IND: Harum Energy: Soft 2Q18 Earnings, Better 2H Outlook
Analyst: Hariyanto Wijaya, CFA, CPA, CMT
Link to report: https://research.rhbtradesmart.com/attachments/98/rhb-report-ind_harum-energy_company-update_20180802_rhb-150482417819941985b62325f59800.pdf
▪Harum Energy booked weak 2Q18 earnings of USD4.6m (-54% YoY, -64% QoQ) from weaker-than-expected 2Q18 coal production of 0.8m tonnes (-27% YoY, +5%QoQ). This is as it faced a combination of bad weather, contractors’ equipment availability issues, and land access delays.
â–ªIts coal production is estimated to recover in coming quarters on dry weather in 2H18 and additional coal trucking capacity.
â–ªCut FY18F earnings by 14.3%, while maintaining FY19F-20F. Reiterate BUY with DCF-derived IDR3,400 TP, 15% upside.
Komentar
Posting Komentar