Investment View:? Neutralising to HOLD (was Buy) and lowering...

Investment View:
? Neutralising to HOLD (was Buy) and lowering 12-month price target to
$3.95 (was $4.20) due to the delay in Didipio.
? Clearly a solid result, with no major unaccounted discrepancies from our
estimates, and in line with consensus.
? In our view, the company remains inexpensive on valuation metrics
compared to its peer group and considering its current production
levels. But, Didipio is now delayed into 2013.
? The push-back to the Didipio timetable means that contribution from
this project will not occur until FY13, and results in these earnings being
pushed out accordingly. We understand some of this delay may be due
to the company revisiting final optimisation decisions.