Dari: JsxTrader <jsxtra...@yahoo.com>
Kepada: obrolan-bandar@yahoogroups.com
Terkirim: Selasa, 5 Mei, 2009 08:57:23
Topik: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Kalo Cumi no idea.., kalo kelelawar ane tau…
![batman_batgirl[1].jpg](jpgfTEDs0cv8H.jpg)
From: obrolan-bandar@ yahoogroups. com [mailto:obrolan- ban...@yahoogrou ps.com] On Behalf Of artomoro9
Sent: 05 Mei 2009 8:40
To: obrolan-bandar@ yahoogroups. com
Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
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Q: bagaimana membedakan cumi jantan dengan cumi betina?
Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? 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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