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Rabu, 23 Februari 2011

Adaro Energy: Buy; Rp2,375; TP Rp3,100; ADRO IJ - DBS Vickers

SIS receives US$400m loan
Saptaindra Sejati (SIS), ADRO’s mining contracting unit, has obtained a 7-year US$400m syndicated bank loan. Of this, US$215m will be used for refinancing and US$185m to buy heavy equipment (capex). The new loan will increase net gearing to 0.45x. SIS handled 25%of total Adaro's FY10 production and the capex figures for more equipment support our belief that the coal companies will increase output in 2011. We maintain our Buy call for ADRO and TP of Rp3,100. We like ADRO for its strong production growth prospects backed by vast reserves. At current levels, ADRO’s valuations are attractive at 13.5x FY11F PE which is below the five years average of 14.5x.
Posted by Saham Pilihan at 20.01

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