Gile bok.. pesanan dari mana nih :)) fresh from the oven :)) sampai-sampai ekspektasi EPS lupa diganti :)
On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk <joe_gr...@yahoo.com> wrote: > > > > > > > > - CLSA is bullish on gold and upgrading the price assumptions by around > 25% to 27% over the next two years, with potential for short-term upside > surprise. > > > - Subsequently, we are raising our earnings forecasts for Antam by 90% > to 25%. > > > - Known to be a nickel play, gold contribution to Antam revenue could > increase from 10% in 2007 to an expected 30% in 2009 while the contribution > to gross profit could jump from 10% to 50% over the same period. > > > - Impact of higher gold price over the longer run to earnings and cash > flows is more subdued though, due to relatively short gold reserves life, > as > reflected in 25% gold contribution to our total DCF estimate. > > > - Antam valuations, PE and EV/EBITDA, are not cheap but the counter > offer the only gold exposure in town. > > > - Risks would include stubbornly high ferronickel cost, immediate ban > on nickel ore export, and higher than assumed derivative loss. > > > - Upgrade to Outperform. > > > > With best regards, > > > > Ahmad Solihin (Olie) > > CLSA Indonesia , Investment Analyst > > Phone: +62 21 2554 8834 > > Mobile: +62 812 807 3656 > > Fax: +62 21 574 6920 > > ahmad.soli...@clsa.com > > > > > > > > > * > ------------------------------ > * > > *CLSA CLEAN & GREEN: Please consider our environment before printing this > email.* > The content of this communication is subject to CLSA Legal and Regulatory > Notices. > These can be viewed at https://www.clsa.com/disclaimer.html or sent to you > upon request. > > > > ------------------------------ > Dapatkan alamat Email baru Anda! > <http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/> > Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain! > > >
