Maybank downgrades ITMG to SELL (TP 4000 ) from HOLD (TP 17000)‎

3:10 PM | January 29, 2016 Fundamental Tags: No Comments

Maybank (ZP) 29 January 2016

‎ITMG downgrade to SELL (TP 4000 ) from HOLD (TP 17000)‎

Downgrade to SELL We cut our rating on ITMG to SELL with a lower price target of IDR4,000, which suggests 2016-17 PER of 5.7-4.4x and 2016 yield of 12.5%. With the greater concerns on ITMG’s limited mine life and volatile coal prices, we believe investors deserve higher returns to compensate for the risks. Downward pressure on coal prices would be the main catalyst for the stock, in our viewers