GTBO: 990-1,400. The company expects 2012 net profit to jump to IDR500 billion from IDR73 billion at the end of 2011 due to higher sales and sales volume of its coal. At that net profit, GTBO 2012 EPS is translated at IDR200. It now then trades at a p/e ratio of only 5.1X 2012 earnings vs coal industrial average p/e ratio of 14X. At that average, GTBO should be fairly valued at 14 X IDR200 or is equal with IDR2,800. It is a buy at any levels. STRONG BUY GTBO
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