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Jumat, 01 April 2011

Energi Mega: FY10 net loss of Rp62bn, in line with ours of -Rp52, below consensus (ENRG, Rp129, Buy, TP: Rp180) - Mandiri

􀂄 Energi Mega Persada (ENRG) in its recent press release reported a decline in revenue to some Rp1.2tn (-13.5% yoy, +77.6% qoq), which is below ours and consensus estimate. The decline, we think, is due to lower-thanexpected production in some major producing blocks (e.g. Malacca Strait and Kangean Sepanjang). Higher qoq was due to higher oil ASP in 4Q10 to US$87.9/bbl (FY10 average: US$81.4/bbl).
􀂄 Meanwhile, net loss of Rp62bn was relatively in line with our estimate of Rp52 net loss, below consensus of Rp94bn profit.
􀂄 Although ENRG face a declining oil and gas production, we think ENRG will have good performance this year as quite significant blocks, namely Bentu PSC and Seng Segat fields, and more to come in 2012 from Kangean TSB field.
􀂄 We still maintain our Buy recommendation on the stock, currently traded at attractive valuation at EV/2P US$1.5/boe and PER11F of 16.3x.
Posted by Saham Pilihan at 14.32

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