JAKARTA: Positive expectation in the second quarter of 2011 serves as a catalyst to boost the stock movement of PT Harum Energy Tbk as it successfully recorded the highest level at IDR10,100 per share yesterday.The HRUM coded stock, controlled by Indonesia tycoon Kiki Barki, the owner of Tanito Harum group, once stood at IDR10,250 per share or rose by 4.66% from yesterdays closing.Yesterdays closing is the highest level since the coal producer listed its stock on 6 October 2010.Referring to Bloomberg data, having stood at IDR10,100 per share, Harum Energys stock valuation is relatively expensive with 29.68 times price to earnings ratio (PER) or higher than the average PER in the coal sector, reaching 27.76 times.On the contrary, most listed coal producers recorded poor movements as it weakened in the closing session.PT Berau Coal Energy Tbk slipped by 1.92% to IDR510 while PT Tambang Batubara Bukit Asam Tbk weakened by 0.47% to IDR21,400 and PT Bayan Resources plummeted by 0.41% to IDR24,000.The company still carries out its usual business activity, said Harum President Director Ray Antonio Gunara.It is hinted that Harum coal production in the second quarter is better than the first quarter, he told Bisnis yesterday.Managing Research at PT Indosurya Asset Management Reza Priyambada added that the stock jump is relatively normal as the stock is quite active compared to other stocks in coal sector certainly with stable rise.Different from other fluctuated stock price that can significantly rise or slip, Harum Energys stock price is relatively more stable.Performance expectationThe expectation on financial performance in the second quarter of 2011 becomes one of positive sentiments that boosts Harum Energys stock price thus approaching the targeted price level.Initially, Indosurya expects HRUM to stand at IDR10,200 over the next 12 months and the target is relatively achievable now.However, Reza is yet to revise the stock price level, unless a news stating coal mining site acquisition sparks, as previously broadcasted by several media.In the meantime, PT Indika Energy Tbk expects the major profit to be derived from PT Kideco Jaya Agung, the subsidiary and Indonesias third largest coal producer.Senior Vice President Corporate Finance Investor Relations Indika Energy Retina Rosabai said that coal mining sector still becomes the main contributor to the companys profit. Harum Energy depends highly on Kideco.Indika is one of nine listed companies joining Best of Indonesia 2011 road show. This road show is held by Indonesia Stock Exchange and Daiwa Securities in London and New York on 11-15 July.Our performance is favorable this year still with the contribution of Kideco, not all Kidecos profit since our portion is not that significant, he said Sunday.In Kideco, Indika controls 46% of shares while Samtan Korea owns 49% shares. This year, Kidecos productivity is expected to reach 31 million ton or rose from 2010 at 29.1 million ton. Kideco average sale price is projected to reach US$66 per ton.Retina added that Indika expects to derive contribution from other subsidiaries.This year, Indika allocates US$185.1 million capital expenditure. (t02/msw)

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