• TB Bukit Asam recorded 59.5% YoY decrease on net income to Rp373.0bn in 1Q10 from Rp920.6bn in 1Q09. The figure is 10% compared to our full year expectation and 11.1% of the market’s estimate.
• The company had signaled such condition as Bukit Asam had adjusted its selling price to PLN for this year. During 2009, the company still managed to enjoy strong selling price above Rp800k/ton compared to Rp685k/ton this year.
• This was also added by stronger Rupiah that affected revenue from export market despite that it posted stronger sales volume to this segment of 1.3mn tons in 1Q10 from 631k tons in 1Q09. Despite lower revenue, the company posted higher direct cost where COGS rose to Rp1.1tn in 1Q10 from Rp873.6bn a year earlier.
• Overall, the company’s results are below expectation and might require adjustment for the company’s 2010F net income estimate.
• Currently PTBA is trading at 2010F PER of 14.5x and EV/EBITDA of 12.2x, Buy.
Tidak ada komentar:
Posting Komentar