AYO BUM_BUM masak kalah sama TAM_TAM..................
________________________________ From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of Joe Grunk Sent: Monday, February 23, 2009 1:55 PM To: obrolan-bandar@yahoogroups.com; sa...@yahoogroups.com Subject: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument * CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. * Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. * Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. * Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. * Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. * Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. * Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com <mailto:ahmad.soli...@clsa.com> ________________________________ CLSA CLEAN & GREEN: Please consider our environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html <https://www.clsa.com/disclaimer.html> or sent to you upon request. ________________________________ Dapatkan alamat Email baru Anda! <http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http:/mail. promotions.yahoo.com/newdomains/id/> Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
