risetnya artomoro terbit mendahului risetnya Daisy suryo.
cuma artomoro kagak bisa nulis kaya DS.
mangkanya ada gak yang mau ajarin FA dan TA..?
DISCLAIMER ON
--- Pada Rab, 29/7/09, CUMI.JK (Buy, TP 5000) <cumie...@gmail.com> menulis:
Dari: CUMI.JK (Buy, TP 5000) <cumie...@gmail.com>
Judul: [ob] ML: BUY BUMI, TP 4000
Kepada: obrolan-bandar@yahoogroups.com
Tanggal: Rabu, 29 Juli, 2009, 1:16 AM
Ini kata neng Daisy Suryo loh
Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan?
BUMI:
Upgraded to Buy PO Rp4,000
Daisy Suryo upgraded BUMI to Buy
as she believes the twin woes of REPO and MTN issuance are now behind the
company, and we can now focus on BUMI's core business which should
benefit from stronger thermal coal px into 4Q. We remain confident of our
US$80/t
coal px forecast for JFY10-11. Our concern with BUMI are still present
given the Bakrie group's aggressive bizz strategy and potentially huge
development capex but we feel it is likely that BUMI will bring in strategic
investors to share the load. Concern on corp. governance will still linger in
my
view, but for now the potential for forced sales, asset pledges, asset
injections etc becomes less likely. So perhaps this is also a good time to
remind that BUMI is a good coal sector proxy given its: 1) dominance as the
world’s 2nd-largest seaborne coal exporter, 2) largest coal stock and most
liquid stock in Indo, 3) superior logistics & infrastructure, 4) robust
growth profile combined w/ long reserve life. BUMI now trades on 9.5x '10
PE and at 18% disc to our NPV. This implies coal px of US$72/t, or 8% shy of
current spot px, but Daisy points out that during up-cycles and recovery
periods, valuation tend to overshoot their mean by 1-2 std deviations. She sets
her PO at Rp4,000 implying 17x '10 PE, which is
still a 30% disc to the previous upcycle.
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