PTBA posted 1Q10 net income of Rp337bn (-59.5%yoy, -25.3%qoq), below ours and consensus estimates. YoY decline was due to lower ASP, while volume up by 14%yoy. Lower ASP was due to product mix shift to low quality coal in 1Q10.
1Q10 sales volume of 3.2mn tons represented 21% of our FY10F estimates
We still have Buy recommendation on PTBA which currently is trading at PER10-11F of 14.91-13.5x.
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