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雷达卡
【出版时间及名称】：2010年2月印尼煤炭行业研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：34
【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
Revised coal price assumption – More upside risk ...................................................................3
Key price target revisions; ITMG our top-pick ...........................................................................3
Comparative valuation...............................................................................................................5
Relative sensitivities..................................................................................................................6
Deutsche Bank estimates versus consensus............................................................................7
Robust demand for coal.................................................................... 8
China as net importer to drive incremental demand growth for regional coal ..........................8
Indonesian coal, a key beneficiary of rising regional prices.....................................................10
ITMG – Our top pick ........................................................................ 12
Outlook ..................................................................................................................................12
Valuation ................................................................................................................................12
Risks ......................................................................................................................................12
Earnings revision summary.....................................................................................................14
More optimistic on acquisitions..............................................................................................15
DMO a non-issue ....................................................................................................................16
PTBA – Strongest volume growth.................................................. 17
Outlook ..................................................................................................................................17
Valuation ................................................................................................................................17
Risks ......................................................................................................................................17
Earnings revision summary.....................................................................................................19
Key updates ............................................................................................................................19
Bumi – Still cautious........................................................................ 21
Outlook ..................................................................................................................................21
Valuation ................................................................................................................................21
Risks ......................................................................................................................................21
Earnings revision summary.....................................................................................................23
Lingering tax issues ................................................................................................................23
Indika Energy – Maintaining production track record.................. 25
Outlook ..................................................................................................................................25
Valuation ................................................................................................................................25
Risks ......................................................................................................................................25
Earnings revision summary.....................................................................................................27
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