Mantap Kang! You really are the Amazing Den Bagus Putra Perdana.
Kayanya most likely 'kemungkinan kedua' dong Kang?
Hanya saja, saya yg Oon ini bingung kok yang implikasi baik justru yg kesatu?
Kenapa bukan yg kedua? Kalau kasus pajak menjadi tidak ada, bukankah mengignite
BUMI utk terbang ke utara?
Timur
On Mar 1, 2010, at 15:09, Bagus Putra Perdana <disclosure....@gmail.com> wrote:
Non Cash. One time event. liat free cash aja ( meski untuk hasil 2009-2010 Free
Cash Bumi memang udah dari sononya tipis karena Capex lebih gede dr incremental
Operating Cashflow + selipan tunggakan pajak )
tapi lanjutannya bisa ditelusuri ke pendalaman bisnis (tanya manajemen ato
lihat ke lapangan). mungkin ada orang Thiess ato Dewa yg bisa share disini.
kalo ini jumlahnya signifikan, berarti rasio overburden removalnya jauh lompat
dari yang sudah dibiayakan/dianggarkan di POD.
ini berarti bisa ada 2 kemungkinan ;
* implikasi baik : kalo kenaikan ini BUMI karena mengeruk bagian yg "susah" ato
dip yang lebih curam saat harga batubara tinggi, sehingga saat harga batubara
agak turun margin operasi bisa tetap tinggi atau produksi bisa lebih mudah
ditingkatkan karena bagian yg "susah" sudah dikupas duluan. (BUMI memang
sengaja "mengeruk" di bagian yg strip ratio nya tinggi dulu.)
* Accounting treatment BUMI understate Cost di tahun2 sebelumnya. kalo ini
ternyata permanen berarti ada kemungkinan revisi cogs yg bisa
menurunkan/mengkoreksi laba tahun sebelumnya. ini bisa saja dilakukan "revisi
pembukuan" kalo bumi ingin menyamakan laporan keuangan versi publikasi dengan
(mungkin) versi SPT yang disampaikan ke Ditjen Pajak (supaya kalkulasi
tunggakan lebih kecil dan urusan denda terhapuskan, lebih baik kena penalti di
kesalahan pencatatan keuangan dibanding kena penalti kurang bayar pajak karena
selisih laporan di SPT sama laporan keuangan publikasi gede). Secara akuntansi
ini Legal dan boleh dilakukan karena akunnya emang udah ada di neraca (di aset
non lancar) dan uang juga udah dikeluarin. hasil kapitalisasi bertahun2 ini
kalo di"biayakan" seketika dan jumlahnya ujug-ujug berlebihan mungkin bisa
untuk mengurangi laba kena pajak.
kan tinggal ngoffset ke laba rugi tahun berjalan aja. ini legal dan sah. cuman
kalo jadi dilakuin berarti bumi secara implisit mengakui dia melakukan
accounting make-up di tahun sebelumnya.
baiknya ditelusuri ke manajemen ato orang dalem, apakah ini emang permanen
memang strip rationya yang jadi naik signifikan dan asumsi overburden-nya
kekecilan. ato emang bumi sengaja keruk bagian yang lebih "susah" setahun
belakangan ini.
buat investor yg hold bumi agak panjang, mendingan bumi kena pukul sama
investor trading yg shock karena laba 2009 gak sesuai ekspektasi karena offset
deferred cost ato ada koreksi atas laba tahun-tahun kemarin sehingga harus
di-reverse. daripada kena pukul sama penyidik pajak karena salah satu bukti
telaknya adalah ketidakcocokan data operating profit versi yang disampaikan
lewat SPT dan versi laporan keuangan publikasi.
On 1 March 2010 14:40, jsx_consultant <jsx-consult...@centrin.net.id> wrote:
DEFERRED EXPENSE berarti expense itu sudah terjadi SEBELUMnya, rite ?.
Jadi ini cuman masalah accounting TREATMENT yg tidak
berpengaruh pada Free Cash Flow atau Valuasi.
Bener engga kang Ocoy ?.
BADAI koreksi BUMI yg UTAMA sudah terjadi pada wave A,
dan saat ini tenaga dari badai koreksi sudah melemah.
Tapi karena pasukan Bull BELUM MUNCUL maka pasukan Bear
bisa mengendalikan harga tanpa volume dan perlawanan.
Wave counting BUMI yg baru sudah embah buatkan di www.invest2000.net
--- In obrolan-bandar@yahoogroups.com, "Herman" <power8...@...> wrote:
>
> Ini pak newsnya
>
> jadi bukan mau nampungin barang
>
> Saya sama sekali ngak hold posisi di BUMI even dia market mover
>
>
> Subject: FW: (BN) Tata Power Falls After Profit Drops on Coal Expenses
>
>
> >
> > folks, bumi related expenses reflected in tata's earnings.
> >
> > +----------------------------------------------------------
> > ---+
> >
> > Tata Power Falls After Profit Drops on Coal Expenses (Update1)
> > 2010-02-26 06:12:53.318 GMT
> >
> >
> > (Adds analyst's comment in fourth paragraph.)
