Bukit Asam (PTBA IJ): Scaling Operations For Upcoming Growth Cycle

报告摘要

We project a 2QFY27 net profit of Bt695m, down 12% yoy and 12% qoq. We believe that the gain from the sale of its written-off receivables in 2QFY27 should not exceed Bt150m. We expect AEONTS’ credit cost to increase from 745bp in 1QFY27 to 953bp in 2QFY27. However, the remaing budget for AEONTS’ share buyback programme should help limit downside for the share price. Maintain BUY with a lower target price of Bt120.00.