sumber dari mana ya? bisa minta original address beritanya? saya stuck di medc 4700 kemarin
--- In [email protected], BI9 80SS <[EMAIL PROTECTED]> wrote: > > > > st1\:* { BEHAVIOR: url(#default#ieooui) } @font-face { font-family: Verdana; } @page Section1 {size: 8.5in 11.0in; margin: 1.0in 1.25in 1.0in 1.25in; } P.MsoNormal { FONT-SIZE: 12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: "Times New Roman" } LI.MsoNormal { FONT-SIZE: 12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: "Times New Roman" } DIV.MsoNormal { FONT-SIZE: 12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: "Times New Roman" } A:link { COLOR: blue; TEXT-DECORATION: underline } SPAN.MsoHyperlink { COLOR: blue; TEXT-DECORATION: underline } A:visited { COLOR: purple; TEXT- DECORATION: underline } SPAN.MsoHyperlinkFollowed { COLOR: purple; TEXT-DECORATION: underline } P { FONT-SIZE: 12pt; MARGIN- LEFT: 0in; MARGIN-RIGHT: 0in; FONT-FAMILY: "Times New Roman"; mso- margin-top-alt: auto; mso-margin-bottom-alt: auto } SPAN.EmailStyle18 { COLOR: navy; FONT-FAMILY: Arial; mso-style- type: personal-reply } DIV.Section1 { page: Section1 } > > MEDCO ENERGI (MEDC IJ)...This is the high conviction idea from the sales desk. Medco is probably one of the most undervalued oil and gas play (in terms of reserves) in the region. The stock has been a massive laggard in the oil and gas space for a combination of reasons. > Mike Chambers and Eugene Chung wrote the following: > 1, Its current Indonesia oil and gas production has peaked and declining making current earnings multiplies unattractive. > 2, There has been continue disappointment on monetizing their gas assets (mainly Senoro gas in Sulawesi) by building a LNG facility. > 3, Association of the Lapindo blowout where Medco has 32% working interest (Energi Mega is the operator). Medco has divested the stake and relinquished of possible liabilities. > > However, a number of recent developments lead us to believe the stock is about to re-rate through divestment and value recognition of their key non-producing assets. > Divestment: > 1, Mgmt is looking to divest their 51% stake in oil service company Apexindo (APEX IJ) worth around US$400m. Already invited bids and transaction should be complete by 1Q08. > 2, Divestment of a number if non operating stakes in Indonesia oil fields could. Expect to raise US450-500m. > > What does this mean? > Current market cap of Medco is US$1.5bn. Take out valuation of divestment. You are paying US$500m for 150m boe of 1P reserves (483m boe of 2P) = less than US$4 per barrel of 1P > But than, the most exciting and biggest upside comes from its two key assets. > 1, Medco owns a 50% interest a oil field in Libya (Block 47). No sell side analyst have attached a fair valuation to that asset due to the fact it is in early exploration stage. However, recent 5 wells drilled shows a 100% hit rate with very high flow rates. We understand that the oil field might contain over 1bn barrels of oil. Note: The other 50% interest is owned by a Canadian listed co Verenex (VNC CN). VNC is valued at US$500 and they do not own anything other than the Libya prospects. Medco is looking to unlock their value of Block 47 through a AIM listing in 2H08. > 2, Senora gas field. Progress to build a LNG facility there (monetize the gas reserves) has been disappointing. However, Mitsubishi (top contender to build the project - Japanese biggest buyer of LNG from Indonesia) has recently bought a 20% indirect stake of Medco through holding company Encore Energy valuing Medco at Rp4,800/share. Why buy a 20% non-controlling stake in Medco if you not intend to be partners? Once LNG deal is a go, GSA agreement will be signed bringing another 120mboe to 1P reserves worth US$500. > Any angle you look at it. The stock is cheap with multiple catalyst for the stock to re-rate. > Our back of the envelope SOTP valuation has a Tp of Rp6,500. BUY with 56% upside (add another Rp1000/share if you include divestment of non-core indo assets) > > ************************************************************************** > This message and any attachments are solely for the intended recipient and may contain confidential or privileged information. If you are not the intended recipient, any disclosure, copying, use, or distribution of the information included in this message and any attachments is prohibited. If you have received this communication in error, please notify us by reply email and immediately and permanently delete this message and any attachments. Thank you > > > No virus found in this outgoing message. > Checked by AVG Free Edition. > Version: 7.5.488 / Virus Database: 269.14.4/1056 - Release Date: 10/7/2007 6:12 PM > > > > __________________________________________________ > Do You Yahoo!? > Tired of spam? Yahoo! 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