Orang yg di citigroup bisa ga sih bikin riset? Jangan hanya malu-maluin aja. Pantes aja citigroup mau bangkrut!
--- In email@example.com, Cumi Cabe Ijo <cumie...@...> wrote: > > 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...@...> 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. > > > > > > > > >