Singapore Stock Market News
Coal Mining - Getting closer to bottom
StockFanatic
Publish date: Thu, 18 Oct 2012, 10:06 AM
StockFanatic
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While the recent drop in coal prices brings us back to price levels in
June 2012, we believe the coal market and sector outlook are in better
shape now than 3-6 months ago. As current valuations imply modest
expectations, we think the sector may be reaching its bottom.
We adjust down our 2012-14 earnings
estimates by 3-12% but raise our
target prices by up to 31% as we roll
forward our valuation to end-13,
basing them on CY14 EPS. We
maintain our Neutral rating on the
sector but see opportunities in stocks
with prospects of margin recovery
and volume growth. Our top picks are
Adaro, PTBA and Indika.
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