RE: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
AYO BUM_BUM masak kalah sama TAM_TAM.. From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of Joe Grunk Sent: Monday, February 23, 2009 1:55 PM To: obrolan-bandar@yahoogroups.com; sa...@yahoogroups.com Subject: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument * CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. * Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. * Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. * Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. * Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. * Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. * Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com mailto:ahmad.soli...@clsa.com CLSA CLEAN GREEN: Please consider our environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html https://www.clsa.com/disclaimer.html or sent to you upon request. Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http:/mail. promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
rasio BID:OFFER di BUMBUM makin besar nih. Hay, kamu bisa! WARNING: Kebanyakan cumi berpengaruh buruk bagi kolesterol anda! On Mon, Feb 23, 2009 at 3:12 PM, Irwan Adi Triwibowo irwan...@gmail.comwrote: AYO BUM_BUM masak kalah sama TAM_TAM…… -- *From:* obrolan-bandar@yahoogroups.com [mailto: obrolan-ban...@yahoogroups.com] *On Behalf Of *Joe Grunk *Sent:* Monday, February 23, 2009 1:55 PM *To:* obrolan-bandar@yahoogroups.com; sa...@yahoogroups.com *Subject:* [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http:/mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
1250 posible, tapi hati2 jebakan breakout, at this level, jangan makan dulu, kita minta BD 'buktikan' dulu kalau die serius mau jebolin resistance.., baru nanti kita bantu dorong. Hehehe.. Powered by Telkomsel BlackBerry® -Original Message- From: Rei highwaysta...@gmail.com Date: Mon, 23 Feb 2009 13:59:16 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Tahunya jebakan bgmn bos? Hehe... Selain volume ya bos, 1250 kita short lagi aja Powered by Telkomsel BlackBerry® -Original Message- From: JsxTrader™ jsxtra...@yahoo.com Date: Mon, 23 Feb 2009 08:35:53 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument 1250 posible, tapi hati2 jebakan breakout, at this level, jangan makan dulu, kita minta BD 'buktikan' dulu kalau die serius mau jebolin resistance.., baru nanti kita bantu dorong. Hehehe.. Powered by Telkomsel BlackBerry® -Original Message- From: Rei highwaysta...@gmail.com Date: Mon, 23 Feb 2009 13:59:16 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
si baso tahu blm lg pingsan kena hANTAM hahahaha...baso tahu masak baso tahu aja loe,jgn harap antm harganya sama kaya baso tahu wakakakabtw analysers started to upgrade IDX stocks which could be a sign of bottoming process and become a valid sign for investors to jump into IDX...sooner there will be more analysers upgrading and upgrading higher stocks so better jump in before others does From: Rei highwaysta...@gmail.com To: obrolan-bandar@yahoogroups.com Sent: Monday, February 23, 2009 2:09:00 PM Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Bentar pak, Bos BT lagi asik makan baso tahu lsampai upa nahan Antm-nya kali hahaha On Mon, Feb 23, 2009 at 2:03 PM, indeksbei3000@ gmail.com wrote: Saya nunggu di 400 ga dapet dapet nih Pak Rei :) Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss... ! From: Rei Date: Mon, 23 Feb 2009 13:59:16 +0700 To: obrolan-bandar@ yahoogroups. com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo. com wrote: * CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. * Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. * Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period.. * Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. * Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. * Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. * Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.solihin@ clsa.com CLSA CLEAN GREEN: Please consider our environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www. clsa.com/ disclaimer. html or sent to you upon request. Dapatkan alamat Email baru Anda! Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Wa cuma nonton aja. Gak ikutan. --- Pada Sen, 23/2/09, JsxTrader™ jsxtra...@yahoo.com menulis: Dari: JsxTrader™ jsxtra...@yahoo.com Topik: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Kepada: obrolan-bandar@yahoogroups.com Tanggal: Senin, 23 Februari, 2009, 12:35 AM 1250 posible, tapi hati2 jebakan breakout, at this level, jangan makan dulu, kita minta BD 'buktikan' dulu kalau die serius mau jebolin resistance.., baru nanti kita bantu dorong. Hehehe.. Powered by Telkomsel BlackBerry®From: Rei Date: Mon, 23 Feb 2009 13:59:16 +0700 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya...Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. Upgrade to Outperform. With best regards, Ahmad Solihin (Olie)CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834Mobile: +62 812 807 3656 Fax: +62 21 574 6920ahmad.soli...@clsa.com CLSA CLEAN GREEN: Please consider our environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. Dapatkan alamat Email baru Anda! Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain! ___ Nama baru untuk Anda! Dapatkan nama yang selalu Anda inginkan di domain baru @ymail dan @rocketmail. Cepat sebelum diambil orang lain! http://mail.promotions.yahoo.com/newdomains/id/
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Gile bok.. pesanan dari mana nih :)) fresh from the oven :)) sampai-sampai ekspektasi EPS lupa diganti :) On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Saya nunggu di 400 ga dapet dapet nih Pak Rei :) Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...! -Original Message- From: Rei highwaysta...@gmail.com Date: Mon, 23 Feb 2009 13:59:16 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
MARI DUKUNG...LANJUTKAN! Sent from my BlackBerry® powered by Sinyal Kuat INDOSAT -Original Message- From: Rei highwaysta...@gmail.com Date: Mon, 23 Feb 2009 13:59:16 To: obrolan-bandar@yahoogroups.com Subject: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument
Bentar pak, Bos BT lagi asik makan baso tahu lsampai upa nahan Antm-nya kali hahaha On Mon, Feb 23, 2009 at 2:03 PM, indeksbei3...@gmail.com wrote: Saya nunggu di 400 ga dapet dapet nih Pak Rei :) Sent from my BlackBerry(R) smartphone from Sinyal Bagus XL, Nyambung Teruuusss...! -- *From*: Rei *Date*: Mon, 23 Feb 2009 13:59:16 +0700 *To*: obrolan-bandar@yahoogroups.com *Subject*: Re: [obrolan-bandar] Fw: ANTM (TP Rp1,275) - CLSA: The gold argument Antm tembus juga 1200...lanjutkah? tapi pak JT sdh bilang 1250 possible ya... Selamat buat yg masuk di antm (not me...)! On Mon, Feb 23, 2009 at 1:54 PM, Joe Grunk joe_gr...@yahoo.com wrote: - CLSA is bullish on gold and upgrading the price assumptions by around 25% to 27% over the next two years, with potential for short-term upside surprise. - Subsequently, we are raising our earnings forecasts for Antam by 90% to 25%. - Known to be a nickel play, gold contribution to Antam revenue could increase from 10% in 2007 to an expected 30% in 2009 while the contribution to gross profit could jump from 10% to 50% over the same period. - Impact of higher gold price over the longer run to earnings and cash flows is more subdued though, due to relatively short gold reserves life, as reflected in 25% gold contribution to our total DCF estimate. - Antam valuations, PE and EV/EBITDA, are not cheap but the counter offer the only gold exposure in town. - Risks would include stubbornly high ferronickel cost, immediate ban on nickel ore export, and higher than assumed derivative loss. - Upgrade to Outperform. With best regards, Ahmad Solihin (Olie) CLSA Indonesia , Investment Analyst Phone: +62 21 2554 8834 Mobile: +62 812 807 3656 Fax: +62 21 574 6920 ahmad.soli...@clsa.com * -- * *CLSA CLEAN GREEN: Please consider our environment before printing this email.* The content of this communication is subject to CLSA Legal and Regulatory Notices. These can be viewed at https://www.clsa.com/disclaimer.html or sent to you upon request. -- Dapatkan alamat Email baru Anda! http://sg.rd.yahoo.com/id/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/id/ Dapatkan nama yang selalu Anda inginkan sebelum diambil orang lain!
