Press Metal's New Venture Unlikely To Affect Near Term Earnings
Press Metal's New Venture Unlikely To Affect Near Term Earnings
Meanwhile, KAN is expected to secure bauxite supply from DSM while the final product, alumina will be sold to PMETAL.Press Metal Aluminium Holdings Bhd (PMETAL) announced that it is setting up a strategic Joint Venture (JV) project for an alumina refinery in West Kalimantan, Indonesia. The third investment in refinery ensures that 75% of its alumina requirement is locked in.
Press Metal鋁業控股有限公司（PMETAL）宣佈，它正在印度尼西亞西加里曼丹省爲氧化鋁煉油廠設立戰略合資企業（JV）項目。對煉油廠的第三次投資確保了其75％的氧化鋁需求得到鎖定。
The group is investing USD240m for an 80% stake involving PT Kalimantan Alumina Nusantara (KAN) with two Indonesian parties, namely PT Alakasa Alumina Refineri (AAR) and PT Dinamika Sejahtera Mandiri (DSM). Eventually, the shareholding of KAN will be – PMETAL 80%, AAR 19.77% and DSM 0.23%.
該集團正在投資24000萬美元收購涉及加里曼丹氧化鋁努桑塔拉石油公司（KAN）的80％股份，這兩個印度尼西亞方是阿拉卡薩氧化鋁精煉廠（AAR）和Pt Dinamika Sejahtera Mandiri（DSM）。最終，KAN的股權將是——PMETAL 80％，AAR 19.77％，dSm 0.23％。
The JV company KAN will undertake a project in Sanggau, West Kalimantan, covering about 980 ha of land to house an alumina refinery plant with an annual production capacity of 1.0 to 1.2m MT, including a power plant, jetty and supporting infrastructure. The total cost for Phase 1 is estimated at USD750m. There is potential for capacity expansion in Phase 2 which could add another 1.0 to 1.2m MT.
合資公司KAN將在西加里曼丹省桑高開展一個項目，佔地約980公頃，用於容納一座氧化鋁精煉廠，年生產能力爲120萬噸，包括髮電廠、碼頭和配套基礎設施。第一階段的總成本估計爲75000萬美元。第二階段有可能擴大產能，這可能會再增加1.0至120萬噸。
Meanwhile, KAN is expected to secure bauxite supply from DSM while the final product, alumina will be sold to PMETAL.
同時，預計KAN將確保帝斯曼的鋁土礦供應，而最終產品氧化鋁將出售給PMETAL。
PMETAL had RM2.01b cash as of Jun 2024 with strong cash flow generating ability. Given its strong cashflow, the JV can be financed without taking on debt. However, PMETAL has to equity-account for this investment.
截至2024年6月，PMETAL擁有20.1令吉的現金，具有強大的現金流產生能力。鑑於其強勁的現金流，合資企業可以在不承擔債務的情況下進行融資。但是，PMETAL必須爲這項投資記入股權帳戶。
For strategic leverage purpose, this venture is not unexpected, as PMETAL also holds a 50% stake in Japan Alumina Associates (Australia) Pty Ltd (JAA) and a 25% stake in PT Bintan. These two investment projects allow PMETAL access to 230,000 MT alumina production capacity at JAA and 500,000 MT at PT Bintan.
出於戰略槓桿的目的，該合資企業並不出人意料，因爲PMETAL還持有日本氧化鋁協會（澳大利亞）私人有限公司（JAA）50％的股份和民丹島石油25％的股份。這兩個投資項目使PMETAL能夠在JAA獲得23萬噸氧化鋁產能，在民丹島獲得50萬噸氧化鋁產能。
With the KAN venture, PMETAL has effectively locked in 75% of its alumina requirement, ensuring a stable supply of raw materials, and potentially logistics savings.
通過KAN合資企業，PMETAL有效地鎖定了其75％的氧化鋁需求，從而確保了原材料的穩定供應，並有可能節省物流費用。
Kenanga maintains its OUTPERFORM call for PMETAL with a target price of RM5.80. As at 10:40am on Thursday, the company's stock traded at RM4.90. (Google-hosted Bursa updates)
Kenanga維持其對PMETAL跑贏大盤的看漲勢頭，目標價爲5.80令吉。截至週四上午10點40分，該公司的股票交易價格爲4.90令吉。（谷歌託管的 Bursa 更新）
Nevertheless, the new venture is unlikely to affect its near-term earnings. For reference, PT Bintan project took 2.5 years to reach production.
儘管如此，新合資企業不太可能影響其短期收益。作爲參考，Pt Bintan項目花了2.5年才投入生產。
Analysts favour PMETAL due to its structural cost advantage over international peers especially its access to low-cost hydro-power secured under four long-term PPA contracts ending between 2034 and 2040, solid alumina supply and green investment appeal as a clean energy source producer.
分析師之所以青睞PMETAL，是因爲其相對於國際同行的結構性成本優勢，尤其是其根據截至2034年至2040年的四份長期PPA合同獲得的低成本水力發電、固體氧化鋁供應以及作爲清潔能源生產商的綠色投資吸引力。
譯文內容由第三人軟體翻譯。