TB Bukit Asam (PTBA) - Export Selling Price Reached Record High

TB Bukit Asam (PTBA) – Maintain BUY
Price: Rp20,900 – Target Price: Rp27,500

Export Selling Price Reached Record High

  • Revenue and net profit increased by 35% YoY and 78% YoY, respectively in 1H11
  • Coal sales volume slightly up by 2% to 6.54 mn ton.
  • 1H11 results were slightly lower than expectation.
  • Coal sales volume only achieved 39% of our FY11.
  • The stock is trading at 12.5x PER’12.
  • Maintain BUY recommendation with price target Rp27,500/share.