Re: [obrolan-bandar] Re: SPO BLTA mundur lagi ?
Bro, BLTA hari ini ada TS sebanyak +/- 1,35 juta lot oleh II. Ada yang punya info? Soalnya saya denger juga Listing di Singapore diundur menjadi tahun depan. Mohon infonya. Terima Kasih On 9/15/06, M Herman [EMAIL PROTECTED] wrote: Dari 500 milyar obligasi conversi terbit tahun lalu, yang belum di konversi tinggal 50 milyar... BLTA emang jago financial engineeringnya, debt to equity udah cuma sekitar 1x (kalau pake international financial reporting standar (IFRS)). --- redyherinantoalb [EMAIL PROTECTED] wrote: Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa kekurangannya pinjam Founder Share, so siap2 aja... :D Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.com, redyherinantoalb redyherinantoalb@ wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back – thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst – beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net
Re: [obrolan-bandar] Re: SPO BLTA mundur lagi ?
Kayaknya itu malah mengindikasikan listingnya jadi , karena emang targetnya skt 1.5t- 1.7 t. Yang di crosing kan punya company sendiri (broker resmi perusahaan adalah danatama makmur). Kalau saya pribadi punya perkiraan listing akan jadi. --- [EMAIL PROTECTED] wrote: Bro, BLTA hari ini ada TS sebanyak +/- 1,35 juta lot oleh II. Ada yang punya info? Soalnya saya denger juga Listing di Singapore diundur menjadi tahun depan. Mohon infonya. Terima Kasih On 9/15/06, M Herman [EMAIL PROTECTED] wrote: Dari 500 milyar obligasi conversi terbit tahun lalu, yang belum di konversi tinggal 50 milyar... BLTA emang jago financial engineeringnya, debt to equity udah cuma sekitar 1x (kalau pake international financial reporting standar (IFRS)). --- redyherinantoalb [EMAIL PROTECTED]redyherinantoalb%40yahoo.com wrote: Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa kekurangannya pinjam Founder Share, so siap2 aja... :D Redy --- In obrolan-bandar@yahoogroups.com obrolan-bandar%40yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.comobrolan-bandar%40yahoogroups.com , redyherinantoalb redyherinantoalb@ wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.comobrolan-bandar%40yahoogroups.com , spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.comobrolan-bandar%40yahoogroups.com , hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.comobrolan-bandar%40yahoogroups.com , mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for === message truncated === __ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To
RE: [obrolan-bandar] Re: SPO BLTA mundur lagi ?
Memang betul termasuk growth (co + stock) di antaranya: BLTA PGAS ADHI (termasuk property sector + kalo berhasil sih Corporate Action/event-nya) Aria -Original Message- From: obrolan-bandar@yahoogroups.com [mailto:[EMAIL PROTECTED] On Behalf Of M Herman Sent: Friday, September 15, 2006 11:25 AM To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Re: SPO BLTA mundur lagi ? Dari 500 milyar obligasi conversi terbit tahun lalu, yang belum di konversi tinggal 50 milyar... BLTA emang jago financial engineeringnya, debt to equity udah cuma sekitar 1x (kalau pake international financial reporting standar (IFRS)). --- redyherinantoalb [EMAIL PROTECTED] wrote: Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa kekurangannya pinjam Founder Share, so siap2 aja... :D Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.com, redyherinantoalb redyherinantoalb@ wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 around SGD41cents or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/obrolan-bandar/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.com, redyherinantoalb [EMAIL PROTECTED] wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 around SGD41cents or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/obrolan-bandar/join (Yahoo! ID required) * To
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa kekurangannya pinjam Founder Share, so siap2 aja... :D Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.com, redyherinantoalb redyherinantoalb@ wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 around SGD41cents or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back
Re: [obrolan-bandar] Re: SPO BLTA mundur lagi ?
