?Titan ??????????? - Titan

caprikorn

哈哈！！有人放票。。。也有人收票！！

Mr.Business

8年兄，
我记得你预测今年股息有12sen。既然股息是EPS的30％，那你应该是认为今年的EPS有40sen。请问你是根据什么基础来预测EPS是40sen？

Isotope

原帖由 Mr.Business 于 21-6-2007 08:58 AM 发表


Titan是在2006年3月收购印尼子公司，而印尼子公司在2004年,2005年是亏损的。
"管理层不当，搞到公司没原料跑生产线!"
就是这么简单的理由？ 前老板做不到的事情， Titan却做的到，真是这样吗？ ...

原因太简单不过。PT Peni 没有 cracker 所以得买入 ethylene 来生产 PE。大腾有 cracker 所以能提供 ethylene 给 PT Peni!

Mr.Business

Isotope兄，
哦，我有看到文告。现在是Titan从Pasir Gudang运载ethylene去PT Peni ，另外就是PT Peni自己进口一些ethylene。

Isotope兄，说说你对Titan的想法嘛。Chao Group是好老板吗？他们似乎很底调，没看到他们的报道，外国MD就比较喜欢上新闻。

我比较想知道Titan未来的展望，她能不能面对中东和中国未来的竞争？

石化业是循环行业，那现在是石化业的低潮，中间或高潮？

Mr.Business

16 May 2002

PETROCHEMICALS AND FERTILIZERS
  Introduction

The Asian economic crisis had an adverse impact on Indonesia'spetrochemical industry. Petrochemical producers faced soaring prices for imported materials, shrinking domestic demand, and severe financial problems. According to the GOI, the petrochemical industry currently owes some Rp 10 trillion to the banking sector. As a result,Indonesia's plans to expand petrochemical production have been put on hold.

One company caught with massive debt obligations was Chandra Asri Petrochemical Center (CAPC), a producer of ethylene and propylene.CAPC's costs of producing ethylene are higher than competitors' in South Korea and Thailand. CAPC's debts amounted to US $463.6 million to the Indonesian Bank Restructuring Agency (IBRA) and US $723.6 million to private lenders led by Marubeni Cooperation of Japan.

On October 27, 2001, the media reported that the Government and Marubeni had agreed to a debt -for - equity swap arrangement to settle CAPC's debts. Marubeni agreed to convert US $147 million of its loans into a 24 -percent equity share, retreating from an earlier position to convert $100 million for a 20 -percent stake. CAPC must pay the remainder of its debts to Japanese lenders, US 576.6 million, at an interest rate of 125 basis points above the London Interbank Offer Rate(LIBOR) with payment over 15 years.

CAPC was established by former President Soeharto's second son Bambang Trihatmodjo's Bimantara Group, Prayogo Pangestu of the Barito Group, Henry Pribadi of the Napan Group and Sudwikatmono, a cousin of former President Soeharto. In 1996, CAPC received protection in the form of a 40 -percent duty on imports of olefin products, including ethylene and propylene. CAPC sells all of its propylene to Tri Polyta,in which the company's partners have a share.

Tariff Protection Reduced

In December 1998, the Government lowered import tariffs on petrochemical products (ethylene, propylene, styrene, polyethylene,polypropylene, polystyrene and polyvinyl chloride) and their derivatives from the previous rate of 25 -35 percent to 10 -20 percent effective January 1, 1999. Minister of Finance Decree No. 187 of May 2000 went a step further by reducing import tariffs for 708 items,including upstream and midstream petrochemical products. This decree lowered import duties on selected petrochemical products (ethylene,propylene, styrene, polyethylene, polypropylene, and their derivatives)as of June 1, 2000. Tariffs on ethylene are now zero percent and on propylene, five percent (CAPC produces both petrochemicals). Tariffs for polyethylene (produced by PT Petrokimia Nusantara Interindo and CAPC) and polypropylene (produced by PT Tri Polyta Indonesia and PT Polytama Propindo) have been reduced from 20 percent to 5 percent.

This is the fifth time the GOI has changed import tariffs for petrochemical products in the last three years. The Government also committed to reduce tariffs further in 2003 to comply with the Common Effective Preferential Tariff (CEPT) and ASEAN Free Trade Agreement(AFTA) schemes.

