Coal Mining | - by Erindra KRISNAWAN / Peter P. SUTEDJA, CFA
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1Q12 results were slightly ahead of our expectations, mainly on better-than-expected ASPs. However, margin sustainability is highly questionable since future ASP will reflect the weak coal price, leading to margins compression risk. FY11 core profit forms 24% of our forecast and 23% of consensus. We maintain our FY12-13 numbers. However, we cut our price target, now based on 9x CY13 P/E (from 10.5x previously), -1SD to the 3-year mean, given the poorer visibility for the sector. Neutral maintained.
Chart by kedaitrader
Entry Level : IDR 36,200
R : 37,800 ; 39,250
S : 36,200 ; 34,950
S : 36,200 ; 34,950
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