CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

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<ul><li>Cheap on a gross profit basis, low correlation, and improving asset turnover relative to its sector</li><li>Following a number of successful mergers, BRPT’s subsidiary (TPIA IJ) has become Indonesia’s largest integrated petrochemical company with over a 50% domestic market share</li><li>On top of the 43% jump in capacity in 2016, further capacity additions via a synthetic rubber plant JV to use output from a butadiene plant as feedstock will result in even lower production costs and greater scale merits in the long term</li><li>Looks like a cheaper way to gain exposure to strong subsidiary TPIA IJ</li><li>Risks: If oil prices fall, margins may be squeezed</li></ul>

Cheap on a gross profit basis, low correlation, and improving asset turnover relative to its sectorFollowing a number of successful mergers, BRPT’s subsidiary (TPIA IJ) has become Indonesia’s largest integrated petrochemical company with over a 50% domestic market shareOn top of the 43% jump in capacity in 2016, further capacity additions via a synthetic rubber plant JV to use output from a butadiene plant as feedstock will result in even lower production costs and greater scale merits in the long termLooks like a cheaper way to gain exposure to strong subsidiary TPIA IJRisks: If oil prices fall, margins may be squeezed

Indonesia

PT Barito Pacific Tbk manufactures petrochemicals. The Company produces olefins, propylene, ethylene, and styrene.  Barito Pacific also produces semi-finished wood products for furniture manufacturers, and owns land in Jakarta.

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Barito Pacific (BRPT IJ)

BRPT: Abundant Petrochem Capacity

Cheap on a gross profit basis, low correlation, and improving asset turnover relative to its sector Following a number of successful mergers,...

A. Stotz Investment Research

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