Benzene & Paraxylene

Import Tariffs of Selected Petrochemical Products (%)

Products	Pre Jan 1 1999	Jan 1 1999	Jun 1 2000
Ethylene	25	10	0
Propylene	25	10	5
Polyethylene	35	20	5
Polypropylene	35	20	5
Polystyrene	25	20	10
Polyvinyl Chloride	35	20	10

Benzene and paraxylene are currently produced by Pertamina's Cilacap refinery with production capacity of 123 thousand MT/Y and 270 thousand MT/Y respectively. Production rates of the two products are insufficient to meet domestic demand. According to the Department ofIndustry and Trade, domestic demand of benzene and paraxylene will increase to 125 thousand MT and 2.2 million MT, respectively, in 2003.After a substantial increase in 1999, imports of paraxylene mainly for the purified terephthalic acid (PTA) industry declined slightly to 934.3 thousand MT valued US$438.6 million in 2000 from 984.3 thousand MT valued at US $338 million in 1999. Affected by a sharp increase in domestic consumption, benzene imports rose to 274.6 thousand MT in 2000 from 247.2 thousand MT in 1999.

PTA

The growth of Indonesia's textile industry and the demand for polyester raw materials provided the stimulus for Pertamina and private investors to enter into the production of purified terephthalic acid(PTA). Since 1998, five PTA plants have been in operation -- Pertamina Plaju Aromatic, Bakrie Kazei PTA, Amoco Mitsui PTA Indonesia, Polysindo Eka Perkasa and Polyprima Karya Reksa, with a combined capacity of 1.8MMT/Y. The bulk of production is sold to Indonesian polyester makers.In 2000, domestic demand for PTA increased to 980,000 MT from 889,000MT in 1999 but exports declined significantly to 244,800 MT valued at US $117. 5 million from 304,700 MT and US $116 million in 1999. China,Thailand, Hong Kong and Pakistan are the largest export markets for Indonesian PTA.

Three Japanese partners led by Mitsubishi Kasei Corp. own BakrieKasei, the largest PTA producer in Indonesia with a total capacity of 500 thousand MT/Y. (PT Bakrie Brothers sold its 20 percent share in the company to its former partners in late 2000.) Bakrie Kasei's first PTAproduction unit commenced operation in 1994 and the second unit in1996.

Amoco -Mitsui PTA Indonesia, a joint venture between Amoco Chemical(50 percent), now incorporated into BP, Mitsui Petrochemical Industries(45 percent) and Mitsui Company (5 percent), commissioned a PTA factoryin Merak, West Java, in February 1998, with an annual production capacity of 350 thousand MT/Y.

PT Polysindo Eka Perkasa of the Texmaco Group started PTA plantoperation in April 1997 with capacity of 360 thousand MT/Y. PTPolyprima Karyareksa of the Napan group commenced commercial productionin 1997 with annual capacity of 285 thousand MT/Y.

In 1998/99, the Capital Investment Coordinating Board (BKPM)licensed another six PTA projects with total projected capacity of 1.5MMT and total investment of $1.2 billion. Most of these projects are on hold because of financing difficulties.

Polypropylene

Polypropylene exports continued to decline in 2000 to 36,600 MTvalued at US $21.8 million from 41,300 MT valued at $21 million in 1999. With a significant increase of domestic demand, from 450,000 MTin 19 99 to 647,800 MT in 2000, Indonesia imported 189,200 MT of the product at a cost of US $105.8 million in 2000. Polypropylene imports were up sharply from 54,400 MT at US $42.8 million in 1999. Three plants, with a total production capacity of 600 thousand MT/Y, produce polypropylene, which is made from propylene. They are Pertamina's plantin Plaju, South Sumatra, with production capacity of 60,000 MT/Y; TriPolyta's plant in Cilegon, West Java, with a capacity of 360,000 MT/Y;and Polytama Propindo, located near Pertamina's Balongan refinery in West Java, with a capacity of 180,000 MT/Y.

Majority-owned by the Tirtamas Group, the Polytama Propindo plant had plans to increase production and develop into a midstream petrochemical project. These plans are still on hold.

Ethylene

Chandra Asri Petrochemical Center (CAPC), the only ethylene producer in Indonesia, produced 420,000 MT of ethylene in 2000, or 81percent of its designed capacity. Statistics released by the Departmentof Industry and Trade indicated that domestic demand of ethylene increased to 856,000 MT in 2000 from 838,700 MT in 1999 because most downstream industries were increasing production. Ethylene imports rose to 54,900 MT valued at US $55.8 million in 2000 from 41,900 MT valued at US $39.8million.

Polyethylene

Indonesia's first polyethylene plant, PT PENI in Merak, West Java,came on stream in 1993, with production capacity of 250,000 MT. PT PENI is majority owned and operationally managed by BP Chemicals. In August 1998, the company completed its expansion project and increased its annual capacity to 450,000 MT. In 1999, CAPC increased the country's total polyethylene production capacity to 750,000 MT. Domestic demand for polyethylene continued to increase in 2000 to 501,000 MT from 442,000 MT in 1999 from 361,000 MT/Y in 1998. Indonesia exported 135.500 MT valued at US $77.6 million and imported 145,300 MT valued at US $113.3 million in 2000.

