Bukit Asam (PTBA IJ) - Beating consensus by Andy Wibowo Gunawan (andy.wibowo@miraeasset.co.id)
(Jul 23, 2018)
- PTBA posted solid operational numbers. Its coal production, in particular, reached 5.9mn tonnes (+12.3% QoQ) in 2Q18, or cumulatively 11.2mn tonnes (+18.9% YoY) in 1H18 and achieving 44.4% of its full-year 2018F production target. The company’s 2Q18 stripping ratio at 4.4x (+5.8% QoQ) is in line with full-year 2018F stripping ratio target at 4.4x.
- Even though PTBA posted stellar operational results in 2Q18, 2Q18 financial results were weak compared to 1Q18 with net profit slipping to IDR1.1tr (-22.5% QoQ). These weak financial results were attributed to DMO effects, as DMO volume regulation had been effective with a new pricing scheme and some PTBA’s buyers had asked for price re-negotitation, resulting in lower sales volume delivery to the customers.
- As we leave our forecast assumptions unchanged, we keep our revenue forecasts at IDR22.3tr in 2018 and IDR24.6tr in 2019, as well as our gross profit forecasts at IDR9.7tr in 2018 (+13.9%YoY) and IDR11.2tr in 2019 (+16.0% YoY). We also keep our full-year net profit forecasts at IDR5.6tr in 2018 (+25.7% YoY) and IDR6.1tr in 2019 (+9.2% YoY), respectively.
- With the same earnings estimates, we maintain our target price at IDR5,000 and change our Buy call to Trading Buy call on PTBA, since the target price implies 16.0% upside potential.
(See full report at: https://goo.gl/RfazUH)
Baca juga : Arti Window Dressing dalam Saham
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