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【出版时间及名称】：2010年4月印度金属行业研究报告
【作者】：Motilal Oswal证券
【文件格式】：pdf
【页数】：68
【目录或简介】：
We visited 9 metal companies, three coal mines, a chromite
mine, a manganese ore mine and iron ore mines in
Chhattisgarh, Orissa and Jharkhand. In about 8 days, we
traveled nearly 2,000km to cover every aspect of steel
making, coal mining and aluminum smelting.
We started our road journey from Raipur, visiting
Jayaswal Neco, Godawari Power and Sarda Energy.
We traveled to Prakash Industries’ coal mines and
its steel plant in Chhattisgarh.
We visited Jayswal Neco’s underground coal mine and
Sarda Energy’s open cast mine.
We visited Vedanta Aluminium and Sterlite Energy
at Jharsuguda, and Bhushan Steel in Angul, Orissa.
We visited IMFA’s chromite mines in the Sukinda Valley
in Orissa.
We visited Tata Sponge and Adhunik Metaliks’ Patmunda
manganese ore mine.
We visited Adhunik’s Ghatkuri iron ore mines. Next
day, we took a train to Kolkata to meet the management.
Key takeaways from our tour
􀂄 In the last decade, large numbers of coal blocks were
allotted for captive mining with the aim of increasing
India’s coal production. Mid size metal companies were key
beneficiaries. Although there are significant procedural
hurdles, metal companies have been successful in opening
coal mines in Chhattisgarh. But most companies in Orissa
don’t expect mines to start operations in 2-3 years due to
issues such as land acquisition. Our limited interaction
with locals in Orissa was not very encouraging. Jayaswal
Neco, Sarda Energy, Prakash Industries, Monnet and Jindal
Steel & Power have been mining coal in Chhattisgarh. IMFA
is the only metal company in Orissa, which will start coal
production in one year’s time.
􀂄 Jayaswal Neco, was a new discovery on this visit, which
has high quality coal assets in Chhattisgarh and a relatively
large 1mtpa steel production capacity in Raipur. It recently
came out of CDR (corporate debt restructuring) and
consolidated its group companies. We visited its underground
coal mine to watch coal blasting and experience the after
shocks.
􀂄 Godawari Power & Ispat and Sarda Energy recently installed
pellet plants. Godawari’s plant is operational but Sarda’s
plant was shut for two weeks for modifications. Captive
iron ore production and the running of the pellet plant
will expand Godawari’s margins while many other steel
mills are forced to cut steel production due to shortage
of iron ore. Meanwhile, Sarda’s pellet plant has restarted.
We are upgrading the stock to BUY as valuations have
become attractive.
􀂄 Sterlite Industries’ subsidiary Sterlite Energy (SEL) has
received full coal linkages though the project is running
behind schedule by one quarter. Associate company Vedanta
Aluminium (VAL) is also close to a full ramp up of its
first phase of its 500ktpa smelter. It took nearly two
years from the first tapping to full ramp up. The first
pot line of its 1.25mtpa phase 2 expansion is nearing
commissioning and first metal tapping is expected in 1QFY11.
The management is reconsidering a captive power plant for
its phase-2 smelter. We remain positive on Sterlite
Industries.
􀂄 Prakash Industries has high class coal assets and steel
plants in a peaceful part of Chhattisgarh. It has put on
fast track a 625MW power project though the commissioning
schedule looks ambitious. The project has relatively low
risk due to availability of land and mineral resources.
Maintain BUY.
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