: As at 23 Sep 2019
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Financial Exhibits
Asia
Indonesia
Commodity | Coal Operations
Transcoal Pacific
Bloomberg
BUY
Major shareholders (%)
Sari Nusantara Gemilang
Karya Permata Insani
TCPI IJ
55%
25%
Company Profile
Transcoal Pacific provides logistics services. The
company offers sea transportation, warehousing, and
fleet management services for energy-related products.
It serves customers in Indonesia
Income Statement (IDRbn)
Total Turnover
Gross Profit
EBITDA
Depreciation and Amortisation
Operating Profit
Net Interest
Equity / Other Income
Pre-Tax Profit
Taxation
Minority Interests
Recurring Net Profit
2015
334
79
80
32
48
(25)
12
35
(1)
3
37
2016
559
157
147
36
111
(20)
(4)
87
(1)
(0)
86
2017
1,526
295
297
108
189
(80)
(2)
107
(1)
(3)
103
2018
2,288
499
511
141
370
(92)
(10)
268
(2)
(12)
254
1H19
1,156
309
336
102
234
(62)
(10)
162
(0)
(5)
156
Cash Flow (IDRbn)
Cash Flow from Operations
Capex
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Ending Balance Cash
2015
95
15
(15)
(50)
2
2016
125
15
(11)
(73)
58
2017
260
108
(108)
(173)
37
2018
369
433
(405)
133
134
1H19
249
(223)
19
160
Balance Sheet (IDRbn)
2015
2016
2017
2018
1H19
Total Cash and Equivalents
Tangible Fixed Assets
Total Other Assets
Total Assets
Short-Term Debt
Total Long-Term Debt
Other Liabilities
Total Liabilities
Shareholders' Equity
Minority Interests
Total Equity
Net Debt
Total Liabilities & Equity
2
415
337
754
47
191
283
520
236
(2)
234
236
754
58
1,351
456
1,865
174
666
556
1,395
425
45
470
782
1,865
37
1,560
532
2,131
255
549
489
1,294
763
74
837
767
2,131
134
1,845
774
2,756
428
638
447
1,513
1,154
88
1,243
932
2,756
160
1,983
909
3,053
536
619
493
1,648
1,311
94
1,405
995
3,053
Key Metrics
Revenue Growth (%)
Recurrent EPS Growth (%)
Gross Margin (%)
EBITDA Margin (%)
Net Profit Margin (%)
Dividend Payout Ratio (%)
Capex / Sales (%)
Interest Cover (x)
2015
NA
NA
24%
24%
11%
0%
-5%
1.9
2016
131%
131%
28%
26%
15%
0%
-3%
5.4
2017
19%
19%
19%
19%
7%
0%
-7%
2.4
2018
147%
147%
22%
22%
11%
0%
-19%
4.0
1H19
-38%
-38%
27%
29%
14%
0%
0%
3.8
Source: Company data, RHB
See important disclosures at the end of this report
2
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Company Overview
High cargo demand is the key
TCPI offers sea transportation and logistics services, and has coal miners as its main
customers. Sea transportation accounts for nearly 100% of its revenue, and it offers services
to Arutmin and KPC (subsidiaries of Bumi Resources), contributed 81% of 1H19 revenue.
Figure 1: Revenue breakdown (1H19)
Figure 2: Revenue composition per customers (1H19)
Others; 0.4%
Sea transportations;
99.6%
Source: Company data, RHB
Source: Company data, RHB
Management believes that what sets the company apart from its competitors is the high
demand for its cargo services. This has also led it to resort to chartering vessels from
competitors.
Figure 3: Company’s owned vessels vs chartered vessels composition as of 1H19
Source: Company data, RHB
Management believes the demand for cargo in Indonesia will continue to grow, especially
when the cargo is coal – as more coal-fired power plants are coming online in the country,
which will require greater domestic supply to the power plants.
ESDM data indicates that the ministry expects domestic coal consumption to be at 128m
tonnes in 2019, which reflects an increase of 11% YoY.
