ane tanya kang BAGUS dulu yee..
regards,
A9
disclaimerontheway
--- Pada Rab, 2/9/09, CUMI.JK (Buy, TP 5000) <cumie...@gmail.com> menulis:
Dari: CUMI.JK (Buy, TP 5000) <cumie...@gmail.com>
Judul: [ob] BUMI (TP Rp3,800) - Citigroup: Upgrade to Buy: Leveraged Play on
Better Thermal Coal Outlook
Kepada: obrolan-bandar@yahoogroups.com
Tanggal: Rabu, 2 September, 2009, 11:20 AM
Kali aja pingin ngelawan Jendral Art,
atau jendral Art mo beli di 2225, jual di 3800?
=======
BUY, BUY, BUY! KEEP BUYING AND NEVER SELL!
---------- Forwarded message ----------
Bumi Resources (BUMI.JK)
Upgrade to Buy: Leveraged Play on Better Thermal Coal Outlook
Upgrade to Buy/High Risk; Raising target price to Rp3,800 — Robust
earnings
growth outlook and high FCF yield lead us to upgrade our rating to
Buy/High
Risk from Sell/Speculative.. The market is pricing in benchmark
coal price of c.
US$76/ton; meaning upside risks to our US$80-90/ton forecasts for
2010-11.
Supportive coal price outlook — Citi’s commodities team
recently raised its
thermal coal price forecasts for 2010-11 to US$80-90/ton from
US$70, citing
structural improvement. Prospects of China becoming a sustained
net importer
of coal provides upside risks to medium and long-term coal price
forecasts.
Sanity check — Our IDR3,800 target price imputes an
EV/reserve of
USD5.4/ton (6..8% of 2010E Japan benchmark price of US$80/ton).
This
compares favorably with the implied EV/reserve from Tata’s
acquisition at
US$4/ton (7.3% of 2007 benchmark price of US$55/ton). Our ‘floor
valuation’
estimate is Rp2,700/share based on DCF and Tata’s implied
EV/reserve
valuation.
Convertible Bond – Double-Edged Sword — With
coupon rate of 9.25%, Bumi’s
latest US$375m convertible bond is not cheap. Bumi’s capped call
option
reduces the potential dilution risk while its equity swap position
(essentially a
leveraged long position in Bumi’s stock) is an unequivocal signal
to us that
management is bullish on Bumi’s medium and long-term outlook.
Transfer of Coverage — We are transferring coverage of
BUMI.JK to Kim Kwie
Sjamsudin from Margarett Go.
Akses email lebih cepat. Yahoo! menyarankan Anda meng-upgrade browser ke
Internet Explorer 8 baru yang dioptimalkan untuk Yahoo! Dapatkan di sini!
http://downloads.yahoo.com/id/internetexplorer
