The company indicated that FY09 net income is expected as some Rp725bn (-33%yoy) which came slightly below our forecast of Rp761bn and consensus of Rp842bn. However, on operating level, the company improved with revenues of Rp2.5tn (+7%yoy) and operating income of Rp191bn (+55%yoy). Likewise, income from associated companies jumped by 44% to Rp1.5tn, primarily due to the contribution from its 46% coal unit Kideco, which generated FY09 net profit of US$288mn, which came in 8% higher than our targets. We suspect higher interest and one-off charges were the main reason for the drop in bottom-line.
We remain a buyer on the company with FY10F net earnings seen at Rp855bn (+18%yoy) on the back of (a) higher coal production (b) better contribution from operating units Petrosea and Tripatra as a result of thicker order book. Currently, the stock trades at PER10F of 13.7x.
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