The Project

PT CHANDRA ASRI PETROCHEMICAL CENTER (CAPC), located in Cilegon,Java, began production in 1995 and produces a full range of olefins and aromatics. The planned expansion would add polybutene, MBTE, butane and butadiene to its product line.

http://www.indonext.com/report/report425.html

[ 本帖最后由 Mr.Business 于 22-6-2007 09:00 AM 编辑 ]

Mr.Business

Titan Chemicals to aquire PT Peni for USD 20 million cash and facilitate resolution of USD 58 milllion Debt

Kuala Lumpur, Tuesday, 27 Dec 2005- Titan Petchem (M) Sdn Bhd, a wholly-owned subsidiary of Titan Chemicals Corp. Bhd., is to acquire 100% of the equity of PT Petrokimia Nusantara Interindo (";PT PENI";), the largest Indonesian polyethylene producer, from Golden Park Limited for USD20 mil cash and will facilitate the resolution of USD58 mil in debts owed by PT PENI to its bankers. The USD58 mil consideration shall be satisfied by Titan Petchem procuring that PT PENI repays its lenders under the credit facilities of PT PENI a maximum amount of USD58 mil or, at Titan Petchem's option, by acquiring shares of CBL with PT PENI continuing to owe such amount to the lenders under the said credit facilities.

PT PENI is the owner of a petrochemical complex in Kaputen Serang, Banten Province, Java comprising 3 Linear Low Density Polyethylene ("LLDPE";) / High Density Polyethylene ("HDPE";) lines with a nameplate capacity of 450,000 MTA. The complex was built by British Petroleum and the plant utilizes BP's renowned Innovene Technology. PT PENI has issued and paid-up share capital of USD643,750,000 comprising 643,750,000 ordinary shares of USD1 each. The company is principally engaged in the manufacture of polyethylene.

The net assets and loss after taxation of PT PENI based on the audited accounts for the financial year ended 31 December 2004 are USD147.93 million and USD79.35 million respectively.

About Titan Chemicals Corp.bhd,
Titan Chemicals is the first and largest integrated olefins and polyoiefins producer in Malaysia and the second largest polyoiefins producer in South-East Asia in terms of capacity. It has eight world-class manufacturing plants located on two integrated industrial sites in Pasir Gudang and Tanjung Langsat in Johor. Titan operates two Naphtha Crackers which produce among others ethylene and propylene, the two main feedstocks for Titans five polyoiefins plants. Ethylene and propylene are the primary building blocks for the petrochemicals industry which uses these chemicals to produce hundreds of ethyiene/propylene derivatives which have diverse applications in the consumer and manufacturing industries.

Titan manufactures two of those derivatives; namely polyethylene and polypropylene which are two of the most widely used plastics in the world. These products are fundamental to the production of many diverse consumer and industrial products including flexible and rigid packaging, fibres and automotive parts. In addition, the by-product streams from the crackers are used as feedstock in Titan's aromatics plant where benzene and toluene are produced. Another by-product known as mixed C4's will be used in due course to extract butadiene; the raw material used in production of styrene-butadiene rubber copolymers, also known as synthetic rubber.

http://www.polymerupdate.com/Press-Release/details.asp?id=369

Mr.Business

Milbank Negotiates Credit Facility Refinancing to Help Create the Largest Specialty Petrochemicals Producer in Southeast Asia

PT Petrokimia Interindo Nusantara Credit Facility Refinancing Facilitates Acquisition by Titan Chemicals

SINGAPORE, March 29, 2006 – Anticipating increased demand for specialty petrochemicals products in Southeast Asia, Titan Petchem (M) Sdn Bhd, a wholly-owned subsidiary of Titan Chemicals Corp Bhd of Malaysia has completed its US$78 million acquisition of PT Petrokimia Interindo Nusantara (“PT Peni”) of Indonesia. The international law firm Milbank, Tweed, Hadley & McCloy LLP (“Milbank”), led by partner David Zemans, represented Standard Chartered Bank in the refinancing of US$58 million existing secured bank facilities of PT Peni in connection with the acquisition.

PT Peni’s new credit facility was provided by international lenders including Standard Chartered Bank, Maybank, Bank Central Asia, Bank Niaga and Bank Internasional Indonesia. The credit facility is secured by a comprehensive security package including PT Peni’s polyethylene plant.

Mr. Zemans commented, “Milbank continues to be involved in many of the most successful transactions in Indonesia and throughout Asia, leveraging our banking capabilities and industry expertise. By structuring the refinancing of PT Peni’s borrowing facilities in a way that met its post-acquisition needs as well as the needs of the lenders, we helped lay the foundation for the merged entity’s operations going forward.”

About the Companies:
PT Petrokimia Nusantara Interindo (“PT Peni”), the leading polyethylene producer in Indonesia, is the owner of a large petrochemical complex in Kaputen Serang, Banten Province, Java comprised of three linear low density polyethylene (“LLDPE”)/High Density Polyethylene (“HDPE”) lines with total annual production of 450,000 tons.

