Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 23 Juni 2011

BUMI On the right track - by Erindra Krisnawan (BUMI IJ / BUMI.JK, OUTPERFORM - Maintained, Rp3,100 - Tgt. Rp4,000, Coal Mining) - CIMB

1Q11 reported profit of US$112m (down 19% yoy due to a low effective tax rate in 1Q10) accounted for 20% of our FY11 forecast and 23% of consensus. While 1Q11 operating profit of US$219m (+44% yoy, -15% qoq) represented 16% of our forecast and 18% of consensus estimate, volume and ASP met expectations, offering comfort that earnings expectations for the year can be met. Hence, no change to our earnings forecasts. Bumi reiterated its plan to prepay the first tranche of its CIC loan in Oct 11, implying it continues to de-leverage despite perceived uncertainties surrounding Vallar's latest plan to transfer a 75% stake in BRMS in exchange for US$2.07bn CB. Following its recent price correction, Bumi trades at 12.4x forward P/E with potential upside from earnings strength and further de-leveraging. Our price target remains NAV-based, at Rp4k.

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