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

Rabu, 27 Juli 2011

Bukit Asam: 1H11 results 47.1% ours and 45.4% consensus (PTBA, Rp20,900, Buy, TP: Rp23,950) - Mandiri

􀂄 PTBA posted 1H11 revenue of Rp5,119bn (+34.9%yoy, +21.1% qoq) followed by net profit of Rp1,611bn (+77.4%yoy, +11.9%qoq), relatively in line with our estimates and consensus represent 45-47% FY11F considering seasonal factor.
􀂄 Total average selling price (ASP) in 1H11 jumped to Rp843k/ton (+43.1%yoy, +22.8%qoq). Mostly driven by robust coal export’s ASP in 2Q11 which increased by 20%qoq up to US$103/ton following tsunami incident in Japan. Cummulatively in 1H11’s coal export ASP was posted at US$98.8/ton, increased by 62% yoy. It has surpassed our FY11F assumption; therefore it will lead to earnings upgrade possibility.
􀂄 Interestingly PTBA’s upbeat coal price in 2Q11 would suggest strong positive sentiment to other coal companies which have similar coal quality like BUMI, ITMG and HRUM.
􀂄 Sales volume in 1H11 was 6.5Mt (+1.6%yoy, +12.5% qoq), a slightly lower than internal target due to lower trading volume from Kalimantan region that still faced wet weather in 2Q11. In 1H11 PTBA produced 6.2Mt coal, +6%yoy, including 0.24Mt from IPC in Kalimantan
􀂄 Strip ratio was 3.67x lower than previous year of 3.87x and coal railway capacities in 1H11increased by 11%yoy up to 5.63Mt.
􀂄 Lower operating margin in 2Q11 down to 36.6% vs 40.8% in 1Q11 was mainly driven by higher salaries expenses following bonus payment, higher rental fee and higher trading activities
􀂄 Currently we have Neutral rating on the stock. PTBA is traded at 14.1x-10.7x PER11F-12F.

Tidak ada komentar:

Posting Komentar