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Rabu, 24 Agustus 2011

Bumi Minerals: 1H11 result 41% consensus (BRMS, Rp670, Not Rated) - Mandiri

􀂄 Bumi Resource Minerals (BRMS) booked strong bottom line growth to Rp344bn (+96.8%yoy, +48.2%qoq) despite lower equity income from associate company, due to significant lower tax payment (different VAT tax recognition). The result is below consensus estimate.
􀂄 Copper and gold production trimmed in 2Q11 to 146mn lb and 147k oz respectively, due to delay in phase-6 development in Batu Hijau mine site. Yet, it is offset by strong gold ASP growth to US$1,440/oz.According to CEO, BRMS is expected to boost its NNT productions in early 2013 as the phase-6 is finalized.
􀂄 We have no rating on BRMS, currently traded at consensus PER11F-12F 20.2x and16.0x

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