nah gitu donk....
bikin target di bawah ..jangan target diatas mulu....
TP : 1100
come on babe....
regards,
DonQicot
DEWA gowes ke GoCeng !!
________________________________
From: Kalyana Mitta <madehu...@yahoo.com>
To: Obrolan Bandar <obrolan-bandar@yahoogroups.com>
Sent: Wed, October 7, 2009 7:39:26 PM
Subject: [ob] Most bizarre report on BUMI
Deutsche Bank - Equity Research
Bumi {Ticker: BUMI.JK, Closing Price: 3,075.00 IDR, Target Price: 1,100.00 IDR,
Recommendation: Sell}
Prepayments of recent acquisitions: Management confirms completion of
acceleration of payments for recent acquisitions (Fajar, DEWA,
Pendopo): totaling c.USD380mn (of the US$520mn total, the rest was
already paid prior to the CIC deal). This amount was supposed to be
paid in 2010/2011, only if certain production targets were met by the
acquired companies. Bumi says the conditions remain valid, ie. it can
claim back the money if the conditions are not met in due time. It is
unclear how enforceable this will be. Hence, in our view, the
prepayments reiterate concerns on governance. Part of the CIC money
was used to clear this, along with the refinancing of all its secured
debt (ex. convertibles & financial leases), and pmts of fees &
expenses (US$10mn). The remaining proceed is US$203mn; on top of the
c.US$200mn net proceeds from the US$375mn CB raised earlier.
Higher financing cost - 19% p.a. expensed: The 19% IRR on the CIC debt
will be reflected immediately in the P&L as interest expense - this is
US$253mn p.a. net of tax (at 30% tax rate), compared to the US$50mn
paid on the old debt - the difference represent a hefty c.70% of our
FY10F net earnings estimate or 50% of cons. ests. In terms of actual
cash outflow: First 3 years we will see only the 12% p.a. cash outflow
on interest. The remaining 7% p.a. yield will be accrued & only paid
out starting the 4th until 6th year.
Pledge of coal assets: The CIC debt is secured using all of Bumi's
shares in the coal assets (65% of KPC, 70% of Arutmin & 70% of
Indocoal SPV).
Strategic partnership with CIC: As part of the deal, CIC will have
also first right of refusal to partner with Bumi on any acquisition
opportunities. Bumi can also potentially access additional debt
funding from Chinese banks through the CIC relationship.
________________________________
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