RISET FR CIMB (08 MARET 2013) : *Bukit Asam | A better proposition

RISET FR CIMB (08 MARET 2013) :

*Bukit Asam   | A better proposition
PTBA IJ / PTBA.JK | TRADING BUY - Trading Call | Rp14,750.00 - Tgt. Rp19,400.00 Coal Mining | by Erindra KRISNAWAN, Erisca WIRAATMADJA 

While there were no surprises in PTBA's FY12 results, management's optimistic outlook for 2013 suggests that earnings upside may exist. Its YTD underperformance against the market has resulted in undemanding valuations, underpinning our ratings upgrade. FY12 results were in-line, with core earnings forming 101%/96% of our/ consensus numbers. We retain our earnings forecasts and target price, still based on 14.5x CY14 P/E (3-year historical average), but upgrade our rating to a Trading Buy from Neutral on positive short term coal price outlook and valuation discount to historical average despite still uncertain long term coal price view.
 


*Telekomunikasi Indonesia   | Fixed line drag
TLKM IJ / TLKM.JK | NEUTRAL - Maintained | Rp11,100.00 - Tgt. Rp10,900.00 Telco - Integrated | by Kelvin GOH, CFA,  

FY12 core net profit was broadly within our and market expectations at 97% and 98% of estimates, respectively. Telkom's operational performance was modest with EBIT growth of 8.5% yoy. Telkomsel's 4Q revenues grew in line with its rivals, but lagged in FY12. It led the group's growth again while non-Telkomsel revenue declined. We raise our FY13-14 EPS estimates by 5-7% to reflect higher industry growth and DCF-based (WACC 10.1%) target price by 5% to Rp10,900. Our Neutral recommendation is unchanged. After the recent surge in share price, we think it largely reflects Telkom's outlook.




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Source : Listri Valsa
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