Subject: Fw: COAL: BJI spot price $190 and Newcastle McCloskey $175- reit Overweight Coals (BUMI, PTBA, ITMG & UNTR)! YANG PUNYA SAHAM BATUBARA TENANGGG........... COAL MASIH LEBIH MENGUNTUNGKAN DARIPADA MINYAK....... Subject: FW: COAL: BJI spot price $190 and Newcastle McCloskey $175- reit Overweight Coals (BUMI, PTBA, ITMG & UNTR)! CS Indo COAL: BJI spot price $190 and Newcastle McCloskey $175- reit Overweight Coals (BUMI, PTBA, ITMG & UNTR)! The correction in API Index ($200-225/tonne) are partly attributable to Financial Investors outflow, while the industry benchmark BJI & McCloskey remains firm at $175-190/tonne. Oil $145/bbl is definitely bad for global inflation (WPI and lagging CPI) and hence domestic purchasing power.Oil $145/bbl is equivalent to $220/tonne steam coal. We continue to recommend Overweight Coals and Buy BUMI, PTBA, ITMG & UNTR! Assuming coal benchmark $130/t and Oil cost $130/bbl- valuations are: (Rp) Price EPS Growth 09F-EPS PER FV @12x 09F PE BUMI 7,100 +88% 880 8.1x 10,500 (+49% Upside) PTBA 15,100 +110% 1,612 9.4X 19,300 (+28% Upside) ITMG 31,700 +196% 4,357 7.3x 52,300 (+65% Upside) UNTR 11,600 +74% 1,214 9.6x 14,600 (+26% Upside) Please see BJI spot price table below: BJI as of July 3,08: US$190.95 (+22.55) Regards, Dharwin Yuwono, CFA IndonesiaEquity Sales PT Credit Suisse Securities Indonesia Sampoerna Strategic Square, South Tower, 23rd Floor, Jl. Jend Sudirman Kav.45/46, Jakarta 12930, Indonesia Phone : +6221 2553 7978 Fax :+6221 2553 7990 Mobile : +62811 979 788 Email:[EMAIL PROTECTED] No virus found in this outgoing message. Checked by AVG. Version: 7.5.524 / Virus Database: 270.4.5/1533 - Release Date: 7/3/2008 7:19 PM ----------------------------------------------------------------------------------- PRIVILEGED AND CONFIDENTIAL (Disclaimer) ----------------------------------------------------------------------------------- This e-mail message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure. If you are not the intended recipient, please do not disseminate, distribute, or copy this communication, by e-mail or otherwise, or take any action in reliance on it. Instead, please notify us immediately by return e-mail (including the original message in your reply) to [EMAIL PROTECTED], and then delete and discard all copies of the e-mail. Send instant messages to your online friends http://uk.messenger.yahoo.com
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