We raise our PT to Rp32,000 and maintain OW: We revisit
our model, extend the PT time frame to Dec-10 from Jun-10 and raise our PT from
Rp28,000 to Rp32,000. We continue to be bullish on ITMG
due
to: (1) volume expansion; (2) cost reduction—new mines with lower strip
ratio, conveyer and power plant; and (3) higher future contribution from higher
CV coal deposits—Bharinto and Trubaindo.
We maintain our Overweight rating.
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