Coal production in 2Q10 was 10.26Mt and for 1H10 was 21.62Mt (+20.2%yoy,--9.7%QoQ).The company is optimistic to achieve FY10F target totaling 45-46Mt.Low 1H10 production caused by heavy rainfall in early of this year and in June.
Sales in 2Q10 was 10.29Mt and for 1H10 was 21.75Mt (+22.0%yoy,-10.2%QoQ)
Envirocoal-Wara coal production is now at an average daily rate of 6,000 tonnes per day or 2 million tonnes per year.
ADRO trads at PER10F-11F of 16.1x and 11.9x,respectively.Maintain Buy.
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