HEXA (Rp760 - BUY) : A Kick from The Mining Segment
Un-audited FY08 result indicate revenue and net profit of Rp2.8tr and Rp227.0bn, respectively. Overall, these figures are relatively inline with our expectation.
KPC awarded HEXA a US$130m order for this year's delivery. Meanwhile, Newmont placed a US$15.5m order for plus a 12-year maintenance contract worth US$51.0m. From Thiess, HEXA received a US$30.0m order.
Incorporating the above transactions as well as new FX assumption of Rp11,308/US$, we see a 46.0% and 123.7% upside risk in our FY09 net profit to Rp269.4bn while DCF TP is pointing to a 42.6% upgrade to Rp1,925.
Given unfavorable current market condition, we conservatively maintain our TP at Rp1,350. Based from the above simulated earnings, HEXA are trading at a very teasing FY09 P/E of 2.4x and EV/EBITDA of 1.4x with dividend yield of 14.8%. BUY call maintained.
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