Reporter: Akhmad Suryahadi | Editor: Khomarul Hidayat
KONTAN.CO.ID – JAKARTA. PT Bukit Asam Tbk (PTBA) will distribute dividends of Rp 835 billion. This amount is equivalent to 35% of the 2020 net profit which reached IDR 2.4 trillion.
This amount is a decrease from last year’s dividend distribution portion. Last year, this coal mining issuer distributed a cash dividend for the 2019 financial year of Rp. 3.65 trillion or 90% of the 2019 net profit which reached 4.06 trillion.
With a total of 11.52 billion outstanding PTBA shares, the total dividend per share of PTBA for the 2020 financial year is IDR 74.55 per share.
Monday (5/4), PTBA’s share price closed down 4.15% to the level of Rp 2,540 per share. By using the price assumption at the level of Rp 2,540, then dividend yield which produced PTBA by 2.93%.
Samuel Sekuritas Indonesia analyst Dessy Lapagu said the payout ratio which was below market expectations was enough to be a negative sentiment for PTBA shares, Monday (5/4).
Dessy also analyzed the PTBA dividend distribution this year, which decreased significantly compared to last year. According to him, PTBA needed funds cash more to expand this year, especially amidst the weakening performance that occurred last year.
“So if you look at the long term, dividend paid The low level is done to show business development this year, ”explained Dessy when contacted by Kontan.co.id, Monday (5/4).
However, the shares of this state-owned company are still attractive in the long term. In business terms, the coal gasification project and the construction of a steam power plant (PLTU) Mulut Tambang Sumsel 8 can support Bukit Asam’s long-term performance.
In terms of performance, the Kompas100 Index constituents are still considered promising. Samuel Sekuritas projects an increase in production and sales this year, as demand recovers from the global coal export market.
Samuel Sekuritas projects that PTBA’s coal sales volume for the full year 2021 and 2022 is 32.1 million tonnes and 35.2 million tonnes, with the reference coal price projected to be stable at US $ 70 per ton-US $ 65 per ton, respectively.
PTBA’s revenue in the full year 2021-2022 is projected to be Rp 19.6 trillion – Rp 20.9 trillion, with a net profit of Rp 2.9 trillion – Rp 3.3 trillion, and with a net profit margin (NPM) of 2021-2022 in the level of 15% and 16%, up from NPM in 2020 at the level of 13.8%.
Samuel Sekuritas maintained his recommendation to buy PTBA’s shares with a target price of Rp 3,200 per share.
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Reporter: Akhmad Suryahadi
Editor: Khomarul Hidayat