Titan Chemicals Corp. Bhd (“Titan Chemicals”), a specialty petrochemical manufacturer, is the oldest and largest integrated olefins and polyolefins producer in Malaysia. Titan Chemicals operates two principal business units, polyolefins, and olefins and aromatics, products that are key ingredients in numerous consumer and industrial products such as packaging film, trash bags, automotive parts and plastic bottles. With the acquisition of PT Peni, Titan Chemicals increases its polyolefins capacity by nearly 50% and becomes the largest polyolefins producer in Southeast Asia. In addition Titan Chemicals gains direct access to Indonesia’s domestic market of an estimated 242 million people.

The Milbank team representing Standard Chartered Bank was led by Singapore-based partner David H. Zemans and associates Wai-Fong Yoong and Melissa Lewis.

http://www.milbank.com/en/NewsEv ... ity+Refinancing.htm

8years

我是用第一季的eps来计算，第一季的sales比其他季少，而也预测titan的sales依然会成长。那么加加剪剪，0。37-0。4是非常合理的eps。

第二季的eps不能少过7sen，少过我就卖

Mr.Business

Indika Group purchases PT PENI
29 Apr 2003 - The shareholders of PT Petrokimia Nusantara Interindo (PT PENI) announced today that they have sold the company to the Indika Group for $50 million. The transaction was completed on April 25, 2003.

PT PENI, owned 75 percent by BP and 12.5 percent each by Sumitomo and Mitsui, operates a stand-alone polyethylene manufacturing plant in Merak, West Java, Indonesia, which has a production capacity of 450,000 tonnes per year.

The Indika Group was founded in 1997 by the Sudwikatmono family and is led by a team of professional managers. The group manages investments that span the petrochemical, power, media, and property industries.

PT PENI employs a direct workforce of approximately 360 people, mostly at the manufacturing facility in Merak. The former shareholders and new purchaser are committed to treating all employees with respect throughout the transfer of ownership. No changes are planned in the size of the workforce as a result of this sale.

http://www.chemie.de/news/e/22576

Mr.Business

Wednesday, December 21, 2005

Titan acquired Indonesian petrochemical company

Malaysia's Titan Chemicals signed the agreement to acquire 100% shares of Indonesian polyethylene producer PT Petrokimia Nusantara Interindo (Peni) from Indika Group on Thursday (December 22) at undisclosed price.

Indika bought 100% shares of Peni three years ago from Beyond Petroleum, Sumitomo Corporation, and Mitsui Inc at US$50 million.

Peni is the largest polyethylene (plastic raw material) in Indonesia with combined capacity of 450,000 tones per year. But the company always in raw material problem as the country has only one ethylene cracker PT Chandra Asri Petrochemical Center which also its main competitor with 300,000 tones per yer polyethylene plant.

With the divestment, Indika would focus on coal mining and energy business. Indika is a diversified business group owned by tycoon Sudwikatmono family.

Donald M. Condon, managing director of Titan Chemicals Corp. Bhd told me after the signing ceremony that the company is conducting a feasibility study to build olefin cracker in Indonesia to feed Peni. But he didn't disclose the timetable for the plan.
Ethylene supply is the main problem for Peni. Titan is planning to supply ethylene feedstocks to Peni from its Pasir Gudang, Malaysia facility.

Dedi H. Sudarijanto, president director of Peni, admitted out of 450,000 t/y capacity, utilization rate is well below 50%. "We're running at 200,000 t/y," he said.

Both Indika and Titan declined to comment on the price of the acquisition pending on the completion of transaction which is expected by first quarter 2006.

Arsjad Rasyid, managing director of Indika Group also denied rumors of Peni's bad debts as the main reason behind the decision to exit petrochemical business.

"We're not exiting the petrochemical business as we still hold investment in other chemical plants. Peni is also in good shape," he said.

Agus Lasmono, chairman of Indika Group, admitted the group would focus on energy business. Agus and Arsjad reluctant to disclose Indika's next move. But one investment banker disclosed the group's plan to acquire another coal mining company to strengthen its energy ventures.

Indika is involved in a huge power plant project in South Sumatra and new project in West Java.

As for Titan, the acquisition would boost its polymer production capacities to 1.4 million tones per year and make it the largest in South East Asia.

Blog Author: yosef ardi

http://yosef-ardi.blogspot.com/2005/12/titan-acquired-indonesian.html

Mr.Business

December 22, 2005 16:27 PM           

Titan Chemicals To Expand Operation In Indonesia

From Nor Baizura Basri

JAKARTA, Dec 22 (Bernama) -- Titan Chemicals Corp Bhd, Malaysia's largest integrated producer of olefins and polyolefins, aims to expand its operation in Indonesia following its acquisition of PT Petrokimia Nusantara Interindo (PT Peni).

