TRAM: Consolidation Before Continue To Rally

Setelah menguat dan tertahan di level 200, TRAM terkena profit taking jangka pendek dan berkonsolidasi. Saat ini TRAM berpotensi membentuk Pola Bullish Pennant Pattern. Konfirmasi akan terbentuk jika TRAM mampu menembus keatas level 180. Target terdekat kembali ke 200. Jika dapat melewati 200, maka TRAM akan memulai uptrendnya menuju target berikutnya di 226. Nantinya jika kenaikan saham ini terus berlanjut, maka TRAM akan menuju target pola bullish pennantnya dikisaran 266-280. Volume yang cenderung mengecil mengindikasikan saham ini dalam fase konsolidasi sebelum melanjutkan rally kenaikannya.

Rekomendasi: Spekulasi Buy. Add position jika break out level 200 dengan disertai volume yang besar. Batasi resiko apabila turun dan gagal bertahan di 146 (high risk).

Note: Walaupun secara Fundamental saham ini membukukan rugi bersih, tetapi adanya aksi korporate (rencana right issue untuk akuisisi tambang), membuat saham ini masih menarik.

REMINDER: TRADA MARITIME TO LAUNCH RIGHTS ISSUE TO FUND ACQUISITION

Trada Maritime (TRAM) plans to issue new shares up to 40 bn shares and with 3.4 bn warrant attached to fund the acquisition of coal mine and mining contractor.  Net proceeds from the rights issue will be used for :

  1. The acquisition of stake in PT Semeru Infra Energi (SIE) and PT Black Diamond Energi (BDE) of Rp2.48 tn. SIE and BDE together owns 99.7% stake at PT Gunung Bara Utama (coal mining company).
  2. The acquisition of 49.9% stake in SMRU (listed mining contractor) of Rp3.13 tn owned by public once the purchase of 50.1% stake in SMRU of Rp3.15 tn (using debt of USD235 mn) is complete.

The company will hold EGM on 19 October to obtain approval from shareholder on rights issue plan.

Comment:  We see the company’s plan to diversify its operations into coal mining business as positive to benefit from current high coal price

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