Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
How about indy ? any research issued ? kamsiah--- On Mon, 5/4/09, Cumi Cabe Ijo wrote: From: Cumi Cabe Ijo Subject: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 EarningsTo: obrolan-bandar@yahoogroups.comDate: Monday, May 4, 2009, 11:44 PM Nih ada pembandingnya, komentar CS soal lapkeu Q1 BUMI: Indonesia Equity Sales CS Indo: Leading Indicators bottoming, BI rate cut 25bps?, 1Q09- Above expectation BUMI & In line RALS! BUMI RESOURCES (BUMI): Above expectation 1Q09-thanks to contracted ASP & Tax iSay: CS Coal benchmark average prices are now $75/t for 2009F and $80/t for 2010F onwards, therefore earnings review is expected (please note 2Q09 ASP is likely lower than 1Q09 ASP) as our previous earnings estimates were for $100/t for 2010F. At Rp1,620, BUMI is trading cheapest in the sector on 6.7x-8.6x 2009-2010 Consensus PER, compared to ITMG (@Rp15,550- 7.0x-9.2x respective consensus), PTBA (@9,600- 8.0x-9.8x respective consensus), ADRO (@Rp1,120- 7.6x-9.9x respective consensus), and UNTR (Rp9,500- 12.7x-10.9x respective consensus). I continue recommending BUMI as Trading Buy. · Haider Ali (Daily): Pending to detail comments and earnings review, Financial results were ahead of our estimates on two counts: ASP in 1Q09 was 25% above our FY09 estimate but that would include legacy 2008 priced contracts and ASP should come down over the year if spot coal does not improve. Second, the tax rate in 1Q09 was 14% against our FY09 estimate of 30% (management guidance). Profit before tax for 1Q09 was much closer at 30% of our FY09 forecast. · 1Q09 Production / sales volumes are below expectation. This has been the case for all Indonesian coal miners that have reported so far because of weather related slowdown. Management is retaining FY09 target of 56mn tonnes. This would require production of 15mn tonnes per quarter for the next three quarter, which is quite challenging. "Normalised" quarterly production run rate for Bumi is about 12 mn tonnes, and only exceeded 15m tonnes only in 4Q08. Unit production costs seems to be flattening out and is in line with our estimates. Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? 2009/5/5 <vaulst...@yahoo. com> Hehe yah kalau gitu pada setuju donk dia turun dulu ke 500 hehe.. Sent from my BlackBerry®powered by Sinyal Kuat INDOSAT From: Udin g67 Date: Tue, 5 May 2009 09:04:17 +0700 To: <obrolan-bandar@ yahoogroups. com>Subject: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings analisa nggak mutu, provokator biar bisa dapet harga murah. buang aja barangmu akan aku ambil di 1.000 perak aja kau mau. - Original Message - From: nyari duit To: obrolan-bandar@ yahoogroups. com Sent: Tuesday, May 05, 2009 8:54 AM Subject: Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Mungkin citigroup udah kecepatan jual BUMI.. trus pengen beli lagi di bawah harga beli nya.. Lalu dimunculinlah analisis sampah kayak gini.. Kalo bursa trend bullish, masa BUMI nyeleneh sendiri ke 580... Bisa aja sih di SS 1 : 10 ntar di harga 5800, he he... BTW, analist nya Citigroup ini lulusan mana ya?? Salam,ND On Tue, May 5, 2009 at 9:40 AM, artomoro9 <artomo...@yahoo. co.id> wrote: Q: bagaimana membedakan cumi jantan dengan cumi betina?DISCLAIMER ON--- Pada Sen, 4/5/09, Cumi Cabe Ijo <cumie...@gmail. com> menulis: Dari: Cumi Cabe Ijo <cumie...@gmail. com>Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 EarningsKepada: obrolan-bandar@ yahoogroups. comTanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY?Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya <mysanjaya.hd@ gmail.com> wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At .
Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Nih ada pembandingnya, komentar CS soal lapkeu Q1 BUMI: Indonesia Equity Sales *CS Indo: Leading Indicators bottoming, BI rate cut 25bps?, 1Q09- Above expectation BUMI & In line RALS!* *BUMI RESOURCES (BUMI): Above expectation 1Q09-thanks to contracted ASP & Tax* *iSay: CS Coal benchmark average prices are now $75/t for 2009F and $80/t for 2010F onwards, therefore earnings review is expected (please note 2Q09 ASP is likely lower than 1Q09 ASP) as our previous earnings estimates were for $100/t for 2010F. At Rp1,620, BUMI is trading cheapest in the sector on 6.7x-8.6x 2009-2010 Consensus PER, compared to ITMG (@Rp15,550- 7.0x-9.2x respective consensus), PTBA (@9,600- 8.0x-9.8x respective consensus), ADRO (@Rp1,120- 7.6x-9.9x respective consensus), and UNTR (Rp9,500- 12.7x-10.9x respective consensus). I continue recommending BUMI as Trading Buy.* * * · Haider Ali (Daily): Pending to detail comments and earnings review, Financial results were ahead of our estimates on two counts: ASP in 1Q09 was 25% above our FY09 estimate but that would include legacy 2008 priced contracts and ASP should come down over the year if spot coal does not improve. Second, the tax rate in 1Q09 was 14% against our FY09 estimate of 30% (management guidance). Profit before tax for 1Q09 was much closer at 30% of our FY09 forecast. · 1Q09 Production / sales volumes are below expectation. This has been the case for all Indonesian coal miners that have reported so far because of weather related slowdown. Management is retaining FY09 target of 56mn tonnes. This would require production of 15mn tonnes per quarter for the next three quarter, which is quite challenging. "Normalised" quarterly production run rate for Bumi is about 12 mn tonnes, and only exceeded 15m tonnes only in 4Q08. Unit production costs seems to be flattening out and is in line with our estimates. Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? 2009/5/5 > > > Hehe yah kalau gitu pada setuju donk dia turun dulu ke 500 hehe.. > > Sent from my BlackBerry® > powered by Sinyal Kuat INDOSAT > > -- > *From*: Udin g67 > *Date*: Tue, 5 May 2009 09:04:17 +0700 > *To*: > *Subject*: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: > Unexciting 1Q09 Earnings > > analisa nggak mutu, provokator biar bisa dapet harga murah. buang aja > barangmu akan aku ambil di 1.000 perak aja kau mau. > > > - Original Message - > *From:* nyari duit > *To:* obrolan-bandar@yahoogroups.com > *Sent:* Tuesday, May 05, 2009 8:54 AM > *Subject:* Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - > Bumi Resources; Sell: Unexciting 1Q09 Earnings > > Mungkin citigroup udah kecepatan jual BUMI.. trus pengen beli lagi di > bawah harga beli nya.. > Lalu dimunculinlah analisis sampah kayak gini.. > > Kalo bursa trend bullish, masa BUMI nyeleneh sendiri ke 580... > > Bisa aja sih di SS 1 : 10 ntar di harga 5800, he he... > > BTW, analist nya Citigroup ini lulusan mana ya?? > > Salam, > > ND > > On Tue, May 5, 2009 at 9:40 AM, artomoro9 wrote: > >> >> >> Q: bagaimana membedakan cumi jantan dengan cumi betina? >> >> >> >> DISCLAIMER ON >> >> --- Pada *Sen, 4/5/09, Cumi Cabe Ijo * menulis: >> >> >> Dari: Cumi Cabe Ijo >> Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: >> Unexciting 1Q09 Earnings >> Kepada: obrolan-bandar@yahoogroups.com >> Tanggal: Senin, 4 Mei, 2009, 6:35 PM >> >> Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? >> >> Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? >> >> >> On Tue, May 5, 2009 at 8:38 AM, Sanjaya > gmail.com<http://mc/compose?to=mysanjaya...@gmail.com> >> > wrote: >> >>> >>> >>> Analisa Citi utk BUMI TP. Rp.580….. any comment? >>> >>> >>> >>> Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah >>> itu? Mau nampung barang murah kali…. >>> >>> *Bumi Resources (BUMI..JK)* >>> >>> *Sell: Unexciting 1Q09 Earnings* >>> >>> v *Reiterate Sell *— We reiterate our Sell (3S) rating with target price >>> of *Rp580. At* >>> >>> >>> >> . > > > > > <><>
cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
