Harum Energy A Glowing Future
Reiterating our Buy call, TP: IDR10,450, potential upside: 14.2% We are reiterating our Buy recommendation on HRUM while revising upwards our target price to incorporate a higher coal price assumption. We are raising our FY2011f-12f earnings forecasts by 9%-27% on adjusting our ASP assumptions. Our end-2011 DCF target price is IDR10,450, based on 17.4x-10.8x 2011f-12f.
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