Net income was 21.7% below Bloomberg consensus. However it is understandable as average coal price they obtained in 1Q10 of US$66.6/ton was in the low range of its US$65-70/ton. Its sales volume was ahead with 26% of its 23Mt sales target. As coal price is trending up, we expect ITMG to achieve and possibly surpass our FY10 estimate. We are keeping our forecasts. We have a Neutral recommendation. At Rp36,450, ITMG is traded at PER10F and PER11F of 15.4x and 12.8x, respectively with EV/EBITDA FY10F and FY11F of 81.x and 6.5x , respectively.
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