Profile

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:

    2014   2015   2016  2017F  2018F
Net Revenue 7,518.0 6,874.0 6,968.3 7,828.0 7,989.0
Net Profit  673.0  102.0  251.8  371.0  384.0
EBITDA 1,211.0 553.0 1,046.8 1,062.0 1,182.0
P/E Ratio (x)   12.2   81.0   22.2   21.4
P/BV (x)    1.8    1.2    1.4    1.3

in billion IDR, unless otherwise stated
Source: Danareksa Sekuritas (11/01/2017)

Location

Contact Details

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