INDY IJ / INDY.JK | NEUTRAL - Downgrade | Share Price Rp2450 - Tgt. Rp2575
Coal Mining | - by Peter P. SUTEDJA, CFA / Erindra KRISNAWAN
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With no sign of slowing corporate operating expenses, current valuations suggest that investors may be better off investing in INDY’s subsidiaries or PTBA/HRUM. After adjusting our assumptions for subsidiaries and Kideco/Santan Batubara cash costs, our FY12-13 core EPS has been cut by 24-13%. We downgrade INDY to Neutral (from Trading Buy) and our price target after the changes, still at 8.6x CY13 P/E (15% disc to the sector).
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