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Rabu, 30 Maret 2011

Borneo Lumbung Energi - Solid start - CIMB

(BORN IJ / BORN.JK, OUTPERFORM - Maintained, Rp1,650 - Tgt. Rp2,250, Coal Mining)
FY10 net and core profits of Rp348bn and Rp389bn were well above consensus and our forecasts (at 161% and 171% of our forecasts respectively), driven by stronger-than-expected sales and lower-than-expected costs. While Borneo's operating variables (e.g. stripping ratio, unit costs) have yet to stabilise due to its ongoing mine expansion, the 2010 strength nonetheless cements our confidence in its ability to deliver. We upgrade our FY11-12 earnings estimates by 9-12%, taking into consideration its lower 2010 cost base, while introducing 2013 estimates. We also raise our price target to Rp2,250 from Rp2,050 following our earnings upgrade, still based on DCF (WACC 12.25%). At 11.7x CY11 P/E, Borneo is attractive vs. its coal peers (13.2x average). Stock catalysts are expected from strong 1Q11 volume and positive 2Q11 contract settlement prices.

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