Rabu 16 Mei 2012

11:47  HRUM dividen 380 ..70% dari laba bersih

10:23 DOID
(CC) Delta Dunia: April 2012 OB up 15.7%yoy and 3.9%mom (DOID, Rp375, Buy, TP:Rp1,000)

Currently DOID traded at a very cheap valuation at 4.0x EV/EBITDA and adjusted 5.0x FY12F P/E

▪  Buma produced 29.1mn bcm OB in April 2012 (+15.7%yoy, +3.9%mom) and 2.8Mt coal (+2.9%yoy, +7.7% mom). Ytd, Buma produced 105.9mn bcm OB (+5.4%yoy) and 10.1mn tons coal (-3.0%yoy) which seasonally low due to rainfall in early year 2012 and it accounts 28% and 26% of our FY12F estimates
▪  Seasoanally we may start to see the pick up occur in 3Q during July to September period where it achieves at 31-32mn bcm/month rate on average supported by drier weather. And 3Q alone historically could account for around 30% of full year realization.
▪  DOID’s share price has been battered very badly due to slower production ramp up than expected and higher fixed cost plus unfavourable accounting policy lead to unfavorable earnings visibility. In addition negative sentiment on coal sector lower market’s appetite. 
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10:01  RX : We upgrade our TP for BSDE to Rp1,800 from Rp1,300 on the back of a 48% increase in our NAV to Rp2,554/share due to higher ASP assumptions and inclusion of new assets. We believe that the company outlook is still rosy as land prices in its main townships are still lagging behind its peers, while the company’s expansion is still ongoing helped by its healthy balance sheet.
Impact