(ADRO IJ / ADRO.JK, OUTPERFORM - Maintained, Rp1,540 - Tgt. Rp1,900, Basic Resources)
Maintain Outperform on Adaro with an unchanged DCF-based target price of Rp1,900 (WACC 13%, LTG 0%). 9M09 net profit was up 412% yoy while core net profit was up 178% yoy due to a jump in ASPs. The results were 4% above our expectation and 2% above consensus, largely due to the better ASPs. We are raising our FY09 EPS forecast by 3% on the back of the higher-than-expected ASPs. 4Q09 net profit could be lower than 3Q09 because of potential production disruptions from the rainy season, but is likely to be similar to 2Q09, in our view. Operational improvements aside, a potential IPO of SIS early next year could unlock more value, we believe.
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