BHP Billiton PLC (BHPB) announced deterioration in its total revenues and operating and net level performance during 1H 09. As the company's financial performance was broadly in line with our expectations and our outlook is not significantly changed, our fundamental valuation of the company remains largely unchanged. At the current price level, the company's ADR looks fairly valued and we therefore maintain our HOLD…

BHP Billiton PLC (BHPB) announced an agreement to sell its shuttered Ravensthorpe nickel mine to First Quantum Minerals Ltd (First Quantum) on 09 December 2009 for US$340 mn and expects to complete the sale by 1Q 10. We expect the company to report improved production in FY 2010, led by improved demand conditions and start-up of the company's various developmental projects. However, at current price levels…

The recovering global economy has lifted metal prices to new highs in 3Q 09. Going forward, with stabilization in the global economy, we expect demand for metals to maintain upwards momentum from hereon. Therefore, we do not expect any correction in metal prices in the near to medium term, supporting the company's top-line. BHPB will witness the start-up of various developmental projects in FY 2010, namely Pyrenees…