Bear Stearns starts Bumi Resources (BUMI.JK) with Outperform rating,
end-2008 target price of IDR6,464; says shares trade at significant
discount to other companies it covers for PE, EV/EBITDA, EV/reserves;
believes Bumi's 1,950 million tons of gross coal reserves, more than
6,000 million tons of resources, provide foundation for further
production growth beyond current expansion phase. "Risk to our target
price and investment outlook include changes to our coal price and
capex assumptions, delays to Bumi's expansion plans, transportation
bottlenecks inhibiting sales, and changes in government regulations
(including resource taxes)." Shares last end at IDR4,300.(IMS) Contact
us in Singapore. 65 64154 140; [EMAIL PROTECTED] (END) Dow Jones
Newswires November 19, 2007 20:08 ET (01:08 GMT) Copyright (c) 2007 Dow
Jones & Company, Inc.- - 08 08 PM EST 11-19-07
