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
> >
> > �� 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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