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Deni Amris Yayasan Pelangi Indonesia Jl. P. Antasari No. 10 Keb. Baru, Jakarta 12150 INDONESIA Ph. 6221 7280 1172; Fx. 6221 7280 1174 <http://www.pelangi.or.id/> www.pelangi.or.id ....sustainable living for all... _____ From: [email protected] [mailto:[EMAIL PROTECTED] On Behalf Of Data Saham Sent: Tuesday, November 13, 2007 12:39 PM To: [EMAIL PROTECTED] Subject: [saham] ANTM research from AI,..BUY Aneka Tambang 9M07: Stronger commodities prices boosted earnings Aneka Tambang (ANTM), a state-owned metal mining company, posted an impressive net profit of Rp3,831.5b in 9M07, a 374% yoy increase from Rp808.8b during the same period last year. Stronger earning growth was mainly driven by a) higher in commodity prices, such as nickel and gold, and b) a rise in sales volume of nickel ore (Saprolite and limonite). In addition, the company booked a forex gain of Rp109.6b on 9M07 vs. a loss of Rp61.1b during the same period. On quarterly basis, net profit went down by 47% qoq to Rp958.1b on 3Q07 from Rp1,800b on 2Q07 due to a decline in LME nickel price. Higher nickel price boosted revenue. Total revenue soared by 143% yoy to Rp8,269.6b in 9M07 from Rp3,401.3b in 9M06 thanks to a) rise in nickel and gold price and b) higher sales volume of nickel ore (+92% yoy). The ASP of ferronickel increased by 73% yoy to US$18.28/lb on 9M07 from US$10.54/lb during the same period following a rise in average LME nickel price by 87% yoy, while ASP of saprolite and limonite nickel ore went up by 53% yoy to US$85.43/wet metric tonnes (wmt) and by 23% yoy to US$37.27/wmt respectively. Nickel ore was the largest contributor of revenue, which accounted for 48% of total revenue on 9M07, followed by ferronickel and gold which contributed about 41% and 9% of total revenue respectively. Rising nickel ore sales volume. Total sales volume of nickel ore went up by 92% yoy to 5.2m wmt thanks to the new orders from China. Previously, ANTM sold the ore to Japan and Eastern Europe. The company is expected to export about 5-6m wmt of ore in 2008. In-line with rising in nickel ore sales volume in order to meet demand, total nickel ore production soared by 73% yoy to 5.3m wmt. ..but lower sales volume of ferronickel. On 9M07, ferronickel sales volume slightly declined by 4% yoy to 9,279 tonnes as the shipments had not reached the customers yet. Surprisingly, despite a metal leak at the furnace wall on 16 Jun 07, which required shutting down and repairing the new FeNi III smelter, ANTM managed to increase its ferronickel production volume by 24% yoy to 12,258 tonnes by operating FeNi II at above normal production to compensate for the shutdown of FeNi III. Margin improved despite higher cost of sales. Total COGS climbed by 49% yoy to Rp2,817.6b, due to a rise in raw materials (+122% yoy), ore mining services (+63% yoy) and fuel cost (+21% yoy). Those three largest cost components accounted for 54% of total production cost. However, due to stronger sales, gross and operating margin improved from 44.3% and 38.7% on 9M06 to 65.9% and 62.1% on 9M07 respectively. On quarterly basis, revenue and net profit declined. On quarterly basis, total revenue and net profit went down by 38% qoq to Rp2,255.9b and by 47% qoq to Rp958.1b on 3Q07 respectively. Declining earnings during 3Q07 was attributable to a) lower selling price of nickel ore and ferronickel, b) lower ferronickel production by 20% qoq, c) decreased in nickel ore production by 13% qoq. The ASP of saprolite and limonite nickel ore went down by 9% qoq and 65% qoq, while ferronickel ASP declined slightly by 1% qoq. _____ Get easy, one-click access to your favorites. Make Yahoo! <http://us.rd.yahoo.com/evt=51443/*http:/www.yahoo.com/r/hs> your homepage.
