taken from DBS report today

1Q12 results for Sakari came in below expectations, largely

driven by disappointing numbers from the group's Jembayan

mine. Reported net profit of US$14.5m is down 65% y-o-y, and

excluding one-off expenses, core net profit of around US$19m

forms about 10% of our analyst’s full-year estimates. Despite

the operational setback in 1Q12, management maintains

guidance of 9m tons production at Jembayan for FY12 (lower

than our current estimate of 9.5m tons), and at least 2.5m tons

at Sebuku mine. If these levels are achieved, we could look for

significant earnings improvement on a sequential basis hereon.

We are likely to review our earnings estimates for FY12, possibly