TB Bukit Asam (PTBA) – HOLD (Maintain)
Price: Rp15,000 – Target Price: Rp13,450
Lower than expectation
- 1Q13 revenue fell 8% YoY to Rp2.78 trillion while net income fell 43% to Rp493 billion.
- 1Q13 performance was below our estimates with revenue and net income each represents 21% and 17% from our estimates.
- Sales volume went up 15.4% YoY, in-line with our estimate. However, COGS also rose 14% YoY partly due to the rising railway tariff. [Read more...]