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
>
> �� 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.
> �� 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.
> �� 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.
>
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