NISP Delta Dunia Makmur has spent more than 60% of its 2010F capex (DOID, Rp930)

Year to date, Delta Dunia has spent US$110mn or 61% of its 2010F capex of
US$180mn and plan to spend the balance in 2H10. The company has increased
its heavy equipment fleet in order to boost its production capacity this year.

The company aims to increase its coal transportation fleet to 227 trucks from 52
trucks currently where each 150 tons capacity truck costs US$1.8mn.

Furthermore, Delta Dunia is currently exploring feasibility to utilize its property
assets in order to support its capex.

Currently DOID is trading at 2010F consensus PER of 8.5x and EV/EBITDA of
5.0x.