Q4 coal results and pensioner banks - JP Morgan

* Indonesia coal: Downside surprise likely to 4Q10 and FY10 earnings due to demurrage charge. (Stevanus Juanda). We believe that the demurrage charge could potentially affect 4Q10 and FY10 net incomes of Indonesian coal companies. ITMG reported US$10MM of demurrage charge in 4Q10, which amounted to 16% of 4Q10 operating profit. As bad weather had affected the operations of mines, our channel checks indicate that ships had been waiting for coal shipments at the ports across Kalimantan.
https://mm.jpmorgan.com/PubServlet?action=open&doc=GPS-555308-0.pdf

* Pensioner banks – BTPN and BJBR: Aditya Srinath met with BTPN yesterday, to learn that the mid-70s government hiring binge has started to benefit the pensioner banks such as BTPN and BJBR. The run-rate of government employees entering the pension age has doubled to 200 thousand per year, boosting the supposedly stagnant pension business for BTPN and BJBR. Both are Not Rated stocks, but BJBR looking interesting on 8.4x P/E and 2.0x PBV for year 2011.