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Jumat, 19 Agustus 2011

Adaro Energy 1H11 result - strong earnings momentum from Jayden Vantarakis - CLSA

1H11 earnings strong at the upper end of consensus at 49% of full year estimates. For more details pls see attached file.

The financial result is reflective of the operational result Adaro reported on July 28th where production was 48% of our full year estimate.
Due to wet weather in 1Q each year, the first half typically represents 45% of full year earnings and production for Indonesian coal producers.
Costs increased in line with ASP, keeping EBITDA margin stable at 35% for the full year.
Increased costs were predominantly due to higher diesel costs, which the company has guided the market to be 86c/L average for 2011.
CLSA estimates are in line with consensus for 2011 with EPS of Rp 150/share.
We retain our forecast and target price of RP2,800. We note this result could lead to shareprice outperformance in the near term versus peers.
Posted by Saham Pilihan at 04.57

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