Re: [ob] Fwd: Fw: [UBS Investment Research] Antam - Withdraws from Newmont Indo bid

[billy_budiman92]

Mxud boss jkunci 12000an kali ya, hehhehehehe

--- In obrolan-bandar@yahoogroups.com, jku...@... wrote:
>
> Jadi ingat, waktu ASII di 1200an di downgrade kalo ga salah ke 7000an, malah 
> terbang ga henti2nya. Aya2 wae....:)
> 
> Salam,
> 
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> 
> -----Original Message-----
> From: Rei <highwaysta...@...>
> Date: Thu, 19 Nov 2009 21:41:24 
> To: <obrolan-bandar@yahoogroups.com>
> Subject: [ob] Fwd: Fw: [UBS Investment Research] Antam - Withdraws from 
> Newmont 
>       Indo bid
> 
> Tadi ada yg nanya riset UBS mengenai Antm ke 700...
> Tahu lah maksudnya kalo di-downgrade gini.
> 
> ---------- Forwarded message ----------
> From: Daniel Ari Wiloso <dani...@...>
> Date: Thu, Nov 19, 2009 at 10:32 AM
> Subject: Fw: [UBS Investment Research] Antam - Withdraws from Newmont Indo
> bid
> To:
> 
> 
> 
>  *Sent:* Thursday, November 19, 2009 9:15 AM
> *Subject:* FW: [UBS Investment Research] Antam - Withdraws from Newmont Indo
> bid
> 
> 
> 
> 
> 
> 
> 
> *W**ithdraws from Newmont Indo bid*
> 
> 􀂄 *Antam withdraws from Newmont deal on shareholding disagreement*
> 
> Antam has pulled out of a consortium that aimed to buy a 14% stake in PT
> 
> Newmont Nusa Tenggara (PTNNT), the Indonesian venture of Newmont Mining.
> 
> Antam failed to reach an agreement with the consortium regarding Antam
> ultimate
> 
> ownership size.
> 
> 􀂄 *Rich mines with a divestment clause*
> 
> PTNNT owns and operates the Batu Hijau gold and copper mine in Indonesia,
> and
> 
> has a contract of work which requires the company to divest 51% of its
> foreign
> 
> ownership to local investors by 2010. Of this, a 20% stake was divested
> previously,
> 
> while a 10% stake was recently sold to the Bakrie Group for US$391m through
> 
> investment arm Multicapital and Bumi Resources in a consortium including the
> 
> regional government.
> 
> 􀂄 *Bakrie Group’s Newmont interest remains strong*
> 
> The Bakrie Group has previously expressed interest in acquiring the full 31%
> 
> stake, which seems increasingly likely now that Antam has pulled out of the
> deal.
> 
> To this end, we remind investors that the divestment clause is similar to
> the
> 
> contracts originally held by Rio Tinto and BHP when they operated Bumi’s
> current
> 
> KPC and Arutmin coal mines prior to 2001 and 2003 respectively
> 
> 􀂄 *Valuation*
> 
> *We maintain our Sell rating on the stock with a price target of Rp700*. Our
> 
> valuation is based on a 5-year DCF valuation, which incorporates a 17.5%
> cost of
> 
> equity along with an 8.4% after tax cost of debt and a WACC of 16.6%.
> 
> 
> 
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> 
> 
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> -- 
> Sent from my computer of course!
>