Straits Asia Resources (AJ1.SG) flat at $2.55, after last week’s run-up to a $2.80 52-week high. The recent weakness was triggered partly by concerns the Indonesia-based coal miner may again face delays in getting regulatory approval to work on a new area in its Sebuku mine.

“Though we are still expecting Northern Leases permits to come in by the end of 2010, we note that ramp-up in Sebuku production in FY11 is likely to be delayed due to general weather problems,” says DMG, which has a Neutral call and a $2.49 target.

But UBS, which has a Buy call and a $3.15 target, remains hopeful; “as coal prices strengthen further in the near term on account of falling temperatures in the northern hemisphere, SAR should be a primary beneficiary.”

Support is expected at $2.41 (Nov 18 low).