ADRO: raised PO to Rp2,000 Daisy raised PO by 35% to Rp2,000 to reflect strong 9M09 results, repricing of old contracts, and recent inclusion in MSCI. ADRO is now Daisy's 2nd top pick in the coal space after Straits Asia. She recently find out that >90% ADRO's legacy contracts have been successfully repriced upward for 2010/11. Its 2010 volume has been fully committed, and the ASP for 2010 is raised 32% to US$54/t. Solid 9M09 results has way surpassed her numbers and accounted for 93% of our old FY forecast, with net profit +412% YoY to Rp3,515bn. We raised earnings by 114-176% for 2010-11. Our new PO implies 13.5x '10 PE. The next catalyst could come from IPO of ADRO's mining contracting unit SIS as early as in January. It makes sense for SIS to go public, since under the new mining contracting law, SIS is considered a foreign firm due to 14% ownership by Joyce, and recent backdoor listing of rival BUMA did relatively well. Trades at 10.9x with 13% EPSg for 2010.
From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of jsxtrader Sent: Fri, 13 Nov 2009 11:20 AM To: obrolan-bandar@yahoogroups.com Subject: [ob] Re: itmg adro bbni volume sdh OK, AO 1 dan Fraktal Buy sdh keluar.., moga-moga ngga gagal menjelang closing nanti..., ingat, trading belum close --- In obrolan-bandar@yahoogroups.com <mailto:obrolan-bandar%40yahoogroups.com> , richd...@... wrote: > > 86 Dan pasukan Spartan siap menunggu instruksi berikutnya... Utk menduduki adro n Bbni hehehe > > Sent from my BlackBerryR smartphone from Sinyal Bagus XL, Nyambung Teruuusss...! > > -----Original Message----- > From: "jsxtrader" <jsxtra...@...> > Date: Fri, 13 Nov 2009 04:02:19 > To: <obrolan-bandar@yahoogroups.com <mailto:obrolan-bandar%40yahoogroups.com> > > Subject: [ob] Re: itmg adro bbni > > adro kemaren memang breakout.., tapi gagal close diatas level breakout, coba kita lihat hari ini.., kalo memang ok, tunggu pullback untuk entri..., coba nanti saya cek pake alligator.. > > > --- In obrolan-bandar@yahoogroups.com <mailto:obrolan-bandar%40yahoogroups.com> , gangway@ wrote: > > > > > > > > Prof JT, > > > > Kapan kira2 kita boleh masuk ADRO & BBNI?? > > Ketinggalan terus nih gak sabaran, > > > > Ikut BUMI jantungan terus seeehh .... A3K > > > > > > > >