> >
> > By Gaurav Singh and Natalie Obiko Pearson
> > Feb. 26 (Bloomberg) -- Tata Power Co., India's largest non-
> > state electricity generator, declined the most in seven months
> > in Mumbai trading after reporting an 82 percent slump in profit
> > from writing off expenses at coal mines in Indonesia.
> > The stock fell as much as 5.7 percent to 1,197 rupees, the
> > biggest drop since July 6, and was at 1,217.95 rupees at 11:28
> > a.m. local time. The Mumbai-based utility's shares have gained
> > 66 percent in a year, lagging behind the 82 percent advance in
> > the benchmark Sensitive Index.
> > Net income, including that of units, fell to 925.7 million
> > rupees in the quarter ended Dec. 31 from 5 billion rupees a year
> > earlier, Tata Power said yesterday. The company took a 3.7
> > billion rupee ($80 million) charge related to deferred coal
> > extraction expenses, and said production cost would rise by
> > $1.42 a metric ton, an increase of about 5 percent.
> > "That is big," said Abhineet Anand, a Mumbai-based
> > analyst with Antique Stock Broking Ltd. "In terms of valuation,
> > if the overall cost of production is somewhere between $36 to
> > $38 per ton, then you increase that by another $1.50, that
> > directly hits your profit after tax."
> > The Tata Power group includes the company's mining assets
> > in Indonesia and local distribution and trading units. Tata
> > Power holds 30 percent stakes in two Indonesian coal mines owned
> > by PT Bumi Resources.
> >
> > For Related News and Information:
> > Tata Power news: TPWR IN <Equity> CN <GO>
> > Top India stories: TOP IN <GO>
> > Top energy stories: ETOP <GO>
> >
> > --Editors: Amit Prakash, Alex Devine.
> >
> > To contact the reporter on this story:
> > Gaurav Singh in New Delhi at +91-11-4179-2019 or
> > gsing...@...
> > Natalie Obiko Pearson in Mumbai at +91-22-6612-9107 or
> > npears...@...
> >
> >
> > To contact the editor responsible for this story:
> > Clyde Russell at +65-6311-2423 or crusse...@...
> >
> >
>
> ----- Original Message -----
> From: ANDIK MUSTIKA
> To: obrolan-bandar@yahoogroups.com
> Sent: Monday, March 01, 2010 11:20 AM
> Subject: Re: [ob] FW: BUMI potential bad news - Untuk Penggemar BUMI
>
>
>
> sekarang kayaknya banyak yang strees bin frustasi pak...jadi dibawah 2000 itu
> mungkin...
>
> hofully...
> wkwkwkwkwk..gue stress juga kali ya..
>
> --- On Sun, 2/28/10, Djokro Wijaja <stocksuc...@...> wrote:
>
>
> From: Djokro Wijaja <stocksuc...@...>
> Subject: Re: [ob] FW: BUMI potential bad news - Untuk Penggemar BUMI
> To: obrolan-bandar@yahoogroups.com
> Date: Sunday, February 28, 2010, 8:00 PM
>
>
>
>
> Perjalanan msh jauh, ini saja ane baru pake 10% heheheh ... kalo GAK MURAH
> GAK BELI :D
>
> Di bawah 2000 mah nunggu orang stress bin frustasi jual dulu heheeheh,... .
>
>
>
>
> On Mon, Mar 1, 2010 at 10:50 AM, ANDIK MUSTIKA <ahmust...@yahoo. com> wrote:
>
>
>
> ane tunggu di bawah 2000 saja pak...
>
> --- On Sun, 2/28/10, Djokro Wijaja <stocksucker@ gmail.com> wrote:
>
>
> From: Djokro Wijaja <stocksucker@ gmail.com>
> Subject: Re: [ob] FW: BUMI potential bad news - Untuk Penggemar BUMI
> To: obrolan-bandar@ yahoogroups. com
> Date: Sunday, February 28, 2010, 7:42 PM
>
>
>
>
>
> Good ! , mustinya 2050 dapet, di bawah itu pun GAK NOLAK .... mumpung duit
> msh fresh di rekening nih, gatel tangan pencet BUY terus heheheeh .....
>
>
>
>
> On Mon, Mar 1, 2010 at 10:11 AM, Herman <power8...@gmx. net> wrote:
>
>
> 
>
> News untuk BUMI
>
>
>
> ‎​- BUMI: some potential negative news out. India's TATA reported
> earnings that were down 82%YoY due to a USD 76m deferred strippin charge in
> their 30% owned coal subs (KPC+Artutmin) . As BUMI owns the other 70%, BUMI
> could show as much as USD 250m in the same charges for FY09. This would
> obviously substantially lower earnings (and tax liability, which might be the
> main reason), and would come as a negative surprise.
>
--
Each piece, or part, of the whole nature is always an approximation to the
complete truth, or the complete truth so far as we know it. In fact, everything
we know is only some kind of approximation, because we know that we do not know
all the laws as yet. Therefore, things must be learned only to be unlearned
again or, more likely, to be corrected.......The test of all knowledge is
experiment. Experiment is the sole judge of scientific “truth”. - Richard
Feynman
