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

Jumat, 12 Agustus 2011

Indo Coal Outlook, Earnings Buffer by analyst Jayden Vantarakis - CLSA

Jayden revisits the coal sector post recent market correction and has come out favouring coal miners with less leverage to spot for short term. There has been volatility of the Newcastle benchmark and spot prices. However ASPs for Indo coal producers remained relatively stable in 2009

From this perspective, Jayden favours ITMG (TP 56k) as top pick on good cost management and high dividend yield. No changes in TP nor earnings.

Key Points from the report:

· The 2 largest export destinations of Indonesia’s thermal coal are China and India. They represented 27% and 15% of exports respectively in 2010.
· Bukit Asam (PTBA IJ), Kideco (46% owned by Indika Energy (INDY IJ)) and Adaro Energy (ADRO IJ) are the key suppliers to domestic power plants.
· During the 2009 coal price reduction EBITDA margins remained stable. Only Bumi Resources’ (BUMI IJ) EBITDA margin contracted.
· ADRO and ITMG are the listed coal players least leveraged to spot prices under our coverage.
· Spot Newcastle thermal coal is highly correlated with oil prices. Both are key regional and global energy commodities.
· As 25% to 30% of Indo coal producers’ cost is diesel, this correlation provides a buffer to coal price volatility.
· ITMG offers high dividend yield of 6% to 7% over 2011CL to 2013CL. The company hedges diesel and coal on an annual basis, removing spot exposure.

Tidak ada komentar:

Poskan Komentar