Memang betul termasuk 'growth (co + stock)' – di antaranya:
BLTA
Aria
-----Original Message-----
From: obrolan-bandar@yahoogroups.com [mailto:obrolan-[EMAIL PROTECTED] ps.com] On Behalf Of M Herman
Sent: Friday, September 15, 2006 11:25 AM
To: obrolan-bandar@yahoogroups.com
Subject: Re: [obrolan-bandar] Re: SPO BLTA mundur lagi ?
Dari 500 milyar obligasi conversi terbit tahun lalu,
yang belum di konversi tinggal 50 milyar...
BLTA emang jago financial engineeringnya, debt to
equity udah cuma sekitar 1x (kalau pake international
financial reporting standar (IFRS)).
--- redyherinantoalb <redyherinantoalb@yahoo.com >
wrote:
> Ya mungkin sampai hari H akan digenjot pembeliannya,
> dapatnya berapa
> kekurangannya pinjam Founder Share, so siap2 aja...
> :D
>
> Redy
>
> --- In obrolan-bandar@yahoogroups.com, "spr_serpong"
>
> <[EMAIL PROTECTED]> wrote:
> >
> > YES ! You're right, but .... buyback yg tahun lalu
> sudah
> dicadangkan
> > untuk Convertible Bonds bahkan sebagian besar sdh
> di konversi jadi
> > saham
> >
> >
> > --- In obrolan-bandar@yahoogroups.com,
> "redyherinantoalb"
> > <redyherinantoalb@> wrote:
> > >
> > > Jangan lupa, sebelum program buyback yang
> sekarang, dulu juga
> ada
> > > program buyback di harga bawah, waktu masih
> seribuan, itu
> treasury
> > > stock yang mau dijual.... ada juga founder
> shares yang di
> > > tawarkan...
> > >
> > > Redy
> > >
> > > --- In obrolan-bandar@yahoogroups.com,
> "spr_serpong"
> > > <spr_serpong@> wrote:
> > > >
> > > > If dikatakan : the company has only completed
> c.100m shares or
> > > c.25%
> > > > of allowed numbers of shares to be bought back
> – thus another
> > 300m
> > > > shares still outstanding.
> > > >
> > > > jadi kalo 300m shares itu di buyback dlm waktu
> 30 hari kerja
> > atau
> > > > sampai akhir oktober artinya tiap hari harus
> buyback 10m
> shares
> > > atau
> > > > 20.000 lot, mungkinkah dilakukan ?
> > > >
> > > > so..... isu nya ada benernya juga nih...
> > > >
> > > >
> > > > --- In obrolan-bandar@yahoogroups.com,
> "hermanlatief"
> > > > <hermanlatief@> wrote:
> > > > >
> > > > > --- In obrolan-bandar@yahoogroups.com,
> "mbahqu" <mbahqu@>
> > wrote:
> > > > > >
> > > > > > Isu yg beredar, SPO BLTA mundur dari
> rencana Oktober 2006.
> > > > > > Apa ada yg punya info yg melengkapi ?
> > > > > >
> > > > > kayaknya nggak , ini saya lampirkan report
> punya DBS
> > > > >
> > > > > �� Story: Proposed offering in
> SGX has been
> > > amended,
> > > > canceling
> > > > > the issuance 5% new shares, such that the
> offering would only
> > > > > comprise of treasury shares of up to 410m
> shares, and
> possibly
> > in
> > > > > conjunction with placement of founder
> shares.
> > > > > �� Point: This should have no
> impact at all,
> as
> > > the
> > > > objective of
> > > > > secondary listing is to unlock its book
> value rather than to
> > > raise
> > > > > more capital.
> > > > > �� Relevance: We maintain our
> Strong Buy
> rating
> > on
> > > > BLTA with
> > > > > target price of IDR3,000, with further
> catalyst – beside the
> > > > imminent
> > > > > secondary listing - of robust q-o-q
> improvement in the 3Q
> > > financial
> > > > > performance, as strong recovery in oil
> tanker rates has been
> > > > > evidenced from its lows in the 2Q, and
> renewed contract
> prices
> > > for
> > > > > chemical tankers effective in this quarter.
> We share the
> > > company's
> > > > > view of bullish chemical rates in 07 given
> expected shift of
> > > > > significant cargo volumes to higher grade
> IMO II chemical
> > > vessels on
> > > > > the back of new regulations.
> > > > >
> > > > > What are the changes? The company has
> amended its proposed
> > > > > offering in the SGX, eliminating the
> issuance of 5% new
> shares
> > > > > without pre-emptive rights, thus the initial
> offering would
> > only
> > > > > come from the treasury stocks arising from
> current buyback
> > > > > program of up to 410m shares (10% of total
> outstanding) and
> > > > > possibly in conjunction with placement of
> founder shares of
> > > > > another 410m shares. This is good news in
> our view, as
> > previously
> > > > > the company has been at odds with the stock
> exchange
> authority,
> > > > > as traditionally the 5% new shares issuance
> is allocated for
> a
> > > > > private placement with a 12-month lock up
> period, instead of
> a
> > > > > public offering.
> > > > > Why the secondary listing? Worthy of note is
> that the
> > objective
> > > of
> > > > > the secondary listing is to 1) unlock
> company's book value,
> as
> > > > > assets would be marked to market (FY06 P/BV
> should drop to
> > > > > estimated 1.4x from current 2.7x), thus
> allowing BLTA to
> > further
> > > > > leverage for its expansion, and 2) obtain
> more favorable
> > > > > valuations by expanding its audience base,
> rather than an
> > > exercise
> > > > > to re-capitalize. BLTA's cash position is
> strong as the
> company
> > > > > should receive around USD135m in cash
> arising from the sale-
> > > > > andleaseback
> > > > > of three chemical tankers, booking
> extraordinary gain
> > > > > of USD54m, thus lending a hand to its
> expansion plan
> > particularly
> > > > > as BLTA has entered the new FPSO business
> segment.
> > > > > Nevertheless, there is potential gain to be
> made from the
> > > offering
> > > > > of the treasury stocks, assuming average
> buyback price of
> > > > > IDR2,300/share, there is c.IDR41bn potential
> gain or 3% of
> 06
> > net
> > > > > profits.
> > > > >
> > > > > How much can we expect? We understand that
> the secondary
> > listing
> > > is
> > > > > imminent, with book
> > > > > building likely to be carried out by the end
> of this month
> and
> > > the
> > > > > actual listing by mid next month.
> > > > > The company is said to aim for 9.0x PER for
> the
=== message truncated ===
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