Bumi Resources: Buy back shares to support Step-up transaction (BUMI, Rp3,075, Buy, TP: Rp3,700)
BUMI is planning to seek approval from the extraordinary general meeting on 23 August 2011. At the same time the EGM will also give final decision for the sale of 75% stake in BRMS.
BUMI's currently is holding treasury stock of 412.9mn that has been purchased in 2H08 or represent 2% of the totalo outstanding shares.
In our opinion, this plan could be used for 2 options :
1.) to support its deleveraging plan with regard on the potential conversion of the existing 2 CB which issued in 2009 amounting US$375mn and US$300mn respectively and
2.) to support its Bumi Plc's Step-Up transaction to increase ownership in BUMI up to 51%. In our opinion, option 2 is the most likely option
Currently we still have Buy rating on BUMI. BUMI trades at 14.9x-12.7x PER11F-12F
Embah sih udah pensiun jadi jendral diganti ama Pak Arto ....
Embah sih analisa yg LUCU LUCU AJA ... hehehe...
Dan BUMI itu engga bisa dikomporin, tapi kalo IHSG turun maka BUMI naek, PERCAYA ENGGA ?.
Embah kasih bukti:
BUMI mulai naek saat BMRI mulai turun ... nih buktinya ...
http://finance.yahoo.com/q/bc?s=BMRI.JK&t=3m&l=off&z=l&q=l&c=BUMI.JK
Coba ada engga yg bisa jelasin PHENOMENA YG LUCU INI pake matematik sederhana ... hehehe...
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