Timah
Timah - a state controlled company - is an Indonesian manufacturer and exporter of tin. The company has integrated tin mining businesses ranging from exploration, mining, processing to marketing. It is one of the largest integrated tin mining companies in the world. In terms of global tin production, Timah holds a market share of roughly ten percent. The main commodities of Timah are tin and derivatives (tin solder, tin chemical), as well as coal. The company is also engaged in shipping services.
Profil
Industry Sector | Mining |
Industry Sub Sector | Metal and Mineral Mining |
Established | 17 April 1961 |
Listed | 19 October 1995 |
Listed Company Code | TINS |
Listed Shares | 7,447,753,000 |
Dividend | Yes |
Major Shareholders (>5%) | Government of Indonesia (65.00%) |
Key Subsidiaries | Timah Industri Tambang Timah Timah Investasi Mineral Indometal London Ltd Timah Eksplomin |
Stock Quote Timah - TINS:
Business Summary
Timah is the world's third-largest tin producer and the company accounts for about 29 percent of Indonesia's total tin production. Around 95 percent of the company's production is exported to foreign countries, particularly China is an important market.
In 2014 the tin miner planned to expand its business to Myanmar after the latter had opened its economy to foreign direct investment. However, tin reserves at the targeted location were disappointing and thus plan were halted. At the start of 2015, Timah is still studying the acquisition of a tin smelter in Myanmar.
Indonesia implemented various new rules for tin exports in an attempt to boost global tin prices and combat illegal mining. It required all tin ingot exports to be traded through the Indonesia Commodity and Derivatives Exchange (ICDX) and placed curbs on shipments in a move to develop downstream industries.
Indonesia is the world’s second-largest tin producer (after China) and the world's largest tin exporter. The islands Bangka and Belitung, off the coast of Sumatra account for 90 percent of the country's annual tin export.
Timah's Operational Highlights:
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
Numbers of Concession (unit) |
110 | 115 | 117 | 117 | ||||
Mining Area (hectare) |
591,325 | 512,764 | 513,042 | 512,655 | ||||
Tin Reserves (ton) |
347,502 | 373,978 | 387,967 | 250,323 | 259,432 | |||
Tin-in-Concentrate Produced (ton Sn) |
37,701 | 37,615 | 37,487 | 29,776 | 26,204 | 32,319 | 26,361 | 24,121 |
Tin Metal Produced (ton) |
45,086 | 40,413 | 38,132 | 29,512 | 23,718 | 27,550 | 27,431 | 23,756 |
Metal Sales (ton) |
34,934 | 23,237 | 26,907 | 30,087 | 26,677 | |||
Average Tin Price Received (USD/ton) |
18,692 | 19,981 | 26,714 | 21,505 |
Source: Timah, Annual Report 2016
Timah's Financial Highlights:
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
Operating Revenue/Sales |
8,339.3 | 8,130.1 | 7,822.6 | 6,239.2 | 7,518.0 | 6,874.2 | 6,968.3 |
Gross Profit | 1,924.1 | 1,883.4 | 1,314.1 | 1,414.4 | 1,615.3 | 686.0 | 1,094.9 |
Net Income | 947.9 | 896.8 | 431.6 | 580.6 | 673.0 | 101.6 | 251.8 |
EBITDA | 1,528.1 | 1,077.4 | 1,191.3 | 1,524.4 | 748.4 | 1,046.8 | |
Operating Income |
1,310.8 | 1,317.6 | 1,068.8 | ||||
Income before Tax |
1,127.3 | 1,187.4 | 646.6 | 837.7 | 1,024.8 | 168.2 | 415.0 |
Total Assets | 5,881.1 | 6,569.8 | 6,130.3 | 8,244.0 | 9,843.8 | 9,279.7 | 9,548.6 |
Total Liabilities | 1,678.0 | 1,972.0 | 1,572.1 | 2,991.2 | 5,344.0 | 3,908.6 | 3,894.9 |
Earnings per Share¹ |
188 | 178 | 86 | 102 | 90 | 14 | 34 |
Cash Dividend per Share¹ |
94 | 89 | 43 | 58 | 45 | 4 | 0 |
in billion IDR rupiah unless stated otherwise
¹ in IDR rupiah
Source: Timah, Annual Report 2016
Future Projection Timah's Financial Highlights:
2018 | 2019 | 2020F | 2021F | 2022F | |
Net Revenue | 11,017.0 | 19,303.0 | 15,497.0 | 16,129.0 | 17,733.0 |
Net Profit | 132.0 | (611.0) | (504.0) | (107.0) | 180.0 |
EBITDA | 683.0 | 615.0 | 632.0 | 1,404.0 | 1,899.0 |
P/E Ratio (x) | 5.8 | n.a | n.a | n.a | 25.1 |
P/BV (x) | 3.9 | 1.5 | 0 | 0 | 0 |
ROAA (%) | 0.6 | (3.5) | (2.6) | (0.6) | (1.0) |
in billion IDR, unless otherwise stated
Source: Danareksa Sekuritas (23/06/2020)
Lokasi
Detail Kontak
Jalan Jenderal Sudirman No. 51
Pangkal Pinang, Bangka 33121
Phone: +62 717 425 8000
Fax: +62 717 425 8080
Email: timah@pttimah.co.id
www.timah.com