Titan, through its wholly-owned subsidiary, Titan Petchem (M) Sdn Bhd Thursday signed a conditional sale and purchase agreement with Golden Park Limited-Indika Group, to acquire 100 percent of the equity of Chemical Brothers Ltd, a 100 percent equity owner of PT Petrokimia Nusantara Interindo (PT Peni).

Speaking to reporters here today, Titan Chemicals' managing director Donald M. Condon Jr said the acquisition, expected to be completed by end of March, would see Titan increasing the current capacity of PT Peni, by 20 to 30 percent from the current 450,000 metric tonnes of polyethylene per annum.

"Our target for next year are the large consuming markets and their domestic markets. Indonesia is also in the list. The big issue now is the growth of plastic usage for next year which will determine the growth for the industry," he said after the signing ceremony.

The ceremony was witnessed by Indonesian Industry Minister Fahmi Idris and Malaysian Ambassador to Indonesia Datuk Zainal Abidin Zain.

Currently, Indonesia which has a population of 242 million people, has a per capita polyolefins consumption of six kg per person per annum, compared with Malaysia's 46 kg per person per annum, Condon said.

PT Peni which owns a 47-hectare of petrochemical complex in Cilegon, Bantem Province, has three production lines of linear low density polyethylene (LLDPE)/high density polyethylene (HDPE). Current plans for its include the building of a cracker.

Titan currently runs a massive RM6 billion petrochemical complex located in Pasir Gudang and Tanjung Langsat, comprising two Naptha crackers which produce among others, ethylene and propylene, the two main feedstocks for its five polyolefins plant.

Ethylene and propylene are the primary building blocks in the petrochemicals industry, used to produce diverse applications in the consumer and manufacturing industries.

For Titan, the acquisition would increase the polyolefin capacity of the group by close to 50 percent from the current 945,000 metric tonnes per annum, making it the largest polyolefin producer in Southeast Asia, Condon said.

An industry sources said building of the cracker is expected to cost about US$1 billion to US$4 billion.

Titan, which is currently the second largest polyolefin producer in Southeast Asia in capacity terms, is expected to become the largest in Southeast Asia with the acquisition of PT Peni.

Condon said its current production capacity was sold out, and with the additional capacity from PT Peni, it would be able to penetrate the domestic market here as well as expand its export market.

For now, PT Peni's production is for local consumption only.

On its performance, Condon said the group expected to realise earnings from PT Peni in its financial year ending Dec 31, 2007.

When asked on the purchase price of the PT Peni, he said it has not been finalised. He, however, added that it was an attractive investment.

On Wednesday, sources said that Titan would pay US$23 million (RM87.4 million) (US$1=RM3.8) for the company, which would be more cheaper when Indika Group took it over from Beyond Petroleum (BP Plc) and Mitsui and Sumitomo Corp for US$50 million.

Titan, a joint venture between government-controlled PNB Equity Resource Corp and Taiwan's Chao Group International, is Malaysia's largest maker of olefins and polyolefins, which are materials used to produce plastics and fibres used in mobile phones and car dashboards.

http://www.bernama.com.my/bernama/v3/news_business.php?id=172381

Mr.Business

PT Peni deal to cost Titan US$78m
Business Times - 2005-12-28 10:00:12

"Titan Chemicals says it will pay US$20 million cash to buy PT Petrokimia Nusantara Interindo (PT Peni) and meet one of two options agreed with the Indonesian vendors to pay for the remaining US$58 million"

MALAYSIA’S largest petrochemical firm, Titan Chemicals Corp Bhd, said it will pay US$20 million (US$1 = RM3.78) cash to buy PT Petrokimia Nusantara Interindo (PT Peni) and meet one of two options agreed with the Indonesian vendors to pay for the remaining US$58 million.

The PT Peni acquisition would cost Titan US$78 million and the remaining cost due to PT Peni owner Chemical Brothers Ltd will be paid either by Titan facilitating negotiation between PT Peni and its lenders to repay a debt of up of US$58 million or by buying shares in Chemical Brothers with PT Peni continuing to service the debts.

Titan will buy PT Peni through its unit, Titan Petchem (M) Sdn Bhd. It told Bursa Malaysia that the price was agreed on after considering the enterprise value of PT Peni.

Net assets of PT Peni for the year ended December 31 2004 totalled US$147.93 million. It made a loss after taxation of US$79.35 million that year.

PT Peni is ultimately owned by Indonesia tycoon Sudwikatmono. It is currently the largest polyethylene producer in Indonesia and the third largest in South-East Asia.

It has a plant on a 47ha site in Banten coastline between Cilegon and Merak in Indonesia.

Titan managing director Donald M. Condon Jr recently told newsmen in Jakarta that PT Peni has a world-class facility but it is not fully used.