See important disclosures at the end of this report
3
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 4: Domestic coal consumption in Indonesia
(m tonnes)
Domestic Coal Consumption
(%)
Growth YoY (RHS)
140
19%
20%
128
18%
115
120
16%
97
100
86 13%
80
12%
11%
10%
76
72
67
14%
90
60
40
8%
8%
7%
6%
6%
5%
4%
20
2%
2%
0
0%
2012
2013
2014
2015
2016
2017
2018
2019F
Source: ESDM, RHB
More stable earnings compared to coal players
Although KPC and Arutmin accounted for 81% of revenue in 1H19, TCPI’s earnings are
more stable vs coal miners’ earnings. According to management, this was due to its fixed
fees, as it charges the rates to customers that are not vulnerable to the fluctuation in coal
prices.
This results in the company having more stable earnings compared to other coal miners.
TCPI’s 1H19 net profit grew by 90% YoY – a great contrast to the 18% YoY earnings decline
recorded by coal miners on average, on the back of benchmark coal prices falling by 35%
YoY YTD.
Figure 5: Quarterly revenue and net profit growth (3Q18-2Q19)
(%)
600%
Revenue Growth YoY
Figure 6: Average quarterly revenue and net profit growth of
coal companies (3Q18-2Q19)
(%)
50%
Net Profit Growth YoY
Revenue Growth YoY
40%
500%
478%
30%
400%
359%
303%
300%
158%
100%
39%
38%
12%
10%
-3%
0%
-12%
-10%
100%
0%
4Q18
1Q19
-18%
-20%
13%19%
46%
3Q18
28%
20%
0%
200%
Net Income Growth YoY
-30%
2Q19
Source: Company data, RHB
3Q18
Source: Company data, RHB
Branching out into new customers in different industries
To further grow revenue, the company plans to diversify its business customers by
branching out into different industries such as nickel, CPO, and other metals.
Management also managed to grow its coal-mining customers, as reflected in the shift in its
customer composition. KPC and Arutmin now account for 68% of total revenue, from 92%
in 1Q19.
See important disclosures at the end of this report
4
4Q18
1Q19
2Q19
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 7: Arutmin’s and KPC’s contributions to net revenue (4Q18-2Q19)
IDRbn
100%
99%
95%
92%
90%
85%
80%
75%
70%
68%
65%
60%
4Q18
1Q19
2Q19
Source: Company data, RHB
Management believes the demand for cargo in the nickel industry will grow in the future, as
the prospect of electric vehicles has been providing support to nickel prices. It also expects
the sea transportation business to grow in the future.
Figure 8: Nickel price movement (Jan 2018-Sep 2019)
USD
18,000.00
17,000.00
16,000.00
15,000.00
14,000.00
13,000.00
12,000.00
11,000.00
Sep-19
Jul-19
Aug-19
Jun-19
May-19
Apr-19
Jan-19
Feb-19
Mar-19
Dec-18
Nov-18
Oct-18
Sep-18
Jul-18
Aug-18
Jun-18
Apr-18
May-18
Jan-18
Feb-18
Mar-18
10,000.00
Source: Bloomberg, RHB
Margin expansion plan – increasing owned vessels contributions
To boost earnings, management also plans to acquire more vessels to cater to the growing
cargo demand in Indonesia. This would also increase the contributions from its owned
vessels to group numbers – which should boost margins.
Currently the proportion of owned vessels to chartered vessels is 38% and 62%.
Management plans to modify this to 60% and 40% in future, by acquiring new vessels every
year.
For 2019, TCPI plans to grow its armada – which will take up the majority of its 2019F capex
plan. This is on top of its working capital needs, which stands at IDR700bn.
Management believes this should improve TCPI’s margins going forward. This has been
proven – so far, in 2019, after it purchased a new mother vessel early in the year.
See important disclosures at the end of this report
5
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 9: TCPI’s quarterly gross profit
IDRbn
350
Figure 10: TCPI’s quarterly gross profit margin trend
(%)
33%
316
30%
300
28%
29%
27%
250
25%
23%
200
159
150
149
22%
22%
160
18%
115
16%
100
57
31
50
13%
12
-
9%
8%
3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Source: Company data, RHB
Source: Company data, RHB
Cost drivers – heavy on rentals
TCPI’s cost of revenue is significantly made up of transportation expenses. This
largely comes from ship rental – which takes up an average of c.70% of total cost
of revenue each quarter. The heavy rental cost is due to the large amount of cargo
TCPI has to transport, even as it has a comparatively small armada of vessels.
