Jadi ingat, waktu ASII di 1200an di downgrade kalo ga salah ke 7000an, malah
terbang ga henti2nya. Aya2 wae....:)
Salam,
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-----Original Message-----
From: Rei <highwaysta...@gmail.com>
Date: Thu, 19 Nov 2009 21:41:24
To: <obrolan-bandar@yahoogroups.com>
Subject: [ob] Fwd: Fw: [UBS Investment Research] Antam - Withdraws from Newmont
Indo bid
Tadi ada yg nanya riset UBS mengenai Antm ke 700...
Tahu lah maksudnya kalo di-downgrade gini.
---------- Forwarded message ----------
From: Daniel Ari Wiloso <dani...@aaasecurities.com>
Date: Thu, Nov 19, 2009 at 10:32 AM
Subject: Fw: [UBS Investment Research] Antam - Withdraws from Newmont Indo
bid
To:
*Sent:* Thursday, November 19, 2009 9:15 AM
*Subject:* FW: [UBS Investment Research] Antam - Withdraws from Newmont Indo
bid
*W**ithdraws from Newmont Indo bid*
*Antam withdraws from Newmont deal on shareholding disagreement*
Antam has pulled out of a consortium that aimed to buy a 14% stake in PT
Newmont Nusa Tenggara (PTNNT), the Indonesian venture of Newmont Mining.
Antam failed to reach an agreement with the consortium regarding Antam
ultimate
ownership size.
*Rich mines with a divestment clause*
PTNNT owns and operates the Batu Hijau gold and copper mine in Indonesia,
and
has a contract of work which requires the company to divest 51% of its
foreign
ownership to local investors by 2010. Of this, a 20% stake was divested
previously,
while a 10% stake was recently sold to the Bakrie Group for US$391m through
investment arm Multicapital and Bumi Resources in a consortium including the
regional government.
*Bakrie Group’s Newmont interest remains strong*
The Bakrie Group has previously expressed interest in acquiring the full 31%
stake, which seems increasingly likely now that Antam has pulled out of the
deal.
To this end, we remind investors that the divestment clause is similar to
the
contracts originally held by Rio Tinto and BHP when they operated Bumi’s
current
KPC and Arutmin coal mines prior to 2001 and 2003 respectively
*Valuation*
*We maintain our Sell rating on the stock with a price target of Rp700*. Our
valuation is based on a 5-year DCF valuation, which incorporates a 17.5%
cost of
equity along with an 8.4% after tax cost of debt and a WACC of 16.6%.
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Sent from my computer of course!
