Wednesday, August 15, 2012
Antam (ANTM.IJ, BUY) – Meeting its guidance
Antam (ANTM.IJ,
BUY) – Meeting its guidance
–
Antam’s 1H12 operating metrics was
good, and the company is still on track to meet its guidance for FY12. The only
negative is weaker than expected nickel price, which prompt us to cut our
earnings forecast for the company by 32-33% in 2012 and
2013.
– We firmly believe that nickel
price will stage a minor rebound later as many of Indonesian nickel miners are
impacted. To date, only 32 miners have been given export license out of more
than 600.
– We cut our TP to IDR1,710 (2013F
PER of 12.8x) to reflect our lower nickel price assumption, but maintain our BUY
call.
source: KIMENG dated 13 August 2012