1 Coal price break new high, outlook remains upbeat.
2 China provinces set temporary price controls.
3 Upgrading coal price assumption to US$125/ton in FY08-09 and US$100/ton in FY10.
4 BUMI & PTBA remain our favorite stocks.
5 Upgrade BUMI to Rp10,600 (25% upside) , translates to 12.0x PER’09
6 Upgrade PTBA to Rp18,500 (18.5% upside), translates to 12.5x PER’09