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Rabu, 23 Maret 2011

Aneka Tambang: FY10 results 101.3% ours and 110.5% of consensus (ANTM, Rp2,175, Neutral, TP: Rp2,400) - Mandiri Sekuritas

 Antam FY10’s results in line with our estimates realizing 101.3% our estimates and 110.5% consensus’s (please note that we have adjusted our FY10 estimates in our previous report based on the unaudited results, where actually it should realize 108.0% our previous estimates)
 Antam reported FY10 net profit Rp1,683bn (+178.6%yoy, +277.9%qoq), supported by robust sales volume which increased 28.6% yoy to 18,253tons and 51.5% increase of average selling price (ASP) of ferronickel to US$9.48/lb Gold’s ASP also increased 31.1%yoy to US$1,228/t.oz but sales volume decreased by 49.1%yoy due to lower trading sales.
 We have Neutral rating on Antam since we put some discount on our TP regarding its execution risk towards its projects. Antam now is traded attractively at 9.6xPER11F.

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