No Bakrie, But Still BUMI
·Market value left half. ·No more Bakrie, expects new owner. ·Bumi is valued at discount to average Indonesia coal sector. ·Revised down coal price assumption, re-pricing to Rp2.500/share. ·Share price under pressure due to force sell, but only temporary ·Golden opportunity to Buy On Weakness Strong Operational Despite Lower Earnings ·9M08 revenue inline with expectation. ·Lower earnings due to one time gains last year. ·Higher leverage level due to addition loan to finance Herald acquisition. ·Tough year ahead, but still survive ·Downgrade target price to Rp2,050/shr, translates 5.6x PER’09 ·Maintain BUY source: http://forum.detik.com/showpost.php?p=5642191&postcount=9