This has been its main hurdle since the days before its listing (aside from working
capital) – it has no financing but needed funds to buy vessels.
In addition, the second major component of its cost of revenue is fuel prices, which
accounts for 17%. TCPI purchases its fuel from KPC for its transhipments and
floating cranes, while fuel for long-haul voyages and mother vessels are from thirdparty suppliers. Its fuel price formulation is done by a specific undisclosed formula
which includes the 3-month average of fuel prices.
Figure 11: TCPI’s quarterly COGS trend
IDRbn
Figure 12: COGS breakdown (2Q19)
1,117
1,000.00
821
800.00
Depreciation
of fixed
assets 11%
600.00
445
411
401
400.00
200.00
72
111
Fuel and
lubricant ,
11%
149
3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Source: Company data, RHB
Source: Company data, RHB
Dividend policy – minimum 20% payout
Although there is no indication on how much of this year’s net profit will be allocated
for dividends, looking at the company’s prospectus, management agreed to pay
dividends at a minimum 20% ratio if net income is reported below and/or equal to
IDR100bn, and a 25% ratio if it is reported above IDR100bn.
See important disclosures at the end of this report
6
Transportation
expenses ; 65%
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Valuation
TCPI recorded 2Q19 net earnings of IDR83bn (+13% QoQ, +303% YoY) bringing
1H19 net profit to IDR156.4bn (+90% YoY).
Currently there are no Street estimates for TCPI, as the stock is not covered.
However, if we were to annualise its 1H19 results, TCPI should be trading at a
P/E of 127x, EV/EBITDA of 60x and P/BV of 25x. This is at a 1,714% premium to
its coal clients. In addition, its trailing multiples show that it is trading at a 468%
premium against shipping company peers.
Figure 13: TCPI’s shipping company peers
Ticker
TCPI IJ Equity
HITS IJ Equity
BULL IJ Equity
SHIP IJ Equity
SOCI IJ Equity
IPCM IJ Equity
BLTA IJ Equity
MBSS IJ Equity
PSSI IJ Equity
TPMA IJ Equity
TMAS IJ Equity
WINS IJ Equity
NELY IJ Equity
Name
Transcoal Pacific
Humpuss Intermoda Transportasi
Buana Lintas Lautan
Sillo Maritime Perdana
Soechi Lines
Jasa Armada Indonesia
Berlian Laju Tanker
Mitrabahtera Segara Sejati
Pelita Samudera Shipping P
Trans Power Marine
Temas
Wintermar Offshore Marine
Pelayaran Nelly Dwi Putri
Average
Market cap (IDRbn)
41,000
4,474
2,181
2,135
1,426
1,268
1,297
910
881
758
719
657
360
4,466.6
Trailing P/E (x)
146.43
27.98
5.96
13.94
5.19
17.42
38.18
NA
4.44
7.53
9.08
NA
6.49
25.7
P/BV (x)
35.51
7.15
0.54
2.09
0.30
1.22
3.10
0.40
0.87
0.73
0.62
0.32
0.84
4.1
Source: Bloomberg, RHB
Company Profile
TCPI is a shipping company which started operating in 2007. It initially provided coal
shipping services – which expanded to CPO and high-speed diesel (HSD) in 2010. The
company started with four sets of tugs and barges. Presently, it mainly operates in East and
South Kalimantan.
Figure 14: TCPI shareholders as at 2Q19
KARYA PERMATA
INSANI (25%)
SARI NUSANTARA
GEMILANG (55%)
PUBLIC (20%)
Source: Company data, RHB
The company is owned by Karya Permata Insani (25%) and Sari Gemilang (55%).
TCPI was listed in June on the IDX. It currently has a USD2.8bn market cap, with
a 20% free float. TCPI owns two subsidiaries: Sentra Makmur Lines (99.7% stake)
and Energy Transporter Indonesia (85.5% stake).
