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Date: Tue, 5 May 2009 08:57:23 To: <obrolan-bandar@yahoogroups.com> Subject: 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 From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.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 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. _____ Lebih <http://sg.rd.yahoo.com/id/messenger/trueswitch/mailtagline/*http:/id..messenger.yahoo.com/invite/> bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00
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