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Sabtu, 16 April 2011

Bumi (BUMI IJ) – Balancing Act, by Nick Cashmore - CLSA

Bumi said that it was in talk with CIC on the possible swap of US$600mn debt into equity. “It could be with Vallar’s shares, Bumi’s shares, or BRMS’ shares”

Nick Cashmore is re-iterating his BUY call on BUMI. The company offers an enticing balance sheet restructuring story. One of the country’s most leveraged companies (US$4.2bn gross debt as of Dec 2010), debt restructuring and strong cashflow could see this drop markedly over the next few years.

BUMI has an option to repay US$600mn debt in Oct 2011, but this will cost a penalty fee of US$30mn. Assuming all of CIC debt was redeemed early, this would mean US$95mn in fees, but also US$361mn in annual interest savings.

Nick also thinks that debt for equity swaps are more likely (and have been used before). The stock remains a conviction balance sheet restructuring story. BUY with TP of Rp4,000.
Posted by Saham Pilihan at 21.20

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