· TB Bukit Asam sets production growth target of 10% YoY in 2011F or aims to reach 15mn tons of coal production compared to 13.6mn tons in 2010F. The company cited that it has started to increase its infrastructure capacity in order to reach such target.
· For medium term, TB Bukit Asam sets a 70mn tons coal production target in 2016, which will be backed by the commencement of the company’s projects. The company is optimistic it will complete its entire projects in 2014 and obtains optimal utilization rate in 2016.
· TB Bukit Asam shared its internal target for each projects, which are 15mn tons from Tanjung Enim – Lampung new railway, 22.7mn tons from existing railway, 30mn tons from Tanjung Enim – Palembang new railway.
· The company’s guidance is inline with our expectation, thus, with current valuation of 2011F PER of 15.5x and EV/EBITDA of 10.1x, Buy.
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