MessageWell, thanks a lot Mr. FS, I really appreciated it.
----- Original Message -----
From: Frederick Schubert
To: obrolan-bandar@yahoogroups.com
Sent: Tuesday, December 05, 2006 3:37 PM
Subject: Re: [obrolan-bandar] CMNP lari terbirit-birit
fyi, please see cmnp from merrill....
"Eddy S. Purnomo" <[EMAIL PROTECTED]> wrote:
CMNP busyet dah. Itu target CnH di 1.260 ditabrak terus. Sesuai dengan
bisnisnya Jalan Tol.
------------------------------------------------------------------------------
Everyone is raving about the all-new Yahoo! Mail beta.
------------------------------------------------------------------------------
From: Mathieson, Rosalind [EMAIL PROTECTED]
Sent: Tuesday, December 05, 2006 2:34 PM
To: Kyne, Phelim; Pranasidhi, Edhi; Sentana, I-Made
Subject: FW: CMNP IJ: Citra Marga Nusaphala Persada: Several potential
catalysts - BUY - Indonesia - 15pp
-----Original Message-----
From: Li, Robert
Sent: Tuesday, December 05, 2006 3:08 PM
To: Mathieson, Rosalind
Subject: FW: CMNP IJ: Citra Marga Nusaphala Persada: Several potential
catalysts - BUY - Indonesia - 15pp
----------
From: ML-Verdi Budiman[SMTP:[EMAIL PROTECTED]
Sent: Tuesday, December 05, 2006 3:07:44 PM
To: Li, Robert
Subject: CMNP IJ: Citra Marga Nusaphala Persada: Several potential
catalysts - BUY - Indonesia - 15pp
Auto forwarded by a Rule
Citra Marga Nusaphala Persada
Initial Opinion BUY
Several potential catalysts, a new Buy
Link to full report including important disclosures*
http://rsch1.ml.com/9093/24013/ds/59472849.PDF
Largest private urban toll road operator in Indonesia
CMNP operates 30km segments of the Jakarta intra urban toll road
system, with the 12km Surabaya Eastern ring road system under construction. It
recently won a licence for the 23km long Depok-Antasari tollroad.
Undervalued
Our DCF estimate of about Rp2,000 forms the basis of our PO. It does
not include any value from its stakes in Citra Metro Manila Tollways
Corporation and Bogor ring road. Its high 2007 P/E hides the strong recurring
cash flow, the new legal power to periodically raise tariffs, and the value of
its new toll roads.
Toll tariff increase in 2H07 could be substantial
CMNP is scheduled to increase its toll tariffs between June and August
2007, based on 2005 and 2006 CPI. A 15-20% increase in toll tariffs should
underpin 2008 earnings growth and act as a catalyst for the share price, in our
view.
Surabaya project may start contributing to profits in 2H07
After being stagnant for years, the management has re-intensified the
build-out of Surabaya eastern ring road. It has an ambitious internal target to
operate a part of the tollroad in March 2007 and be fully operational by June
2007.
Jasa Marga IPO could present new possibilities
First, the IPO plan of this state toll road company in 1H07 may bring
market attention back to CMNP. Second, Jasa Marga owns a 17.8% stake in CMNP
that it may consider selling as part of the IPO process. The sale could
bring-in new possibilities regarding CMNP's ownership structure and stock
trading liquidity.
A glimmer of restructuring hope for the Manila Skyway
Citra Metro Manila Tollways Corporation has an excessive debt burden
that has not been restructured since the Asian currency crisis. CMNP management
seems hopeful of a restructuring progress in 2007.
To reply to Verdi Budiman directly, click here or call +62 21 515 8588
* Read the research report, available through the link above, for
complete information including important disclosures and analyst
certification(s). Reports can be saved to your local drive in .pdf format.
Merrill Lynch URLs are active for six months from the date that such report is
published. There may be more recent information available. Please visit one of
the electronic venues that carry Merrill Lynch research or contact your Merrill
Lynch representative for further information.
iQanalyticsSM
Merrill Lynch's iQanalyticsSM capabilities include a defined
valuation methodology, the iQdatabase®, which draws on over 2,650 company
models prepared by our Fundamental Equity analysts globally, and a series of
proprietary software tools. Information is presented in a consistent format as
explained in our iQmethodSM report. Using the iQanalytics platform, Merrill
Lynch analysts and clients can select and compare financial metrics across
sectors and regions under our coverage on a consistent basis, with a focus on
recent and forecast company performance and valuation.
The key features of iQmethodSM are: . A consistently
structured, detailed and transparent methodology, with data sourced directly
from our analysts' models.
. Guidelines to maximize the effectiveness of the
comparative valuation process, and to identify some common pitfalls.
Click here for the iQmethod report
iQdatabase®
The iQdatabase® is Merrill Lynch Global Securities Research &
Economics Group's globally integrated real time research database that is
sourced directly from our Fundamental Equity analysts' earnings models, and
includes forecast as well as historical data for income statements, balance
sheets and cash flow statements for companies covered by Merrill Lynch.
For more information on what iQanalytics can do for you, contact
your Merrill Lynch representative.
iQanalytics and, iQmethod are service marks of Merrill Lynch &
Co., Inc. iQdatabase® is a registered service mark of Merrill Lynch & Co., Inc.
To receive ML Research emails in plain text format, click here
If you would like to stop or modify the delivery of Research via
Email, click here or contact Research Publications:
The Americas:
+1 888 734 1391 or +1 212 449 9765
Europe, Middle East & Africa:
+44 20 7996 2526 or +44 20 7996 4444
Asia Pacific (ex-Japan) & Australasia:
+852 2536 3036
Japan:
+813 6225 7677 or +813 6225 6264
Publication: 285337-10567631.pdf
Recipient: Mr. Robert Li
