Coba japri Pak Eka, beliau termasuk yang paling detail mengikuti perkembangan
FA dari sisi FA. Maybe worth...
Forever Apprentice <[EMAIL PROTECTED]> wrote: Wah wah, very
interesting nih. Thanks for sharing this.
IMHO TBLA is one of the wild cards utk thn 2008. Cuma belom sempet liat
profil portfolio TM & TBM secara detail.
----- Original Message ----
From: Resky Aindhaka <[EMAIL PROTECTED]>
Sent: Friday, December 28, 2007 2:03:03 PM
Subject: [obrolan-bandar] Bahana Focus - Tunas Baru Lampung: No Upturn Yet;
Perhaps Next Year
BAHANA FOCUS
EQUITY & FIXED INCOME RESEARCH
Tunas Baru Lampung
Rp600; increase target price to Rp575 - downgraded to Reduce
No Upturn Yet; Perhaps Next Year
By Achmad Syafriel
* Lower palm oil production continues
* PKO sales contribution increased significantly this year
* Cost increases still the main concern
* Sales upgraded by 3% due to higher CPO price estimates
* More expensive vs. other plantation counters
* Increase TP to Rp575/share, downgraded to Reduce
Therefore, using DCF valuation with WACC of 14.8% and higher CPO price
estimates, the company is valued at Rp578/share. From this value, we derive our
target price of Rp575/share with 37% estimated earnings growth. This target
price provides a 4.2% downside potential from the current price. Reduce.
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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
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