See important disclosures at the end of this report
7
EV/EBITDA (x)
NA
8.44
4.07
8.96
6.48
17.45
NA
3.41
2.81
3.54
4.92
8.47
3.69
6.6
ROE (x)
26.48
29.10
8.75
16.70
5.91
7.12
6.63
-4.50
21.09
9.94
7.27
-16.43
13.50
10.1
NDER (%)
74.95
79.66
55.22
112.88
93.50
-32.14
72.11
8.26
16.56
31.40
102.80
34.29
-5.47
49.5
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 15: TCPI’s companies as at 2Q19
ENERGY
TRANSPORTER
INDONESIA (85.5%)
SENTRA MAKMUR
LINES (99.72%)
Source: Company data, RHB
The company’s main operational activities include transporting coal, CPO and highspeed diesel from one point to another, using tug-and-barge boats and floating
cranes. Supporting activities include leasing tug boats, shipping agency services,
and mooring man and oil spill response team services. The company also ships
overseas – albeit in small volumes.
The armada
As mentioned by TCPI, it currently has a 60:40 portion on owned and rented ships.
Looking forward, the company will switch the majority to owned vessels by using
funds from various sources yet to be acquired. The ships:
i. Mother vessels. Sizes of such ships vary, from small-sized Handymax to larger
Supramax and Panamax vessels. They are used for main cargo;
ii. Tugs & barges are used for transhipments and long-haul cargos. TCPI also operates
oil barges with sizes varying to 2,500kl and 4,500kl for HSD) and CPO;
iii. Floating cranes are used to load mother vessels. Capacities of the floating cranes
vary from 25,000 tonnes per day (tpd) to 35,000tpd;
iv. Assist tugs are used to help in a ship’s docking process. In addition, they also support
ship-to-ship activities.
Figure 16: TCPI’s armada
Operates
Owns
Mother
vessels
5
3
Tug &
barges
100
42
FOBs
3
3
Floating
cranes
3
1
Assist
tugs
6
2
Sea
trucks
5
2
HEs/TEs
Fenders
LCTs
20
18
42
42
2
0
Source: Company data, RHB
See important disclosures at the end of this report
8
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 17: Mother vessel
Figure 18: Tugs & barges
Source: Company
Source: Company
Figure 19: Floating crane
Figure 20: Assist tug
Source: Company
Source: Company
See important disclosures at the end of this report
9
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 21: TCPI milestones
Year
Description
2007
Established on 15 Jan 2007. Obtained a contract from Arutmin Indonesia for a transhipment work undertaken jointly with Dharma Gemilang.
2008
Obtained coal transhipment contract from Arutmin Indonesia with a 10-year contract period.
2010
Obtained a solar industry (HSD) freight contract from Petromine Energy Trading for a 5-year contract period.
2011
Obtained a coal transportation contract from Berau Coal Energy for a 5-year contract period.
Added four sets of 300ft tugs & barges and an oil barge.
2012
Increased capital to IDR300bn from IDR10bn initially.
Increased paid-in capital to IDR109bn from IDR3bn initially.
Added three sets of 300ft tugs & barges and one tug.
2013
Obtained coal transportation project from Jhonlin Marine Trans.
Added one 300ft tug & barge set and two sets of oil barges.
2014
Obtained a coal transshipment work contract from Kaltim Prima Coal for a 5-year contract period.
2017
Company's capital was increased to IDR1trn from IDR300bn.
Increased paid-in capital to IDR400bn from IDR109bn.
Added a tug & barges set measuring 300 feet, one floating terminal station, and one tug boat.
2018
The company listed on the IDX in Jun 2018.
Acquired the shares of Kanz Gemilang Utama, becoming the majority shareholder (99.92%). At the same time, it became an indirect majority
shareholder in Sentra Makmur Lines (99%), as well as a direct and indirect stakeholder in Energy Transporter Indonesia (85.5%).
