--- In obrolan-bandar@yahoogroups.com, James Liem <[EMAIL PROTECTED]> wrote: > > Sent: Thursday, November 22, 2007 2:59 PM > Subject: Bahana Focus - PP London Sumatra Indonesia: It's Palm Oil Showtime > > > > BAHANA FOCUS > EQUITY & FIXED INCOME RESEARCH > PP London Sumatra Indonesia > Rp10,100; increase target price to Rp14,300 maintain BUY > It's Palm Oil Showtime > > By Achmad Syafriel > > · Strong performance continues > > · with "unexpected" items before the bottom line > > · Huge optimism on CPO prices next year > > · Lonsum aims to produce 360k MT CPO in 2007 > > · Earnings upgraded due to higher CPO price estimates > > · Increase target price to Rp14,300/share, maintain BUY > Lonsum has the highest oil extraction rate in the region and state-of the-art high yield seed production, which justifies trading at the same valuation with its Malaysian counterparts (15x - 23.5x PE08) and Astra Agro (22x PE08). Using DCF valuation with WACC of 10.6% and higher CPO price estimates values the company at Rp14,314/share. We derive our target price of Rp14,300/share, translating to 20x PE08 with 73% estimated earnings growth. BUY. > > > DISCLAIMER > This email may contain privileged and/or confidential Information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the person addressed, you may not use any part of it, forward, disclose, copy or deliver this to anyone else. If you receive this email by mistake, please immediately delete it from your system and notify the sender by return email. Internet communications can not be guaranteed to be timely, secure, error or virus free, the sender does not accept any liability for error or omissions. > The information contained in this email and/or report is not be taken as any recommendation made by PT. Bahana Securities or any other person to enter into any agreement and/or take position with regard to any investment mentioned in this document. This email and/or report is prepared in general circulation. It does not have any intention to the specific person who may receive this email and/or report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice. > > > SIP : TBUMI Anda benar sekali karena prospek CPO sangat baik. Asal pemerintah tak naiki pajak semua turunan CPO saja tentu pengusaha bisa bersaing di luar negeri. Takutnya pemerintah mau lindungi harga minyak goreng yang stabil bagi rakyat kecil saja. Kalau salah satu kebutuhan rakyat kecil terancam seperti beras, minyak goreng dll, pemerintah takut juga bahwa posisi pemerintah bisa terancam juga. Jadi nanti semua jurus akan ditempuh pemerintah, asal pemerintah bisa aman dan nyaman saja.
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