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

Rabu, 22 Juni 2011

Bumi Resources - 1Q11 results: Strong but below expectation - JP Morgan

1Q11 results strong but below expectations due to costs: BUMI
reported a 1Q11 net income of US$112MM, down 15% Y/Y from US$132MM in 1Q10. However, excluding non-recurring gains and losses, 1Q11 core net income was US$59MM, up 19% Y/Y from US$49MM, which shows a strong performance. As non-recurring items have historically distorted BUMI’s net income, an analysis of the operating profit reveals the company’s performance in 1Q11. After adjusting for the 30% non-controlling stake in KPC and Arutmin (as required by the IFRS), BUMI’s 1Q11 operating profit of US$219MM is below both the consensus’ (18%) and J.P. Morgan’s (16%) operating profit expectations of US$1.2 bn and US$1.35 bn, respectively. Much of the shortfall is because the costs rose from US$49/ton of coal in 1Q10 to US$64/ton in 1Q11.

1Q11 ASP at US$87 per ton: The recorded volume (before the adjustment of Tata’s stake) for 1Q11 was 14MM tons and the average 1Q11 ASP was US$87/ton, which is significantly higher than the US$77/ton originally guided by BUMI back in Apr-11 and US$63/ton recorded in 1Q10. BUMI has provided a new and higher ASP guidance
of US$90/ton for FY11E, while retaining the FY11E volume guidance of 66MM tons.

Deleveraging process has accelerated: BUMI continues to reiterate its deleveraging efforts, by repaying the 19% CIC loan, whose first tranche of US$600MM will be prepaid in Oct-11. Another recent action is the US$2 bn convertible bonds issued by Vallar to purchase 75% of BRMS. According to BUMI, the convertible-bond issue is another tool to raise additional funds to further deleverage its balance sheet, as BUMI can sell the bonds to investors, who wants exposure to Vallar’s shares.

We are restricted on BUMI: Currently, J.P. Morgan is restricted on BUMI and cannot give any rating recommendation or disclose its price target. We will follow up with more details.

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