MBAH, semar mendem ngaso sik lah, semar wis tuo --- In obrolan-bandar@yahoogroups.com, oenja...@... wrote: > > > > This is joke of the day. Lucu banget!!! >  > Mengenai analysis dari Citigroup, please ignore aja deh. >  > > > --- On Tue, 5/5/09, JsxTrader wrote: > > > From: JsxTrader > Subject: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi > Resources; Sell: Unexciting 1Q09 Earnings > To: obrolan-bandar@yahoogroups.com > Date: Tuesday, May 5, 2009, 8:57 AM > > > > > > > > > > > Kalo Cumi no idea.., kalo kelelawar ane tau⦠>  > >  >  >  > > > From: obrolan-bandar@ yahoogroups. com [mailto:obrolan- ban...@yahoogrou > ps.com] On Behalf Of artomoro9 > Sent: 05 Mei 2009 8:40 > To: obrolan-bandar@ yahoogroups. com > Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi > Resources; Sell: Unexciting 1Q09 Earnings >  > > > > > > > > > Q: bagaimana membedakan cumi jantan dengan cumi betina? > > > > DISCLAIMER ON > > --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: > > Dari: Cumi Cabe Ijo > Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: > Unexciting 1Q09 Earnings > Kepada: obrolan-bandar@ yahoogroups. com > Tanggal: Senin, 4 Mei, 2009, 6:35 PM > > > Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? > > Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? > > > > On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: > >  > > Analisa Citi utk BUMI TP. Rp.580â¦.. any comment? >  > Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? > Mau nampung barang murah kaliâ¦. > > > > > Bumi Resources (BUMI..JK) > Sell: Unexciting 1Q09 Earnings > v Reiterate Sell â" We reiterate our Sell (3S) rating with target price of > Rp580. At > current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive > in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q > earnings to trend down on lower coal prices), and higher balance sheet risk. > v 1Q09 earnings: production & sales disappointed â" Bumiâs 1Q09 operating > profit rose 76% y-y and accounted for 27% of our full-year. In our view, the > 1Q09 performance was unexciting with production and sales falling (by ~10 yy), > although this was partly offset by the drop in cash cost (-10% y-y) and > higher ASP (+30% y-y). > v Expect earnings to trend down in 2Q09 onwards â" Bumi says that it now has > 4mt of coal in inventory. The management guides 2009 ASP to be in mid- > US$60s/t, reflecting the lower regional coal contract price (vs. our forecast > of > US$60/t). Thus, we expect Bumiâs earnings to trend down in the coming > quarters. At present, the company has contracted 80% of its volume. > v Balance sheet â" Despite US$267mn of EBITDA in 1Q09, net debt position saw > only a slight decline to US$1.18bn from US$1.3bn in December â08 (taking > into account the US$300mn ST investments) . This partly reflected a big jump > in 1Q09 capex to US$119mn. >  >  > > > > Lebih bergaul dan terhubung dengan lebih baik. > Tambah lebih banyak teman ke Yahoo! Messenger sekarang! > > > > > > No virus found in this incoming message. > Checked by AVG - www.avg.com > Version: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 > 06:00:00 >
Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Hehe yah kalau gitu pada setuju donk dia turun dulu ke 500 hehe.. Sent from my BlackBerry® powered by Sinyal Kuat INDOSAT -Original Message- From: Udin g67 Date: Tue, 5 May 2009 09:04:17 To: Subject: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings analisa nggak mutu, provokator biar bisa dapet harga murah. buang aja barangmu akan aku ambil di 1.000 perak aja kau mau. - Original Message - From: nyari duit To: obrolan-bandar@yahoogroups.com Sent: Tuesday, May 05, 2009 8:54 AM Subject: Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Mungkin citigroup udah kecepatan jual BUMI.. trus pengen beli lagi di bawah harga beli nya.. Lalu dimunculinlah analisis sampah kayak gini.. Kalo bursa trend bullish, masa BUMI nyeleneh sendiri ke 580... Bisa aja sih di SS 1 : 10 ntar di harga 5800, he he... BTW, analist nya Citigroup ini lulusan mana ya?? Salam, ND On Tue, May 5, 2009 at 9:40 AM, artomoro9 wrote: Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At .
RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
This is joke of the day. Lucu banget!!! Mengenai analysis dari Citigroup, please ignore aja deh. --- On Tue, 5/5/09, JsxTrader wrote: From: JsxTrader Subject: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 EarningsTo: obrolan-bandar@yahoogroups.comDate: Tuesday, May 5, 2009, 8:57 AM Kalo Cumi no idea.., kalo kelelawar ane tau… From: obrolan-bandar@ yahoogroups. com [mailto:obrolan- ban...@yahoogrou ps.com] On Behalf Of artomoro9Sent: 05 Mei 2009 8:40To: obrolan-bandar@ yahoogroups. comSubject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina?DISCLAIMER ON--- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 EarningsKepada: obrolan-bandar@ yahoogroups. comTanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY?Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya <mysanjaya.hd@ gmail.com> wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. Lebih bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message.Checked by AVG - www.avg.comVersion: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00
Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Mau belanja barang murah jangan gitu dong boss... Sent from Gravitti Technology® Corporate Network -Original Message- From: "Sanjaya" Date: Tue, 5 May 2009 08:38:22 To: Subject: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI.JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments). This partly reflected a big jump in 1Q09 capex to US$119mn.
Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Nice Sent from my BlackBerry® powered by Sinyal Kuat INDOSAT -Original Message- From: "JsxTrader" Date: Tue, 5 May 2009 08:57:23 To: Subject: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kalo Cumi no idea.., kalo kelelawar ane tau… batman_batgirl[1].jpg From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of artomoro9 Sent: 05 Mei 2009 8:40 To: obrolan-bandar@yahoogroups.com Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. _ Lebih <http://sg.rd.yahoo.com/id/messenger/trueswitch/mailtagline/*http:/id..messenger.yahoo.com/invite/> bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00 <>
Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Ck..ck..wk..wk..ha..ha.. Prof JT ada2 aja Powered by Telkomsel BlackBerry® -Original Message- From: "JsxTrader" Date: Tue, 5 May 2009 08:57:23 To: Subject: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kalo Cumi no idea.., kalo kelelawar ane tau… batman_batgirl[1].jpg From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of artomoro9 Sent: 05 Mei 2009 8:40 To: obrolan-bandar@yahoogroups.com Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. _ Lebih <http://sg.rd.yahoo.com/id/messenger/trueswitch/mailtagline/*http:/id..messenger.yahoo.com/invite/> bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00 <>
[ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
analisa nggak mutu, provokator biar bisa dapet harga murah. buang aja barangmu akan aku ambil di 1.000 perak aja kau mau. - Original Message - From: nyari duit To: obrolan-bandar@yahoogroups.com Sent: Tuesday, May 05, 2009 8:54 AM Subject: Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Mungkin citigroup udah kecepatan jual BUMI.. trus pengen beli lagi di bawah harga beli nya.. Lalu dimunculinlah analisis sampah kayak gini.. Kalo bursa trend bullish, masa BUMI nyeleneh sendiri ke 580... Bisa aja sih di SS 1 : 10 ntar di harga 5800, he he... BTW, analist nya Citigroup ini lulusan mana ya?? Salam, ND On Tue, May 5, 2009 at 9:40 AM, artomoro9 wrote: Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At .
Bls: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Ha..ha...ha Prof...yg batman mirip pola short bentuknya V...batgirl kayak cup & handle yak...brarti mo naik dong Den BEI. Dari: JsxTrader Kepada: obrolan-bandar@yahoogroups.comTerkirim: Selasa, 5 Mei, 2009 08:57:23Topik: RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kalo Cumi no idea.., kalo kelelawar ane tau… From: obrolan-bandar@ yahoogroups. com [mailto:obrolan- ban...@yahoogrou ps.com] On Behalf Of artomoro9Sent: 05 Mei 2009 8:40To: obrolan-bandar@ yahoogroups. comSubject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina?DISCLAIMER ON--- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 EarningsKepada: obrolan-bandar@ yahoogroups. comTanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY?Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya <mysanjaya.hd@ gmail.com> wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. Lebih bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message.Checked by AVG - www.avg.comVersion: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00 Bersenang-senang di Yahoo! Messenger dengan semua temanTambahkan mereka dari email atau jaringan sosial Anda sekarang!
