JP Morgan - PTBA: Weak Results

The company reported 1Q10 net income of Rp373B; down 59.5% Y/Y and down 25.3% Q/Q. With historically, 1Q has contributed to an average of 26.0% to full year profit, PTBA’s 1Q10 result came in lower than both JPM (14.7%) and consensus’ (13.8%) full year forecast of Rp2.535 trillion and Rp2.707 trillion respectively.