cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[eddytj99]

MBAH, semar mendem ngaso sik lah, semar wis tuo


--- In obrolan-bandar@yahoogroups.com, oenja...@... wrote:
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> This is joke of the day. Lucu banget!!!
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> Mengenai analysis dari Citigroup, please ignore aja deh.
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> --- On Tue, 5/5/09, JsxTrader <jsxtra...@...> wrote:
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> From: JsxTrader <jsxtra...@...>
> Subject: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi 
> Resources; Sell: Unexciting 1Q09 Earnings
> To: obrolan-bandar@yahoogroups.com
> Date: Tuesday, May 5, 2009, 8:57 AM
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> Kalo Cumi no idea.., kalo kelelawar ane tau…
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> 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?
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> DISCLAIMER ON
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> --- Pada Sen, 4/5/09, Cumi Cabe Ijo <cumie...@gmail. com> menulis: 
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> 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 
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> Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY?
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> Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan?
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> On Tue, May 5, 2009 at 8:38 AM, Sanjaya <mysanjaya.hd@ gmail.com> wrote:
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> Analisa Citi utk BUMI TP. Rp.580….. any comment?
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> Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? 
> Mau nampung barang murah kali….
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> Bumi Resources (BUMI..JK)
> Sell: Unexciting 1Q09 Earnings
> v Reiterate Sell â€" 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 â€" 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 â€" 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 
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> 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 â€" 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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> Lebih bergaul dan terhubung dengan lebih baik. 
> Tambah lebih banyak teman ke Yahoo! Messenger sekarang! 
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