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

PT Harum Energy Tbk - Minority calculation under IFRS may impact earnings from 2012 onwards - Credit Suisse

● Due to potential changes to IFRS-based reporting for minority interest, we note that there could be differences in earnings forecasts for HRUM starting in 2012.
● Our earnings estimates using new IFRS reporting of minority interest would have been about 17% more than our earnings estimates under the Indonesian GAAP. We have not incorporated the new IFRS calculation for minority interest, given that the
company currently is still looking into ways to incorporate this and other changes into their financial starting in January 2012.
● While the new IFRS may closer reflect the cash flow generated by the company, we believe that market is aware of this and few forecasts might have incorporated the changes. We thus believe that valuation has priced in most of the positive news.
● We maintain our NEUTRAL and target price of Rp9,600, based on 16x 2011E P/E. Given that we do not expect much upside from coal price or production in next few months, we maintain our NEUTRAL view. We may revisit our view upon reserve upgrade due in 2H11 and any update on coal price expectation.

Tidak ada komentar:

Poskan Komentar