Dear all,
Gold price has breached the level of US$1,000/t.oz.
Since the only listed company which has gold as one of its business is ANTM, this news may create positive sentiment.
As to the company’s comment that gold sales will likely exceed its target for this year of 9.3 tons, our assumption of 10.5 tons is already over the company’s target.
We are confident that ANTM’s gold sales in 3Q09 will be higher than 2Q09 of 1.4 tons due to seasonal factor (see Chart), and this will help achieve our sales target.
Source: Company
Maintain BUY.
TP Rp2,825 (12% potential upside)
Currently trade at PE 09F/10F of 46.2/12.3x
PT. Danareksa Sekuritas
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