Re: [ob] Fw: [saham] BUMI Resources (CIMB-GK@ Oct 1: Maintain OP TP3,800)

Thu, 01 Oct 2009 00:20:02 -0700 

Bukannya udh ke 390 brp hr lalu?
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-----Original Message-----
From: erlien.ermaw...@yahoo.com
Date: Thu, 1 Oct 2009 07:01:09 
To: <obrolan-bandar@yahoogroups.com>
Subject: Re: [ob] Fw: [saham] BUMI Resources (CIMB-GK@ Oct 1: Maintain OP TP
 3,800)

  
 
 
 
 Tolong informasinya kenapa enrg gak naek2 ya.....thx
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----------------

From:  ruzli...@gmail.com 
Date: Thu, 1 Oct 2009 06:48:48 +0000
To: <obrolan-bandar@yahoogroups.com>
Subject: [ob] Fw: [saham] BUMI Resources (CIMB-GK@ Oct 1: Maintain OP TP 3,800)


----------------

From:  "Hilman Kamaludin" <hilm...@danareksa.com> 
Date: Thu, 1 Oct 2009 13:31:35 +0700
Subject: [saham] BUMI Resources (CIMB-GK@ Oct 1: Maintain OP TP 3,800)

 
 
 
 
  
 
 CIMB 
01 Oct 2009 
 Indonesia 
 
    
 
Bumi Resources 
 
Result note - Operational improvements - by Rania Rahmundita 
 
(BUMI IJ / BUMI.JK, OUTPERFORM - Maintained, Rp3,225 - Tgt. Rp3,800, Basic 
Resources) 
 
  
 
We maintain Outperform on Bumi with an unchanged DCF-based target price of 
Rp3,800 (WACC 16%, LTG 0%). 1H09 net profit is 7% above consensus, but in line 
with our expectations. There were operational improvements and greater 
profitability despite a difficult environment in 1H09. Earnings upside could 
come from production and sales volume in 2H09 which could exceed our current 
assumptions. Although details on its CIC deal are not fully out, we believe 
cash flows will be better going forward as the fresh funds would free up Bumi's 
cash flows for a potential doubling of production by 2012. Bumi has given the 
assurance that there is no equity link involved, hence no dilution concerns. 
 
  
 
Full-report including important disclosures: [see attachment] 
 
 
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