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Minggu, 15 Mei 2011

ITMG 1Q'11 results: ASP up by 13%QoQ, despite lower volumes TP Rp66,900 - Deutsche Bank

Strong 1Q'11 results despite lower volumes
Revenues rose to USD468mn (+15%YoY, +4%QoQ) and OP to USD117mn(+26%YoY, +82%QoQ). OP margin expansion (+11pct pts QoQ) reflect a strong ASP of US$87/t (+31%YoY,+13%QoQ) and normalization of costs vs 4Q'10, as strip ratio came down to 11.9x from 17.4x. This compensated for lower volumes (21% of FY target), which remained affected rains. Nonoperating line also improved due to the reversal of last year's swap loss, into a USD9mn gain in 1Q. (see below table)

Looking ahead: volume ramp-up & further increase in ASP
ITMG has priced 62% of its volumes at about US$87/t. Recent contracts have seen at least US$100/t pricings, largely in-line with our expectation (which implies a FY of US$94/t). Meanwhile, we remain comfortable with the 25mT FY vol target (which would imply a 6.6mT quarter average in remaining quarters): weather improving in May; additional new mining equipments expected in Apr & Jun.

We maintain our Buy recommendation on ITMG, given its improving operational outlook, to benefit from stronger coal price & production ramp-up this year, also supported by strong balance sheet & management trackrecord.
Posted by Saham Pilihan at 21.36

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