Bisnis Indonesia reported Timah ’s 1H10 net profit indication of Rp314bn (+21%qoq,+630%yoy),however,the company ’s management did not give any comment on it.
Should this figure be correct,1H10 result will represents 38%and 31%of ours and consensus FY10F estimates.Assuming FY10F LME tin price stays the same at recent price of around US$19k/ton,we view the company ’s FY10 net profit could reach our estimate of
Rp830bn,but still difficult to reach consensus estimate of Rp1tn.
We have Neutral recommendation on TINS which currently is trading at PER10-11F of 14.7-9.7x.
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