RX sih bikin 500 mas. KZ downgrade harga coal.
Trus rumor di pasar, Bos salah satu partai politik jualan BUMI untuk dananya
kampanye.
Lagian, Ini tekanannya kok kurang dalem yah. Masih nanggung. Atau kali ini
benar2 akumulasi?
--- Pada Sen, 16/3/09, andref_r <andre...@yahoo.com> menulis:
Dari: andref_r <andre...@yahoo.com>
Topik: [obrolan-bandar] Bumi Resources (BUMI.JK, Rp770, N, TP Rp945) - Too big
to ignore
Kepada: obrolan-bandar@yahoogroups.com
Tanggal: Senin, 16 Maret, 2009, 8:19 PM
Bumi Resources (BUMI.JK, Rp770, N, TP Rp945) - Too big to ignore
· We are reinstating coverage of Bumi with a target price of Rp945 (30%
discount to DCF-derived equity value) and NEUTRAL rating.
· While we believe Bumi is intrinsically undervalued, stock rerating
may be possible only if management allays investors' concerns on disclosure,
meets/beats operational and financial targets and peers' performance, and
returning capital to shareholders.
· Even then it is difficult to ignore Bumi's 70% ownership of KPC and
Arutmin, highly scaleable and efficient mines with 2 bn tonne (t) reserves and
plans to expand production capability to 100 mn tpa.
· Our volume assumptions are slightly below guidance. And while we
raise unit cost above previous estimates and guidance, on sector-wide evidence
of stickiness of cost base, we expect total unit cost to drop from the peak
US$51/t observed in 3Q08 to US$40/t in FY09E.
· Assuming changes in operating assumptions, we estimate Bumi's cash
breakeven to be at about US$55-60/t equivalent regional coal price in 2010.
Barring the acquisition of Herald Resource in 2008, we have not included any
non-coal cash flows in our forecast.
Indonesia Research Team
PT CREDIT SUISSE SECURITIES INDONESIA
Sampoerna Strategic Square
South Tower , 23rd Floor
Jalan Jenderal Sudirman Kav. 45
Jakarta 12930 , Indonesia
Tel +6221 2553 7900
Fax +6221 2553 7990/1
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