Adaro Energy Result note - Superior results - by Rania Rahmundita
(ADRO IJ / ADRO.JK, OUTPERFORM - Maintained, Rp890 - Tgt. Rp1,030, Basic Resources)
Adaro's FY08 net income surged 10-fold to Rp887.2bn, while core net profit rose 768% yoy to Rp1.69tr, exceeding market and our expectations. Revenue was stronger than expected, cost control was superb and therefore operating profit was superior. Net gearing also dropped considerably. This is a good set of results, which we expect would soften risk perception for investors. We maintain our DCF-based target price of Rp1,030 (WACC 15-21%, LTG 0%) and forecasts pending a conference call with the company on Thursday.
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