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

Selasa, 24 Mei 2011

INCO – Buy Price: Rp4,925 - Target Price: Rp5,950 Benefit from high nickel price - Samuel

INCO’s 1Q11 earnings and revenue grew by 47% and 26% YoY respectively.
1Q11 Revenue and net income were above our estimate. Revenue accounts for 29% and net profit accounts for 31% from our estimate.
Growth in revenue and net income in 1Q11 were mainly driven by higher ASP and lower input cost even though volume in 1Q11 was lower.
Production volume in 4Q11 is expected to drop by 30% due to furnace shutdown.
Karebbe project status is 87% completed and will be online in 2H11. With the addition of Karebbe, overall production cost is expected to reduce by around 6%.
We revise our forecast factoring rising nickel price and lower production cost despite lower target production volume in FY11 and expected higher volume in FY12.
We also change our nickel price assumption from US$7.6/LB to US$11/LB for FY’11F as we are bullish towards nickel price until the end of this year on the back of lower LME nickel inventory, possible global supply deficit for this year, and the expectation that Rupiah will remain strong this year.
Our new target price of Rp5,950 (previously Rp4,700), reflecting 10.35x – 11.7x PE’11F–12F.
With this new target price, we upgrade our recommendation to BUY as the new TP offers 20.8% upside to the current price. Buy.

Tidak ada komentar:

Posting Komentar