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Senin, 02 Mei 2011

HARUM ENERGY (HRUM): In-line 1Q11 NP, despite volume above - reit Neutral - Credit Suisse

HRUM 1Q proportionate overall sales volume 2.32m tonnes (+18% Y/Y) and 26%
of 2011F. EPS Sensitivities Analysis to US$10/bbl rise in oil coal price is
-3.2%, 5% volume shortfall is -5.8%, and US$10/t rise in coal benchmark price is
+13.6%. At Rp9,450/share, HRUM IJ is trading on market premium 15.8x 2011F PER
and implying 2% upside to end-2011F Target Price Rp9,600 (based on 16x 2011F
PER), we maintain Neutral rating on HRUM!

· Fonny Surya: HRUM posted Rp 377 bn of 1Q11 net income, increased
142.4% YoY, this accounted for 22.7% of our FY11E estimates, 20.7% consensus.
1Q11 revenue is Rp 1514 bn, increased 69.3%, this accounted for 20.7% of our
FY11E estimates. 1Q11 sales volume (ex Santan Batubara) is 1.9 million tonnes;
this is 26% of our FY11E estimates.
Posted by Saham Pilihan at 12.36

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