Pls read it carefully. