Result note - Quarterly improvement - by Rania Rahmundita
(BUMI IJ / BUMI.JK, UNDERPERFORM - Maintained, Rp820 - Tgt. Rp770, Basic Resources)
Bumi's FY08 core net profit grew 96% yoy to US$644m, in line with our forecast, but ahead of consensus by 5%. 4Q08 EBIT rose 11% qoq and EBIT margins expanded to 38% from 34%, albeit negated by a higher tax. Cash also improved qoq, although net gearing climbed yoy. A 30% dividend payout is expected, implying a decent 14% yield. We are keeping our Underperform rating for now, while reviewing our DCF-based target price of Rp770 (WACC 19-24%, LTG 0%) and our forecasts. We are less bearish now as we believe the bulk of the selling pressure is over.
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