Arsip Blog

Senin, 07 Desember 2009

bumi maseh aja @3500 doank ... 071209

Company RIC      Bank     Rating     Target price     Change
Bumi (BUMI.JK)  Citi        Buy        3,500 rupiah    Cuts TP
(High risk)
* Against the backdrop of negative newsflows (CIC loan's
exorbitant rate, talk of bond issuance and margin calls),
Bumi's share price took a plunge. The collapse in the share
price from the recent peak of 3,400 rupiah looks overdone to
us.
* Post the correction, Bumi trades on 2010-11 EV/EBITDA of
4.5x and 2.5x, respectively. We have reduced our TP to 3,500
rupiah from 3,800 rupiah, using 2011E EV/EBITDA of 3.5x.
* We maintain our buy call as we continue to be bullish on
thermal coal price outlook for 2010 onward, of which Bumi would
be the main beneficiary.
* Bumi's participation in a consortium that acquired a 24
percent stake in PT Newmont Nusa Tenggara (NNT) appears value
accretive. The acquisition values NNT at 10.5x P/E 2009E (14.0x
after accounting for the 25 percent stake free allocation to
the regional governments). In comparison, Freeport-McMoRan
(FCX.N) is trading on 17.7x P/E 2009E.
reuters 03-12-09

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