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 cumie...@gmail.com menulis: Dari: Cumi Cabe Ijo cumie...@gmail.com 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 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. 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 artomo...@yahoo.co.id wrote: From: artomoro9 artomo...@yahoo.co.id 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 cumie...@gmail. com menulis: Dari: Cumi Cabe Ijo cumie...@gmail. com 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 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!
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 artomo...@yahoo.co.id Date: Tue, 5 May 2009 09:40:15 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 cumie...@gmail.com menulis: Dari: Cumi Cabe Ijo cumie...@gmail.com 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 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. 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
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 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 mysanjaya.hd@ gmail.comhttp://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
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 cumie...@gmail.com menulis: Dari: Cumi Cabe Ijo cumie...@gmail.com 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 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 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 image001.jpg
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 jsxtra...@yahoo.comKepada: 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 cumie...@gmail. com menulis: Dari: Cumi Cabe Ijo cumie...@gmail. comTopik: 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
Ck..ck..wk..wk..ha..ha.. Prof JT ada2 aja Powered by Telkomsel BlackBerry® -Original Message- From: JsxTrader jsxtra...@yahoo.com Date: Tue, 5 May 2009 08:57:23 To: obrolan-bandar@yahoogroups.com 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 cumie...@gmail.com menulis: Dari: Cumi Cabe Ijo cumie...@gmail.com 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 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 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 image001.jpg
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 jsxtra...@yahoo.com Date: Tue, 5 May 2009 08:57:23 To: obrolan-bandar@yahoogroups.com 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 cumie...@gmail.com menulis: Dari: Cumi Cabe Ijo cumie...@gmail.com 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 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 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 image001.jpg
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 jsxtra...@yahoo.com wrote: From: JsxTrader jsxtra...@yahoo.comSubject: 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 cumie...@gmail. com menulis: Dari: Cumi Cabe Ijo cumie...@gmail. comTopik: 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
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 jsxtra...@... wrote: From: JsxTrader jsxtra...@... 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 cumie...@gmail. com menulis: Dari: Cumi Cabe Ijo cumie...@gmail. com 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 mysanjaya.hd@ gmail.com 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
