Beli di 385 SELL di 8000 itu baru bener ... tapi kapan ? [?]
2009/4/17 rad10 ru54k <tv.k...@gmail.com> > > > Artinya,… BUY BUMI di 800. > > Sekarang SELL di 1200. > > > > Dari segi Financial return, 50% gain in a month. > > Hehehe…. > > > > *From:* obrolan-bandar@yahoogroups.com [mailto: > obrolan-ban...@yahoogroups.com] *On Behalf Of *sylar_fang > *Sent:* Friday, April 17, 2009 2:45 PM > *To:* obrolan-bandar@yahoogroups.com > *Subject:* [ob] Re: Fw: BUMI Upgrade to BUY > > .. FM RDS/RDC udah pd collect BUMI sejak bulan kemaren ... arti na ? ... > > > :) > > --- In obrolan-bandar@yahoogroups.com <obrolan-bandar%40yahoogroups.com>, > Data Saham <datasaha...@...> wrote: > > > > para analis fundamental sudah mulai upgrade si BUMI...besok UPGRADE > apalagi ya :) > > > > Still, > > Cheapest Coal Stock…Upgrade to BUY > > We > > upgrade our recommendation on BUMI from Hold to BUY and put BUMI’s > Target price > > back on its DCF valuation without any discount of Rp1.302. Higher > investor’s > > risk appetite with huge liquidity on market justified our action to put > BUMI’s > > on it’s normal valuation and ignoring corporate governance issues that > already > > dimmed by now. With selling pressure easing and strong bullish momentum > on > > Indonesian market, we believe BUMI will get the most beneficiary as > investor > > start looking the cheapest stock available. > > BUY. > >  > > Higher Risk Appetite as the Main Catalyst on BUMI > > Shares > > We > > believe, investor’s risk appetite currently are higher compared to last > quarter > > on the back of optimism on bottoming global financial crisis and brighter > > > outlook on economic recovery. This will become the main catalyst on > BUMI’s > > shares on market as investor are become more eager to buy stocks, > especially the > > cheapest one and ‘ignoring’ some risks behind it. > >  > > Highest Liquidity among Others > > Compared > > to other peers, BUMI is the most liquid coal stocks on market with Ytd > average > > turnover of  Rp243 bn/day compared > > to peer’s average of just Rp60.8 bn/day. Even almost four times higher > than its > > closest competitor of PTBA with only Rp64.6 bn/day. This should give BUMI > the > > best leverage when market starts to entry the bullish > > path. > > > > Best > > among the Under-owned Group > > In > > our view, BUMI is the best asset in Bakrie Group portfolio and also the > biggest > > weighted on BNBR’s earning. As we know, Bakrie group stocks had > underperformed > > the market since Oct ’08 after BNBR announced its liquidity problems > and result > > in a Repo Mess.  Currently, those > > selling pressure are overdone as BNBR liquidity profiles had improved and > the > > best will prevail. > >  > > Don’t > > Forget the Dividend Offer > > Even > > if we’re believe that this issues had mostly being factored in the > market, but > > we are positive on BUMI’s huge dividend yield about 10% (Rp110/share) > will be > > able to create a base on its price movement. Not many companies offer 10% > > > dividend yield for fiscal year of 2008, even not those > > SOE’s. > >  > > Valuation: Put BUMI back on its DCF Value of > > Rp1302 > > We > > eliminate our discount for BUMI’s DCF valuation and put our Target > price of Rp1.302 using WACC of 14,1% and 0% LTG. > > Currently BUMI traded at        F09 > > PE/PBV of 3.2x/1.4x and EV/EBITDA of only 2x. Other peers average > valuation > > hovering at F09 PE/PBV of 5.3x/2.1x and EV/EBITDA of 2.9x. Evem with > current > > rally on stock prices, BUMI still the cheapest among others with a lot > of un-factored positive > > catalyst. BUY. > > > > Best Regards, > > > > Adrianus Bias Prasuryo > > Analyst > > PT eTrading > > Securities > > Wisma GKBI 17th floor > > > > >
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