To conduct stock split
Bukit Asam (PTBA) is considering a stock split to improve liquidity of the stock. The stock split plan may serve as a short term catalyst for retailers even though it would not have any impact fundamentally. Details of the plan are yet to be explained. We maintain our Buy call for PTBA and Rp21,350/share target price based on blended 13x FY11F PE and 4x PBV. We like PTBA for its strong position in the domestic market . The company offers attractive FY09-14F production growth of 26%p.a. once its logistic bottleneck is removed. PTBA is currently priced at 13.4 FY11F PE
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