hello,
just want to know from you.. how about MEDC? ;>(
----- Original Message -----
From: Andrew wijaya
To: obrolan-bandar@yahoogroups.com
Sent: Wednesday, December 19, 2007 2:26 PM
Subject: Re: [obrolan-bandar] Upgrade ENRG TP 1800 ML
This is the new BUMI's
2007/12/19, Data Saham <[EMAIL PROTECTED]>:
kapan ya ML Upgrade ANTM ke 6.000...masak cmn dihargai 1.750, berarti
walaupun ada Lapindo Brantas yang bikin banjir lumpur, ENRG lebih bagus dr
ANTM hahaha.....analisnya mesti diaudit nih....
Tazmania Devil <[EMAIL PROTECTED]> wrote:
More trading upside, PO raised to Rp1,800
Although the stock has appreciated by 84% over the past three months and
trades at a 9% premium to our base case NAV, we still see trading upside
on the
stock based on EV-to-reserves comparison and bull case NAV. We reiterate
Buy
with a 33% higher PO of Rp1,800, or 25% upside.
Higher oil price assumption lifted EPS
Merrill Lynch's energy team has raised WTI oil price forecast for 2008
from
US$73/bbl to US$82/bbl, for 2009 and long-term from US$60 to US$70. As
such,
we increased 2008 EPS estimates by 14% and 2009's by 15%.
Pricing of uncontracted gas – an important swing factor
Between now and 2012, we estimate ENRG will produce 642 bcf of natural gas
(gross), 159 bcf of which is un-contracted. Our NAV is highly sensitive
to the pricing
of this gas. We believe the industry regulator will soon issue a gas
price formula that
would allow aggressive price hikes – a positive for both upstream and pipe
operators. Our NAV ranges from Rp1,321 to Rp1,696 based on sensitivity
analysis.
Looks attractive based on EV-to-reserves comparison
EV-to- reserves (2P) comparison highlights ENRG as one of the value
stocks, at
US$9.9/boe. ENRG may offer strong inorganic growth in reserves, given
Indonesia's focus on ramping up oil exploration and ENRG's political
clout. In past
transactions, ENRG purchased THP at an implied valuation of US$3.4/boe,
and
sold part of Kangean at as much as US$4.7/boe, by our calculation.
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