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.