MARKET TALK: BHP 4Q Report Exceeds UBS Expectations

20th Jul 2010 00:25

2325 GMT [Dow Jones] BHP Billiton (BHP.AU) 4Q production ahead of forward expectations by UBS: iron ore up 16% on year, in line with prediction, copper up 27% vs 3Q, vs 25% expectation, while metallurgical coal up 34% vs 3Q, well ahead of 22% forecast. UBS sees BHP as preferred diversified miner due to better forecast 3-year earnings growth of 42% vs Rio Tinto's (RIO.AU) 36%, lower p/e 2011 multiples of 6.6X vs Rio's 6.8X, and better potential for NPV uplift from growth projects. Price target of A$53.04, rated Buy, vs A$38.30 at Tuesday close. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 20, 2010 19:25 ET (23:25 GMT)