Tambang Batubara Bukit Asam
Company update - Reserve booster - by Rania Rahmundita
(PTBA IJ / PTBA.JK, OUTPERFORM - Maintained, Rp7,450 - Tgt. Rp9,100, Basic Resources)
We expect PTBA's FY08 revenue and operating profit to meet our current estimates but there could be one-off, non-recurring items that could distort reported net profit. FY09 operational improvement should remain robust. New reserve estimation is underway and there could be a sizable upgrade to reserve estimates. We also believe planned acquisitions this year would be value-accretive and help diversify long-term risks related to production growth. Maintain Outperform. Our DCF target price has been raised to Rp9,100 from Rp8,100 (WACC 14-18%) on upside to life of mine and a bigger cash position.
Tidak ada komentar:
Posting Komentar