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Rabu, 27 Juli 2011

PT Tambang Batubara Bukit Asam Tbk - 2Q11 Results: higher cost but offset by strong export ASP - Credit Suisse

● PTBA posted Rp1,611 bn of 6M11 net profit, increased 12% QoQ, 77.4% YoY, in line with our expectation at 42% of our FY11E and at 44% FY11E consensus’. The 6M11 revenues reached 5,119 bn, increased 34.9% YoY, 21% QoQ, 44% of our FY11E. Sales of
6.5 mnt is 4.4% QoQ and 3% YoY, at 45% of our FY11E.
● QoQ earnings pick-up is primarily due to higher export ASP (18% QoQ, 53% YoY) and better sales volume. Earnings are also impacted by higher costs booked in 2Q11, mainly coming from higher salary costs, coal trading and rental of heavy equipment.
● We expect PTBA to pick-up more sales volume in 2H11 from additional railway capacity. We also expect higher export ASP in 2H11, given the lagging impact from 1Q11. We believe PTBA will be able to achieve consensus’ earnings given strong pick-up in export price, regardless of status of current railway expansion.
● We maintain OUTPERFORM at target price of Rp26,500 based on 16x 2011E P/E.

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