Indika posted net earnings of Rp292bn, a 35% drop yoy, which was mainly due to the added interest burden coming from its US$255mn bonds issue late last year. Despite the drop, net income was above ours and consensus estimates.
There were significant improvements at operating level (non coal production) with operating income growing 7-folds (albeit a low base in 09), with the full contribution of Petrosea as well as that of Tripatra. We have reason to believe that Indy’s operating performance can improve further with a thicker order book from Tripatra, which is seen to jump over US$800mn spread over until 2014. Possible upgrade likely due to better operating performance rather than an upside on coal production. Currently the stock trades at PER10F of 18.6x.
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