Dari 500 milyar obligasi conversi terbit tahun lalu, yang belum di konversi tinggal 50 milyar... BLTA emang jago financial engineeringnya, debt to equity udah cuma sekitar 1x (kalau pake international financial reporting standar (IFRS)). --- redyherinantoalb [EMAIL PROTECTED] wrote: Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa kekurangannya pinjam Founder Share, so siap2 aja... :D Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong [EMAIL PROTECTED] wrote: YES ! You're right, but buyback yg tahun lalu sudah dicadangkan untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi saham --- In obrolan-bandar@yahoogroups.com, redyherinantoalb redyherinantoalb@ wrote: Jangan lupa, sebelum program buyback yang sekarang, dulu juga ada program buyback di harga bawah, waktu masih seribuan, itu treasury stock yang mau dijual ada juga founder shares yang di tawarkan... Redy --- In obrolan-bandar@yahoogroups.com, spr_serpong spr_serpong@ wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief hermanlatief@ wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
--- In obrolan-bandar@yahoogroups.com, mbahqu [EMAIL PROTECTED] wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 around SGD41cents or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/obrolan-bandar/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief [EMAIL PROTECTED] wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 around SGD41cents or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back thus another 300m shares still outstanding. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/obrolan-bandar/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[obrolan-bandar] Re: SPO BLTA mundur lagi ?
duh, i udah nunggu 1taon lebih neh, udah ga tahan buat muncrat, he2 On 9/14/06, spr_serpong [EMAIL PROTECTED] wrote: If dikatakan : the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back – thus another 300m shares still outstanding. jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja atau sampai akhir oktober artinya tiap hari harus buyback 10m shares atau 20.000 lot, mungkinkah dilakukan ? so. isu nya ada benernya juga nih... --- In obrolan-bandar@yahoogroups.com, hermanlatief [EMAIL PROTECTED] wrote: --- In obrolan-bandar@yahoogroups.com, mbahqu mbahqu@ wrote: Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006. Apa ada yg punya info yg melengkapi ? kayaknya nggak , ini saya lampirkan report punya DBS #56256;#56510; Story: Proposed offering in SGX has been amended, canceling the issuance 5% new shares, such that the offering would only comprise of treasury shares of up to 410m shares, and possibly in conjunction with placement of founder shares. #56256;#56510; Point: This should have no impact at all, as the objective of secondary listing is to unlock its book value rather than to raise more capital. #56256;#56510; Relevance: We maintain our Strong Buy rating on BLTA with target price of IDR3,000, with further catalyst – beside the imminent secondary listing - of robust q-o-q improvement in the 3Q financial performance, as strong recovery in oil tanker rates has been evidenced from its lows in the 2Q, and renewed contract prices for chemical tankers effective in this quarter. We share the company's view of bullish chemical rates in 07 given expected shift of significant cargo volumes to higher grade IMO II chemical vessels on the back of new regulations. What are the changes? The company has amended its proposed offering in the SGX, eliminating the issuance of 5% new shares without pre-emptive rights, thus the initial offering would only come from the treasury stocks arising from current buyback program of up to 410m shares (10% of total outstanding) and possibly in conjunction with placement of founder shares of another 410m shares. This is good news in our view, as previously the company has been at odds with the stock exchange authority, as traditionally the 5% new shares issuance is allocated for a private placement with a 12-month lock up period, instead of a public offering. Why the secondary listing? Worthy of note is that the objective of the secondary listing is to 1) unlock company's book value, as assets would be marked to market (FY06 P/BV should drop to estimated 1.4x from current 2.7x), thus allowing BLTA to further leverage for its expansion, and 2) obtain more favorable valuations by expanding its audience base, rather than an exercise to re-capitalize. BLTA's cash position is strong as the company should receive around USD135m in cash arising from the sale- andleaseback of three chemical tankers, booking extraordinary gain of USD54m, thus lending a hand to its expansion plan particularly as BLTA has entered the new FPSO business segment. Nevertheless, there is potential gain to be made from the offering of the treasury stocks, assuming average buyback price of IDR2,300/share, there is c.IDR41bn potential gain or 3% of 06 net profits. How much can we expect? We understand that the secondary listing is imminent, with book building likely to be carried out by the end of this month and the actual listing by mid next month. The company is said to aim for 9.0x PER for the offering compared to current valuation of 6.7x FY07 PER. We think 8.0x PER is more likely and should be achievable, translating to share price of IDR2,400 – around SGD41cents – or 18% upside from the current market price. Supporting the share price would be the current buyback program in place, of which the company has only completed c.100m shares or c.25% of allowed numbers of shares to be bought back – thus another 300m shares still outstanding. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/obrolan-bandar/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/obrolan-bandar/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