Source: Company, RHB
Figure 22: TCPI Board of Commissioners
Name
Position
Description
Achmad Sutjipto
President/independe
nt commissioner
Indonesian Citizen, 73 years old. Achmad graduated from the Indonesian navy in 1969. He has been the
president commissioner of the company since 2018. He is also the vice chairman of Pepabri. Achmad was
also the chairman of the Navy Retirement Association (2012-2016), head of staff in the Indonesian Navy
(1999-2001, Panglima Armada Barat TNI Navy Republic of Indonesia (1996-1998), commander of Ex-Ship
Transfer Task Force East Germany of the Indonesian Navy (1992-1995).
Commissioner
Indonesian citizen 53 years old. Aliyah earned her forestry engineering degree from Mulawarman University,
Samarinda, in 1984. She has been the commissioner of the company since 2015. Aside from her existing
role, she also holds commissioner positions in Dharmalancar Sejahtera (since 2011), Energy Gemilang
Kencana (since 2011), Nusantara Diving Centre, Resort & Spa (since 2011), Energy Transporter Indonesia
(since 2012), Transcoal Perkasa (since 2016), Sentra Makmur Lines (since 2016), Berkah Lautan Energy
(since 2016), Berkah Benua Energy (since 2016), Berkah Bahari Nusantara (2017), and Energy Transporter
Indonesia (since 2017). Aliyah previously held roles as director of finance in Kelawit Hutani Lestari (19962002), commissioner of Kelawit Wanalestari (1992-2008), and owner of Pelayaran Primalaut Perdana
(1992-1999).
Ir Aliyah Sianne Salim
Source: Company, RHB
See important disclosures at the end of this report
10
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 23: TCPI Board of Directors
Name
Position
Description
President director
Indonesian citizen, 49 years old. Dirc earned his Master’s in Finance at Gadjah Mada
University. He has been president director of the company since 2015. Dirc currently serves
as the president director of Berkah Benua Energi and Berkah Lautan Energy too. He is also
a commissioner with Renjani Maritim Transportasi, director at Sentra Makmur Lines, director
at Energy Transporter Indonesia, director at Kanz Gemilang Utama, director at Karya Permata
Insansi, and president director at Transcoal Pacific. Dirc was previously the general manager
at Transcoal Pacific (2011-2015).
Director
Indonesian citizen (54 years old), earned his Bachelor of Accountancy, Business and
Economic Institude in 1995. Denry has served as a company director since 2017. Before that,
he held several positions: Logistic manager at BHP Transport (1996-2002), general manager
at Sembawang Kimtrans Indonesia (2002-2003), general manager operations at ENERCORP
(2003-2011), operations chief at Bokormas Wahana Makmur (2005-2010), chief development
officer at Pendopo Energy Coal (2008-2011), director of operations at Bara Tangguh
International (2011-2012), chief commercial & marketing officer at Servo Lintas Raya (20142016), managing director of Energy Transporter Indonesia (2016-present), and director of
Transcoal Pacific (2017-present).
Director
Indonesian citizen (46 years old), earned his Bachelor of Accountancy Extension Programme
at University of Indonesia in 2000 and has served as TCPI's finance director since 2018.
Previously, Amril held several positions: Accounting and finance staff at Captura Enterprise
(1999-2003), senior accounting staff at Newship Nusa Bersama (2000-2003), assistant
accounting manager of Shields Indonesia (2003-2006), Indo Straits financial controller (20062014), TCPI accounting tax and reporting manager (2014-2015), president director of Renjani
Maritime Transportation (2016-present), director of Berkah Lautan Energi (2017-present),
director of Berkah Benua Energi (2017-present), director of Berkah Bahari Nusantara (2017present), director of Sari Nusantara Gemilang (2017-present), director of Energi Gemilang
Kencana (2016-present), and finance director of TCPI (2015-present).
Independent Director
Indonesian citizen (58 years old), obtained the Postgraduate Management of PPM High
School in 2003, and has been the company's independent director since Mar 2018.
