Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 31 Maret 2011

Corporate Result Flash Adaro Energy - Bahana

4Q10 performance
§ ADRO’s 4Q10 earnings fell 6% q-q to IDR511b, bringing full-year net profit to IDR2.2t (-50% y-y), some 17% lower than our and consensus estimates.
§ In 4Q10, revenues were up 8.6% y-y while COGS jumped 23% q-q translating to gross profit decline of 20% q-q. Costs increased significantly on higher stripping ratio as well as lower production in 4Q10. Additionally, opex grew 22% q-q, translating to operating profit of IDR1.3t (-26% q-q).
§ At the operating profit level, the results were within expectations forming about 96-98% of our and consensus estimates respectively. The company booked demurrage cost of IDR172b in 2010 due to bad weather, which dragged down 2010 net profit below our and consensus expectations.

Outlook
In 2011, the company should benefit from both higher volumes and selling prices. We use production of 46.5m tons (+9.1% y-y), ASP of USD69.4/ton (+18% y-y) and cash cost of USD45.3/ton (+11.2% y-y). This translates to net profit of IDR4.0t (+84% y-y).

Recommendation and valuation
While we expect some earnings adjustments due to the spill over effect from 2010, we will broadly maintain our earnings for 2011. ADRO has underperformed the index by 11% ytd despite high coal prices. At this stage, we think the lower than expected 2010 results are already reflected in the share price. We maintain our DCF based TP of IDR3,050 and our BUY rating on ADRO, the largest cap stock in the sector with high liquidity, on strong growth in 2011.

Tidak ada komentar:

Posting Komentar