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

SEA Coal Sector: Raising LT Coal Price Assumptions - Credit Suisse

Coal names have been a laggard in the market since February 2011. With improved weather conditions and higher demand going into the summer and winter, we believe it is the time again for us to take a look at the coal sector. 2Q11 financials will be reported by the end of this month at the latest, and coal price has been performing well in 1H11 (-7% QoQ, +77% YoY) – with the low 2Q season behind us.

· CS global mining team kept 2011/12 coal price assumptions relatively unchanged at US$124/132 per ton, but raised 2013/14 assumptions by 17%/43% to US$141/149 per ton.
· Higher coal price assumptions in 2013/14 are based on the view that China’s coal demand would exceed global supply expansion in the medium-term. In this scenario, Indonesian coal producers will be the beneficiary.
· In the short-term, thermal coal price is projected to post US$10/ton rally into 4Q11, amid winter stocking, with prices seen well supported in 3Q11, due to higher demand from Germany and Japan.
· Analyst Fonny Surya maintains Outperform rating on Indo Tambangraya (ITMG, PT Rp57,000), Indika Energy (INDY, PT Rp5,000) and Bukit Asam (PTBA, PT Rp26,500). Note that earnings forecast on these companies have yet been revisited, pending 2Q11 production data that will soon be released.

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