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Rabu, 08 Juni 2011

PT Borneo Lumbung Energi & Metal Tbk - ISP construction near completion - Credit Suisse

● BORN’s ISP construction is progressing and is scheduled to complete this month. Upon the completion of ISP, BORN will be able to store up to 1 mn t in the middle part of the river, from which point BORN will be able to continually ship the coal all year round.
● BORN’s logistical risk will be greatly reduced once ISP starts to operate. We believe that despite weakening prices as Queensland recovers, BORN remains attractive, as its key upside in 2H11 will remain in its volume growth momentum post ISP construction.
● We expect the completion of ISP to lift the majority of concerns over the river logistics issue and prompt for share price re-rating. In addition, we expect BORN’s ASP to strengthen in 2Q11, but weaken in 2H11. We believe that downside risk to our price may be compensated by positive momentum post ISP construction and potential upside to our volume forecast.
● We maintain OUTPERFORM at target price of Rp2,000/share based on 15x 2011E P/E.

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