Adaro Energy
FY08 operational result (Buy; ADRO IJ; Rp770; TP Rp830)
Adaro Energy (ADRO) reported its FY08 operational results from its coal mine division, mining contracting division and port handling terminal division.
Production for FY08 ADRO coal mine unit, Adaro Indonesia, was 38.5mn tons (+7% y-o-y), slightly higher than our estimate of 37.5mn tons, while it sales volume including third party coal trading) reached 41.1mn tons (+9% y-o-y).
The company mining contracting unit, Saptaindra Sejati has mined a total of 11.3mn tons (-5% y-o-y) of coal for FY08, 39% lower than our estimate of 18.7mn tons.
Indonesia Bulk Terminal, ADRO’s coal handling terminal has shipped 8mn tons of coal (-33% y-o-y) for FY08, 33% lower than our estimate of 12mn tons.
Overall, the operational results reveal a mixed bag of performance, thus at present we maintain our forecast and valuation for ADRO. At current price the counter is traded at 5.4x FY09 PE.
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