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, 12 Juli 2011

ITM (Buy, PT Rp55,000, 15% upside) - UBS

We revise ITM’s earnings from -25% to 49% for 2011-13, while maintaining our Buy rating. Our price target is based on a 12-month PE multiple of 13.5x, which is above the current 13-year reserve life. As such, we believe ITM has another 4-6 years of reserve life upgrade potential throughout the Bharinto, IndoMinco and Trubaindo mines.

􀁑 Average selling price increase. We revise our ASP assumption from -7% to 17% in 2011-13 in line with our higher benchmark price forecast. ITM has priced 50% of its 2011 volume YTD, while the remainder is based on unpriced index-linked contracts and spot sales.
τ€‘ Volume adjustment. We make a 2% downward adjustment to production volumes in line with management’s recent target revision to 24mt in 2011. The company cites higher-than-usual precipitation.
􀁑 Cost inflation. We make an upward revision to costs following overall inflation in fuel, labour and heavy equipment.

We base our price target on a 12-month target PE valuation of 13.5x, which incorporates a 7.6% risk-free rate, 1.2x beta and 13.7% cost of equity. Our previous target PE of 12x was based on a 7.6% risk-free rate, 1.2x beta and 13.8% cost of equity. ITM is currently trading in the mid-to-high range of its historical PE and EV/EBITDA band.

Tidak ada komentar:

Poskan Komentar