The current capacity of PT Peni is running below 30 per cent of its 450,000 tonnes per annum.

PT Peni will boost Titan’s polyolefin capacity to become South-East Asia’s largest petrochemical firm.

Titan said it will use its internal funds to pay the US$20 million.
The proposed acquisition will make Titan the largest petrochemical
firm in the region. The deal is expected to be sealed in March 2006.

Titan also said recently that it has further plans in Indonesia, including building a cracker plant.

http://www.bkpm.go.id/en/news.php?mode=baca&info_id=2696

Mr.Business

Indonesia fits Titan expansion plan (6-2-2006)
                  
Titan Chemicals Corp Bhd's proposed acquisition of PT Petrokimia Nusantara Interindo (PT Peni) seems to be the first in line of many for the company's expansion plans as it views Indonesia as a perfect destination. Titan has a current polymer capacity of about 945,000 tpa. The new Indonesian subsidiary will boost Titan's polyolefin capacity by about 50%.

Indonesia's large population base as well as low current plastics consumption makes it one of the most important future markets in Asia. Indonesia has a per capita polyolefin consumption of 6 kg pa compared with 46kg pa in Malaysia, and 200kg pa in the US and Germany The Indonesian government is committed not just in developing the economy, but also making it more business friendly and competitive in the petrochemical and high technology sectors. The cultural affinity between the two countries also makes it a logical fit for Titan's business

Titan has proposed to buy PT Peni by paying US$20 million (RM75 million), cash and another US$58 million (RM217.5 million), by either facilitating negotiation between PT Peni and its lenders to repay a debt of up of US$58 million (RM217.5 million) or by buying shares in Chemical Brothers, PT Peni's shareholder, with PT Peni continuing to service the debts. The deal is also viewed by analysts as Titan's stepping stone towards other acquisitions in the country, especially Indonesia's second largest petrochemical firm PT Chandra Asri.

http://www.plastemart.com/plasticnews_desc.asp?news_id=8265

XXXXX

PT PENI,  laterto be renamed PT TiTan Petrokimia Nusantara, would start productionwithin eight weeks at an initial 56 per cent capacity and is expectedto be fully operational by 2007.

TitanChemicals Managing Director, Donald M. Condon Jr said the acquisitionfitted into its business strategy and would result in many synergies.Naptha, its feedstock, will be delivered to PT PENI from local tradersnext week and from Johor by next month. He also said the acquisitionwas modest in terms of expenditure and would save time, a significantadvantage to a major petrochemical player like Titan Chemicals.

Adapted from Business Times and Star Biz, 22 March 2006

http://www.mida.gov.my/beta/print.php?cat=41&scat=893


[ 本帖最后由 Mr.Business 于 22-6-2007 09:28 AM 编辑 ]

Mr.Business

2006-03-22 10:56:26
Titan becomes S-E Asia's
By Ho Siew Yee / Business Times - Malaysia

March 22 2006- TITAN Chemicals Corp Bhd has completed its acquisition of Indonesia's PT Petrokimia Nusantara Interindo (PT PENI), making it the largest polyolefin producer in South-East Asia now.

The PT PENI acquisition cost US$78 million (about, RM289 million) with Titan fully acquiring PT PENI's parent, Chemical Brothers Ltd, from Golden Park Ltd. The firm has also secured a US$58 million (about RM214 million) term loan for the purchase, managing director Donald M. Condon Jr said.

The purchase will increase Titan's net assets to RM2.7 billion from RM2.14 billion, and reduce its gearing ratio to 0.85 times from 1.01 times.

As at December 31 2005, the firm's total debt stood at 48 per cent of its total assets. Condon is confident the company is still on track to reach a 40 per cent borrowing ratio by year-end.

"With an experienced management on board, Titan will be able to improve this business (PT PENI). We expect significant returns from it within the next two years," he told the Malaysian press in a teleconference from Jakarta, Indonesia.

The company will continue to look at further integration, not discounting acquisitions, in the country, he said.

Titan plans to start PT PENI's production within eight weeks.

Raw materials, or naptha as its feedstocks, will be delivered to PT PENI from local traders next week and from Johor by next month.

Titan also intends to change the company's name to PT Titan Petrokimia Nusantara. It will operate up to 56 per cent of PT PENI's 450,000 tonnes capacity this year and expects to go full force by 2007.

With a population of 242 million people, Indonesia has a per capita polyolefin consumption of 6kg a year compared with 46kg a year in Malaysia, and 200kg a year in the US and Germany.

"We believe we can sell a lot of our products through PT PENI in Indonesia given its large market size," Condon said.

http://www.bkpm.go.id/bkpm/news.php?mode=baca&info_id=3381

Mr.Business

PLASTICS NEWS REPORT

SINGAPORE (March 28, 2006) -- Malaysia’s Titan Chemicals Corp. Bhd. has completed the acquisition of PT Petrokimia Nusantara Interindo, Indonesia’s largest polyethylene producer, with annual output of 450,000 tonnes a year of linear low density poly-ethy-lene/high density PE in Kaputen Serang.

