*RISET FR CIMB (19 FEB 2013 : Mining | In a transitional year NEUTRAL - Maintained

*RISET FR CIMB (19 FEB 2013 :

Mining   | In a transitional year
NEUTRAL - Maintained
by Erindra KRISNAWAN, Erisca WIRAATMADJA 
Against our increasingly positive commodities outlook, the positive earnings momentum and ROE improvement for the Indonesian miners still only translate into sub-historical average profitability. Valuation and earnings momentum leave room for upside for INCO. We maintain our earnings estimates, but have raised price targets for the INCO and TINS as their improving ROE prospect is not yet fully priced in. We keep our Neutral rating for the sector but favour INCO as our top pick for commodity play.
(TINS TP 1,800, INCO TP 3,300)

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Source : Listri Valsa
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