(PTBA IJ / PTBA.JK, OUTPERFORM - Maintained, Rp14,800 - Tgt. Rp17,000, Basic Resources)
Maintain Outperform on PTBB and DCF-based target price of Rp17,000 (WACC 15%). 9M09 net profit met expectations, forming 70-75% of our FY09 and consensus FY09 forecasts. With production and sales volumes expected to improve further in 4Q09, our forecasts should be within reach. Coal price increases, plus progress at its railway projects (existing and new), could provide stock catalysts, we believe.
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