REMINDER PTRO,INDY,MBSS FR CLSA :
Key points from the report:
Kideco should produce 34mt of coal this year and 37mt in FY13. Pricing is uncertain. Set contracts for FY13 still around ~25% of sales vs up to 80% normally.
The group is budgeting for FY13 Newcastle prices to be between US$85/t to US$100/t which equates to an ASP for Kideco of US$55/t to US$65/t.
MBSS (MBSS IJ) continues to perform - fleet build out is on track and utilisation remains high above 90%. Contract rates are being honored leading to stable margins.
Mining services division Petrosea (PTRO IJ) on the other hand isn’t faring as well. Its 2 largest clients (~70% of the company’s backlog) are renegotiating FY13 contracts.
Source : Listri Valsa
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