Belinya entah kapan, buangnya mah seabrek2 ya?
Ngeshort kale
Tadi seru liat di sebuah saham gorengan. Ada sekuritas F gitu pengen
guyur, ngeshort kayaknya, tapi bandarnya yang cuman D, kagak terima.
Cilaka 12 deh tuh F yang ngeshort. Seru juga liat bandar berantem.
On Wed, Sep 3, 2008 at 3:13 PM, Kucing Tua <[EMAIL PROTECTED]> wrote:
> DB F, AK F, ML F... lengkap dah :D beliya di berapa sih mereka kok pake
> guyur kiri?
>
> --- On Wed, 9/3/08, y_dizz <[EMAIL PROTECTED]> wrote:
>
> From: y_dizz <[EMAIL PROTECTED]>
> Subject: [obrolan-bandar] Re: BUMI (TP Rp7,680) - Deutsche Bank: Down but
> not out
> To: obrolan-bandar@yahoogroups.com
> Date: Wednesday, September 3, 2008, 6:15 AM
>
> Btw, Pak James... Hari ini yang guyur BUMI bintangnya DB lho.
> Nah lho... Nah lho...
>
> --- In obrolan-bandar@ yahoogroups. com, James Liem <[EMAIL PROTECTED] >
> wrote:
>>
>> Subject: Fw: BUMI (TP Rp7,680) - Deutsche Bank: Down but not out
>>
>>
>> >
>> > Deutsche Bank - Equity Research
>> >
>> > Bumi {Ticker: BUMI.JK, Closing Price: 5,300 IDR, Target Price:
> 7,680
>> > IDR,
>> > Recommendation: Buy}
>> >
>> > * Reiterate Buy on strong coal outlook
>> >
>> > Recent weakness in Bumi's stock price is mainly the result of
> overall
>> > negative sentiment on commodities following the softening of oil
> price,
>> > and has been exacerbated by negative news flow. However, we remain
>> > upbeat that coal prices will continue to sustain owing to
> persistent
>> > supply constraints.
>> > Bumi's valuation of 8x FY09E, therefore, presents a strong buying
>> > opportunity, in our view.
>> >
>> > * We expect recent issues to have one-off impact at worst
>> >
>> > While recent issues (KPC issue, VAT, tax) may have significant
> impact on
>> > 2008F earnings and/or cash flow, we believe any impact they could
> have
>> > would be one-off. In the worst-case scenario, these issues would
> knock
>> > off no more than 4% from NPV based on our estimates; the implied
>> > worst-case DCF valuation of about Rp7,290 is still about 30%
> above the
>> > current price.
>> >
>> > * Revise earnings to update cost and price assumptions
>> >
>> > We have revised our earnings by -30% for 2008F, mainly reflecting
> higher
>> > cash cost assumptions (fuel price and strip ratio) and lower
> volume
>> > assumption, while maintaining our ASP of US$80/ton. We expect a
> higher
>> > ASP in 2009F at US$102/ton to offset higher costs, resulting in a
> +4%
>> > revision to 2009F earnings.
>> >
>> > * Valuation remains attractive despite TP and earnings revisions
>> >
>> > We have cut our target price for Bumi by 20% to Rp7,680 (Vs
> Rp9,800),
>> > primarily reflecting our higher WACC assumption due to recent
> revisions
>> > of the country's risk-free rate and market risk premium
> assumptions, and
>> > our recent earnings revision. In spite of the revision, we believe
>> > Bumi's valuation remains attractive, particularly in the context
> of a
>> > strong coal outlook. At the TP, Bumi trades at 11x 09PE, or a 25%
>> > discount to the target PE of Chinese coal stocks. Risks include
> higher
>> > costs, lower output and regulatory risks.