RE: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Kalo Cumi no idea.., kalo kelelawar ane tau… batman_batgirl[1].jpg From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of artomoro9 Sent: 05 Mei 2009 8:40 To: obrolan-bandar@yahoogroups.com Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. _ Lebih <http://sg.rd.yahoo.com/id/messenger/trueswitch/mailtagline/*http:/id..messenger.yahoo.com/invite/> bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang! No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.325 / Virus Database: 270.12.17/2095 - Release Date: 05/04/09 06:00:00 <>
Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Mungkin citigroup udah kecepatan jual BUMI.. trus pengen beli lagi di bawah harga beli nya.. Lalu dimunculinlah analisis sampah kayak gini.. Kalo bursa trend bullish, masa BUMI nyeleneh sendiri ke 580... Bisa aja sih di SS 1 : 10 ntar di harga 5800, he he... BTW, analist nya Citigroup ini lulusan mana ya?? Salam, ND On Tue, May 5, 2009 at 9:40 AM, artomoro9 wrote: > > > Q: bagaimana membedakan cumi jantan dengan cumi betina? > > > > DISCLAIMER ON > > --- Pada *Sen, 4/5/09, Cumi Cabe Ijo * menulis: > > > Dari: Cumi Cabe Ijo > Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: > Unexciting 1Q09 Earnings > Kepada: obrolan-bandar@yahoogroups.com > Tanggal: Senin, 4 Mei, 2009, 6:35 PM > > Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? > > Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? > > > On Tue, May 5, 2009 at 8:38 AM, Sanjaya gmail.com<http://mc/compose?to=mysanjaya...@gmail.com> > > wrote: > >> >> >> Analisa Citi utk BUMI TP. Rp.580….. any comment? >> >> >> >> Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah >> itu? Mau nampung barang murah kali…. >> >> *Bumi Resources (BUMI..JK)* >> >> *Sell: Unexciting 1Q09 Earnings* >> >> v *Reiterate Sell *— We reiterate our Sell (3S) rating with target price >> of Rp580. At >> >> current PE of 10.1x 2009E (30% premium to peers), the stock is >> unattractive >> >> in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q >> >> earnings to trend down on lower coal prices), and higher balance sheet >> risk. >> >> v *1Q09 earnings: production & sales disappointed *— Bumi’s 1Q09 >> operating >> >> profit rose 76% y-y and accounted for 27% of our full-year. In our view, >> the >> >> 1Q09 performance was unexciting with production and sales falling (by ~10 >> yy), >> >> although this was partly offset by the drop in cash cost (-10% y-y) and >> >> higher ASP (+30% y-y). >> >> v *Expect earnings to trend down in 2Q09 onwards *— Bumi says that it now >> has >> >> 4mt of coal in inventory. The management guides 2009 ASP to be in mid- >> >> US$60s/t, reflecting the lower regional coal contract price (vs. our >> forecast of >> >> US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming >> >> quarters. At present, the company has contracted 80% of its volume. >> >> v *Balance sheet *— Despite US$267mn of EBITDA in 1Q09, net debt position >> saw >> >> only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking >> >> into account the US$300mn ST investments) . This partly reflected a big >> jump >> >> in 1Q09 capex to US$119mn. >> >> >> > > -- > Lebih bergaul dan terhubung dengan lebih baik. > <http://sg.rd.yahoo.com/id/messenger/trueswitch/mailtagline/*http://id..messenger.yahoo.com/invite/> > Tambah lebih banyak teman ke Yahoo! Messenger sekarang! > > >
Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Bumi closing di 1650, cumi betina nawarnya di 580, kalo cumi jantan di 1670 (itu pun kalo dapet). Peabody loncat around 11%. b...@lowriskberry -Original Message- From: artomoro9 Date: Tue, 5 May 2009 09:40:15 To: Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI.JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. Selalu bisa chat di profil jaringan, blog, atau situs web pribadi! Yahoo! memungkinkan Anda selalu bisa chat melalui Pingbox. Coba! http://id.messenger.yahoo.com/pingbox/
Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
A: Cumi" betina punya gap di atas sampai 2175 di tutup dengan Cumi" Jantan.. selanjutnya terserah deee --- On Mon, 5/4/09, artomoro9 wrote: From: artomoro9 Subject: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings To: obrolan-bandar@yahoogroups.com Date: Monday, May 4, 2009, 6:40 PM Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@ yahoogroups. com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI..JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. Lebih bergaul dan terhubung dengan lebih baik. Tambah lebih banyak teman ke Yahoo! Messenger sekarang!
cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Q: bagaimana membedakan cumi jantan dengan cumi betina? DISCLAIMER ON --- Pada Sen, 4/5/09, Cumi Cabe Ijo menulis: Dari: Cumi Cabe Ijo Topik: Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 4 Mei, 2009, 6:35 PM Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: Analisa Citi utk BUMI TP. Rp.580….. any comment? Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? Mau nampung barang murah kali…. Bumi Resources (BUMI.JK) Sell: Unexciting 1Q09 Earnings v Reiterate Sell — We reiterate our Sell (3S) rating with target price of Rp580. At current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q earnings to trend down on lower coal prices), and higher balance sheet risk. v 1Q09 earnings: production & sales disappointed — Bumi’s 1Q09 operating profit rose 76% y-y and accounted for 27% of our full-year. In our view, the 1Q09 performance was unexciting with production and sales falling (by ~10 yy), although this was partly offset by the drop in cash cost (-10% y-y) and higher ASP (+30% y-y). v Expect earnings to trend down in 2Q09 onwards — Bumi says that it now has 4mt of coal in inventory. The management guides 2009 ASP to be in mid- US$60s/t, reflecting the lower regional coal contract price (vs. our forecast of US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming quarters. At present, the company has contracted 80% of its volume. v Balance sheet — Despite US$267mn of EBITDA in 1Q09, net debt position saw only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking into account the US$300mn ST investments) . This partly reflected a big jump in 1Q09 capex to US$119mn. Selalu bisa chat di profil jaringan, blog, atau situs web pribadi! Yahoo! memungkinkan Anda selalu bisa chat melalui Pingbox. Coba! http://id.messenger.yahoo.com/pingbox/
Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings
Ya kalo gak ada yang mau SELL, mana ada yang bisa BUY? Q: Cumi-cumi mempunyai delapan kaki atau delapan tangan? On Tue, May 5, 2009 at 8:38 AM, Sanjaya wrote: > > > Analisa Citi utk BUMI TP. Rp.580….. any comment? > > > > Komoditas sudah mulai naik panggung, kok BUMI dipasang target serendah itu? > Mau nampung barang murah kali…. > > *Bumi Resources (BUMI.JK)* > > *Sell: Unexciting 1Q09 Earnings* > > v *Reiterate Sell *— We reiterate our Sell (3S) rating with target price > of Rp580. At > > current PE of 10.1x 2009E (30% premium to peers), the stock is unattractive > > in our view given unconvincing 1Q09 earnings (while we expect 2Q-4Q > > earnings to trend down on lower coal prices), and higher balance sheet > risk. > > v *1Q09 earnings: production & sales disappointed *— Bumi’s 1Q09 operating > > profit rose 76% y-y and accounted for 27% of our full-year. In our view, > the > > 1Q09 performance was unexciting with production and sales falling (by ~10 > yy), > > although this was partly offset by the drop in cash cost (-10% y-y) and > > higher ASP (+30% y-y). > > v *Expect earnings to trend down in 2Q09 onwards *— Bumi says that it now > has > > 4mt of coal in inventory. The management guides 2009 ASP to be in mid- > > US$60s/t, reflecting the lower regional coal contract price (vs. our > forecast of > > US$60/t). Thus, we expect Bumi’s earnings to trend down in the coming > > quarters. At present, the company has contracted 80% of its volume. > > v *Balance sheet *— Despite US$267mn of EBITDA in 1Q09, net debt position > saw > > only a slight decline to US$1.18bn from US$1.3bn in December ’08 (taking > > into account the US$300mn ST investments). This partly reflected a big jump > > in 1Q09 capex to US$119mn. > > > >
