Jumat, 23 Juli 2010

JPM PTBA disappoints

Bukit Asam (PTBA) – Profit warning. 1H10 results out: sales down 15.7% yoy to Rp3794bn, 41% of Jpm estimate. EBIT down 50% yoy to Rp1046bn, 39% of Jpm estimate. Net income down 43% yoy to Rp908bn, 46% of Jpm estimate (35% of consensus). Stevanus Juanda already slashed his FY10 EBIT forecast by 21% on 21 May 2010, looks like another downward revision is coming up. The stock trades on adjusted 16.3x FY10 P/E (pre-revision, but adjusted for excess net cash), already at hefty premium to peers (on adjusted consensus ADRO trades on 16.8x, ITMG 13.7x, BUMI 10.7x, INDY 10.7x). Fasten your seatbelt. JPM rates O/W. My take -- Indika & Bayan Resources could be good non index bet on coal.

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