This $78 million (625.8 millino yuan)deal provides Titan Chemicals with additional PE manufacturing capability, positioning it as the largest polyolefins producer in Southeast Asia, and also gives it a pre-eminent position in the Indonesian PE market, said Titan Chemicals, Malaysia’s first and largest integrated producer of olefins and polyolefins.

Titan Chemicals Managing Director Donald M. Condon Jr. said the acquisition, made through subsidiary Titan Petchem (M) Sdn. Bhd., fits into the group’s business strategy and will result in many synergies.

Condon said the PT Peni acquisition, from Indonesian-owned Golden Park Ltd., will increase the company’s polyolefins production capacity by 50 percent, as well as open the door to a huge Indonesian market of 242 million people with a growing appetite for polymer-based products.

The Indonesian polyethylene market is forecast to grow by 6 percent a year through 2010 to 404,000 tonnes a year of HDPE, 390,000 tonnes a year of LLDPE and 136,000 tonnes a year of LDPE.

To acquire PT Peni, Titan Chemicals paid $20 million (160.6 million yuans) in cash and assumed $58 million (465.7 million yuans) of PT Peni’s bank debts, said Francis Pereira, Titan’s vice president of corporate development.

The $20 million is coming from internal funds, a Titan spokesperson said.

Titan Chemicals expects to resume feedstock supply to the newly acquired plant, to be renamed PT Titan Petrokimia Nusantara, within eight weeks. Its product lines are ready for operation at the plant complex, which, however, has been facing feedstock shortages since last December, the company said.

Titan Chemicals’ Malaysian revenue grew to 4.5 billion Malaysia ringgit (9.6 billion yuans) in 2005 from 3.56 billion ringgit in 2004, and net income rose to 362 million ringgit (773 million yuans) from 262 million ringgit a year earlier.

Its 2006 nameplate production capacity at the Pasir Gudang industrial estate in southern peninsular Malaysia is 646,000 tonnes a year of ethylene, 342,000 tonnes of propylene, 200,000 tonnes of benzene/toulene, 565,000 tonnes of LLDPE/HDPE/metallocene-based LLDPE/LDPE and 380,000 tonnes of polypropylene homopolymers and copolymers.

Meanwhile, on March 6, Titan Petchem signed 261 million ringgit (567 million yuan) contracts to procure and construct a butadiene extraction plant and a propylene plant at its site in Pasir Gudang.

The new plants, expected to expand the company’s existing capacity by 115,000 tonnes a year, will be ready for production by November 2007.

“In line with our strategy to optimize business opportunities, the added propylene capacity will provide opportunities for growth via direct sales or via investments in propylene derivatives, including polypropylene,” Condon said.

Titan Chemicals also has incorporated a new subsidiary, Titan Trading Corp. Ltd., on March 3, with an authorized share capital of $10,000 ((80,300 yuans). It was incorporated in Labuan, the Malaysian freeport island off Borneo.

http://www.plasticsnews.com/chin ... .html?id=1143232680

Mr.Business

Wednesday, April 12, 2006

Titan Chemicals Corporation Berhad

Titan, the largest polyolefins producer in South East Asia faced difficult situation in Q3 and Q4 in 2005. The higher production cost as a result of higher world oil price has squeezed it's net profit in last 2 quaters into a very low level.
However, Titan is able to record a very strong results with a record revenue of RM4.5 billion. A total of 6 cents dividend of financial year ended 2005 is another highlight which is higher than the estimation in their IPO prospectus.

Trubulence is still ahead due to the following uncertainties:
1. % change in higher revenue did not match with % change in higher net profit. Without strong result of first two quarters of 2005, the company will not be able to achieve their record revenue!

2. If you make a quick comparison of Q to Q of net profit in 2005, you will run away. The % of decrease is unbelieveable. If the situation does not change, will Titan turns into red in Q1'06?!

3. With the proposed final dividend of 3 cents for financial year ended 2005 - that is about MYR52mil dividend payment, does Titan have the sufficient cash to fund their operation? I am very concern with their cash balance after the dividend payment!

4. The information provided by the top management was not 'accurate' and 'misleading'. First, it was stated that higher oil price will not impact Titan performance as the higher cost will pass to the customers. However, they stated that the variance between the actual performance vs estimation in their IPO prospectus is caused by higher oil price. What is this ??!! They forgot what did they say 6 months ago?

