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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.
Posted by Saham Pilihan at 08.11

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