Mandiri Sekuritas Bayan Resources:: Net profit below our expectations and consensus (BYAN, Rp6100, Under-review)

􀂄 BYAN booked revenue FY09 of Rp7.8tn (+59%yoy) below our expectation but above consensus estimates. Production of coal in 2009 is estimated to reach 9.5Mt (+61%yoy).

􀂄 Based on the guidance of 2010 release by the company earlier, average coal selling price in 2009 at US$60-61/Mt lower than in 2008 of US$74.9/Mt.

􀂄 The company target coal production in 2010 become 10Mt lower than initial estimate of 13.8-15.1Mt.

􀂄 Net income of FY2009 was at Rp136bn (+558% yoy) this figure is below our and consensus estimate.

􀂄 We are reviewing our estimation due to the results.