During their earning release conference session, they keep on mentioning about their record revenue .. bla bla bla. They rarely mention that the net profit drop so much from Q to Q. We all can simply know that the acquisition of PT Peni will enable Titan to become the largest polyolefins producer in South East Asia. However, I am hardly to find out from the top management how they are going to turn PT Peni from red to profit. It is a big question mark. If PT Peni is operating at loss, it will definitely impact Titan financial report in consolidation level!

http://valuebursamalaysia.blogspot.com/2006_04_01_archive.html

8years

这种就是傻子看法，很简单，将现在的事实和他的看法比较就可以了。

另外，他的分析从来不用数据，市场，等的分析，只有片面性的各人低级看法，相信他的看法就完蛋咯。

最经典：
“The % of decrease is unbelieveable. If the situation does not change, will Titan turns into red in Q1'06?!“

Mr.Business

PT Peni and BP’s polyethylene plants for sale

29-10-02 Indonesian polyethylene joint venture PT Peni is to be sold as well as BP’s 39 % share in a polyethylene joint venture in the Philippines. Indonesian polyethylene joint venture PT Peni is to be sold after shareholders (BP 75 %, Mitsui 12.5 % and Sumitomo 12.5 %) decided that the vertical integration needed to improve the joint venture's profitability would be best achieved under new leadership.

All shareholders have agreed that this move is in the best interest of the company. No deadline has been put on sale discussions which has already started.

Both local and foreign ethylene suppliers are understood to be interested at this stage but no decision has been taken on the future ownership.

The joint venture was established in 1993, and manages a 450,000 tpy high density/linear low swing polyethylene plant at Merak. BP has also agreed in-principle to sell its 39 % share in a polyethylene joint venture in the Philippines, Bataan Polyethylene, because of poor returns.

Bataan's two polyethylene plants have been idle for more than one year.
They had come online in 2000 and have a combined capacity of 250,000 tpy. The plants had not been cost competitive either because the Philippines does not produce ethylene locally.

BP also operates a PTA joint venture in Indonesia but has no intentions to sell its stake.

http://www.gasandoil.com/goc/company/cns24819.htm

Mr.Business

Cracker of a project for PT Peni in Indonesia

10 November 1997 00:00  [Source: ICB]

BP Chemicals' joint venture company PT Peni, located in Indonesia, is to build a world-scale ethylene cracker at Bojonegara, West Java. The cracker will have a capacity of 900000 tonne/year ethylene. Propylene will also be used for further downstream operations.

###5648###

The cracker is expected to come onstream during the year 2000 with investment costs put at between $800m and $1bn (ECN 24 March 1997, page 52).

Companies shortlisted to supply technology, engineering and construction are: ABB Lummus Global/Toyo, MW Kellogg/Chiyoda and Technip/JGC.

A final decision on the engineering and construction is expected to be announced during the second quarter of 1998, with construction of the facility beginning shortly afterwards.

The naphtha feedstock will be supplied by a refinery which will be built by another BP jv, in which the company holds 50%; the remaining stake is held by Salim and other partners.

A 12km pipeline will link the cracker to the PT Peni polyethylene facility, where output is to be expanded from 250 000 tonne/year to 500 000 tonne/year by 1998. A separate pipeline will link the cracker to derivative plants in West Java.

BP will restructure its shareholding in PT Peni to invest in the I cracker. BP's stake will become 35%, the company currently has a 51% stake in PT Peni.

Salim Chemicals and Indonesian consortium Salim will each hold a 20% stake in the company, with the remainder being split between a Japanese consortium, an Indonesian group and a business man.

Commenting on the region's currency problems, Jim Hay, BP's director of chemical development in Indonesia, said there should be no long-term impact. 'In spite of the current market uncertainties, the long-term demand for chemical products in the region remains strong.'

http://www.icis.com/Articles/199 ... i-in-indonesia.html

XXXXX

Indonesia's PT Peni shuts PE units due to low ethylene inventory ...[
Indonesia's PT Peni shut its polyethylene production units in Merak, Indonesia, in mid-December amid low ethylene inventory, a company source said ...

http://construction.ecnext.com/coms2/summary_0249-104709_ITM_platts

XXXXX

BP to build a world-scale ethylene cracker in Indonesia
Nov. 7, 1997 Indonesia'ssuccessful polyethylene concern, Pt Peni, in which BP has a 51 % stake,is set to build a world-scale ethylene cracker at Bojonegara, WestJava.
According to BP, it is restructuring its shareholding in PtPeni to invest in the new project, which will be integrated with the PEplant.
The new unit will be linked by pipeline into West Java petrochemical infrastructure.
Indonesiangovernment approval has already been given for the cracker, which isexpected to start up by the end of the year 2000 with a capacity ofaround 900,000 tpy and to cost between $ 800 mm and $ 1 bn.

http://www.gasandoil.com/GOC/company/cns75058.htm


[ 本帖最后由 Mr.Business 于 22-6-2007 10:18 AM 编辑 ]

Mr.Business

看的出来他作出评论前，并没有研究石化业的背景。哈。