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Senin, 02 Mei 2011

BUKIT ASAM (PTBA): In-line Strong +104% 1Q11 EPS given 2H expansion-reit Buy - Credit Suisse

PTBA 1Q sales volume 3.1m tonnes (-4% Y/Y) with 1Q production 3.0m tonnes
(20.7% of 2011F). EPS Sensitivities Analysis to US$10/bbl rise in oil coal price
is -1.4%, 5% volume shortfall is -6.7%, and US$10/t rise in coal benchmark price
is +6.4%. At Rp22,400/share, PTBA IJ is trading on 13.2x 2011F PER and implying
21% upside to end-2011F Target Price Rp27,200 (based on 16x 2011F PER), we
reiterate BUY PTBA!

· Fonny Surya: PTBA posted Rp 760 bn 1Q11 net income, increased 103.8%
YoY, this accounted for 19.4% of our FY11E estimates, 20.8% of consensus. 1Q11
revenue reached Rp 2,315 bn, increased 29.9%, and accounted for 19.5% of our
FY11E estimates. We believe new US$450mn financing line for PTKA will reduce the
current railway expansion plan bottleneck. PTBA currently expects to add new
locos and wagons by mid-2011, expanding current railway capacity by 20%. We
maintain OUTPERFORM rating with TP Rp27,200/share based on 16x 2011E P/E.
Posted by Saham Pilihan at 12.35

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