Shorting, page-12

I have no position in EWC. Won’t comment on trading strategies, but if the PH assets never come into operation, then the company is just the future cash from the Indonesia IPP, which is a BOT with contract ending and plant ownership transferred in 2022, I think. Assumes of course that the Sengkang LNG liquefaction project is also never completed which seems like a reasonable proposition. Was lucky enough to visit Indonesia recently ... there is no doubt in my mind that no LNG sales contract will happen. Just my opinion of course, but PLN and Pertamina either don’t need the LNG or don’t want it. You can say, what about all those non-operating assets, but absent contracts, they are just not worth that much and no buyer is going to pay book for them. There just isn’t much value to be found, beyond the DCFs of the Indo power plant.