Q: bagaimana membedakan cumi jantan dengan cumi betina?
DISCLAIMER ON
--- Pada Sen, 4/5/09, Cumi Cabe Ijo <cumie...@gmail.com> menulis:
Dari: Cumi Cabe Ijo <cumie...@gmail.com>
Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell:
Unexciting 1Q09 Earnings
Kepada: obrolan-bandar@yahoogroups.com
Tanggal: Senin, 4 Mei, 2009, 6:35 PM
Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY?
Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan?
On Tue, May 5, 2009 at 8:38 AM, Sanjaya <mysanjaya.hd@ gmail.com> wrote:
Analisa Citi utk BUMI TP. Rp.580….. any comment?
Komoditas sudah mulai naik panggung, kok BUMI dipasang target
serendah itu? Mau nampung barang murah kali….
Bumi
Resources (BUMI.JK)
Sell:
Unexciting 1Q09 Earnings
v Reiterate Sell — We reiterate our Sell (3S)
rating with target price of Rp580. At
current PE of 10.1x
2009E (30% premium to peers), the stock is unattractive
in our view given
unconvincing 1Q09 earnings (while we expect 2Q-4Q
earnings to trend
down on lower coal prices), and higher balance sheet risk.
v 1Q09 earnings: production
& sales disappointed —
Bumi’s 1Q09 operating
profit rose 76% y-y
and accounted for 27% of our full-year. In our view, the
1Q09 performance
was unexciting with production and sales falling (by ~10 yy),
although this was
partly offset by the drop in cash cost (-10% y-y) and
higher ASP (+30%
y-y).
v Expect earnings to trend down
in 2Q09 onwards —
Bumi says that it now has
4mt of coal in
inventory. The management guides 2009 ASP to be in mid-
US$60s/t, reflecting
the lower regional coal contract price (vs. our forecast of
US$60/t). Thus, we
expect Bumi’s earnings to trend down in the coming
quarters. At
present, the company has contracted 80% of its volume.
v Balance sheet — Despite US$267mn of EBITDA
in 1Q09, net debt position saw
only a slight
decline to US$1.18bn from US$1.3bn in December ’08 (taking
into account the
US$300mn ST investments) . This partly reflected a big jump
in 1Q09 capex to
US$119mn.
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