Quick points from Macquarie:-earnings of $27.4m at top end of...

Quick points from Macquarie:

-earnings of $27.4m at top end of guidance $22-29m. GOOD
-result in line with expectations, cash flow higher then expected due to lower tax paid, lower capex and cash decreased ($39m vs' -$-81m). Again GOOD

My personal view:

-capex is geared toward exporting mines (great)
-export vol increase in 2010 for Mandalong and Airly (great)
-plenty of pipeline projects for exporting (blue sky upside here
-all these are all pointing to even better cash flow and divi may revert back to previous high level
-hopefully will get confirmation of that PTT-EP take-over bid (the constant growing of exporting volume is making this sole independent company attractive for bidders out there).