Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - UBS initiated coverage on Barito Pacific Tbk PT (BRPT:IJ) with a Neutral rating and a price target of IDR2,180.00 on Thursday.
The Indonesian company, through its listed subsidiary Barito Renewables (BREN IJ), is the largest renewable energy provider in Indonesia by capacity, with approximately 965MW in 2024, according to UBS.
UBS notes that Barito Pacific aims to expand its capacity to between 1.8-2.4GW in 2027-32, driven by new geothermal and wind projects strategically positioned to benefit from Indonesia’s increased focus on renewable energy.
The investment bank’s base case assumes Barito Pacific will reach approximately 2GW of capacity by 2030, representing an 11% CAGR from 2024 to 2030.
This growth is expected to be primarily driven by new greenfield projects, including Hamiding in North Maluku and South Sekincau in Sumatera, which could potentially serve both business-to-business and export markets.
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