Goldman Rates Indo Tambangraya Megah At Buy
DJ MARKET TALK: Goldman Rates Indo Tambangraya Megah At Buy
0633 GMT [Dow Jones] STOCK CALL: Goldman Sachs keeps Indo Tambangraya Megah (ITMG.JK) at Buy with IDR41,000 target price after analyst briefing confirms positive earnings outlook on track despite higher production costs due to higher strip rating, diesel prices.
Notes share trading at 5X P/E, marking discount to sector's 7X; says potential 2008-09E yields of 5%, 13% could also provide support to near term volatility. Adds key risks are possible decline in thermal coal price, weaker-than-expected earnings on higher costs, policy risks, longer-than-expected delay in approval of forestry permit at Indominco East Block. Share off 2% at IDR22,550; main index down 1.2%. (RLC) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires August 19, 2008 02:33 ET (06:33 GMT) Copyright (c) 2008 Dow Jones & Company, Inc.- - 02 33 AM EDT 08-19-08
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