Previously, Erizal served as technical staff with Batu Putih Jaya (1984-1987), head of the
engineering division with Waskita Kajima (1987-1990), operations nanager at Masaji Prayasa
Cargo (1990-1992), operations manager of Masaji Tatanan Container (1992-1995), head of
Surabaya Branch Masaji Tatanan Container (1996-1997), general manager of Masaji Tatanan
Container (1997-2000), head of the Indonesian Ocean Business Development Bureau Group
(2001-2003), general manager of Panurjwan (2003-2007), general manager of Samudera
Shipping Services (2006-2007), director of Bumi Lautan Abadi (2007-2012), director of
operations & human resources of Djakarta Llyod (Persero) (2012-2013), managing Director
Djakarta Llyod (2013-2014), executive vice president of Tanto Intim Line (2014-2017), director
of Lumoso Pratama Line (2014-2017), managing director of PANN Maritime Financing (2017Mar 2018), and TCPI independent chair (2018-present).
Dirc Richard Talumewo
Denry Raymond Lelo
Amril
Erizal Darwis
Source: Company, RHB
See important disclosures at the end of this report
11
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Appendix
Figure 24: TCPI’s historical revenue
IDRbn
2,500.0
Figure 25: TCPI’s revenue growth
(%)
200%
2,287.7
180%
140%
1,526.2
120%
1,500.0
1,155.71
100%
80%
1,000.0
78%
67%
60%
558.5
500.0
173%
160%
2,000.0
50%
40%
333.5
20%
0%
2015
2016
2017
2018
2016
1H19
2017
2018
Source: Company data, RHB
Source: Company data, RHB
Figure 26: TCPI’s historical gross profit
Figure 27: TCPI’s gross profit growth
1H19
(%)
IDRbn
600.0
160%
499.0
500.0
144%
140%
400.0
120%
308.96
295.2
300.0
100%
97%
88%
200.0
100.0
80%
156.7
69%
79.5
60%
40%
2015
2016
2017
2018
2016
1H19
2017
2018
Source: Company data, RHB
Source: Company data, RHB
Figure 28: TCPI’s historical EBIT
Figure 29: TCPI’s EBIT growth
IDRbn
400.0
1H19
(%)
180%
369.8
350.0
166%
160%
300.0
233.93
250.0
188.8
200.0
150.0
140%
131%
120%
100%
111.0
96%
100.0
48.0
80%
50.0
70%
60%
2015
2016
2017
2018
Source: Company data, RHB
See important disclosures at the end of this report
2016
1H19
Source: Company data, RHB
12
2017
2018
1H19
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 30: TCPI’s historical net profit
Figure 31: TCPI’s net profit growth
(%)
160%
IDRbn
300.0
253.9
140%
250.0
147%
131%
120%
200.0
156.46
100%
90%
80%
150.0
86.2
100.0
102.7
60%
40%
50.0
37.2
20%
19%
0%
2015
2016
2017
2018
2016
1H19
2017
2018
Source: Company data, RHB
Source: Company data, RHB
Figure 32: TCPI’s historical GPM
Figure 33: TCPI’s historical EBM
(%)
30%
(%)
22%
20%
28%
28%
27%
26%
24%
1H19
18%
16%
24%
14%
22%
16%
14%
22%
12%
12%
20%
19%
10%
18%
2015
20%
20%
2016
2017
2018
Source: Company data, RHB
See important disclosures at the end of this report
8%
1H19
2015
2016
Source: Company data, RHB
13
2017
2018
1H19
Transcoal Pacific
Indonesia Trading Ideas
24 September 2019
Commodities | Coal Operations
ee
Figure 34: TCPI’s historical NPM
Figure 35: TCPI’s historical NDER
(x)
2.0
(%)
17%
1.6
13%
13%
11%
1.8
1.8
15%
15%
11%
1.4
1.2
11%
1.0
9%
1.0
1.0
0.8
7%
0.8
7%
0.4
5%
0.2
-
3%
2015
2016
2017
2018
2015
1H19
2016
2017
Source: Company data, RHB
Source: Company data, RHB
Figure 36: TCPI’s historical ROE
Figure 37: TCPI’s historical ROA
(%)
24%
2018
1H19
(%)
10%
22%
9%
9%
22%
20%
20%
8%
18%
16%
0.8
0.6
7%
6%
16%
14%
5%
13%
12%
5%
5%
5%
5%
4%
12%
10%
3%
2015
2016
2017
2018
Source: Company data, RHB
See important disclosures at the end of this report
1H19
2015
2016
Source: Company data, RHB
14
2017
2018
1H19
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17