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, 10 Mei 2011

Inco; Expect slower earnings growth this year; Hold; Rp4,800; TP Rp5,000; INCO IJ - DBS Vickers

At a Glance
· 1Q11 earnings in line with estimates

· Production fell due to earthquake and storms

· Expect slower earnings growth due to limited upside from price

· Maintain Hold, Rp5,000TP

Comment on Results
International Nickel Indonesia (INCO) reported 1Q11 net profit of US$112m, in line with estimates (25% of FY11F of US$446m). 1Q11 earnings grew by 47% y-o-y supported by 43% higher ASP to US$20,246/ton, while sales volumes fell by 12% to 15,924 tons as its operations was impacted by earthquake and lightning storms causing a temporary shutdown on operations. Production cost per ton increased by 18% to US$8,290/ton mainly due to higher fuel and employee costs.

INCO’s third hydro power in Karebbe is progressing as planned (87% of completion) and is expected to be completed in 2H11. With additional power supply from Karebbe, INCO will be able to reduce oil and diesel use for its electric furnace and reduce energy cost as well as support capacity expansion of 23% to 90,000 tons by 2013-14.

Recommendation
We reiterate our Hold call for INCO with Rp5,000TP based on blended valuation of DCF (9%WACC, 3%LTG), 14x FY11F PE and 8x EV/EBITDA. We expect slower earnings growth this year as we expect lower volume due to maintenance and limited upside on nickel price. The risk to our view is higher than expected nickel prices.
Posted by Saham Pilihan at 05.47

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)