cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[eddytj99]

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.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 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€" 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 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 Bumi’s 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 ’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.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

[oenjacob]

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: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[arwankoty]

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

[zakaria]

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


<>

Bls: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[joko nugroho]

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

[JsxTrader]

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

[nyari duit]

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
> > 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!
>
> 
>

Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[hepisaham]

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.



































 

  




 

















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Re: cumi-cumi? Re: [ob] FW: Citigroup Investment Research - Bumi Resources; Sell: Unexciting 1Q09 Earnings

[Rahmat Taufik]

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

[artomoro9]

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/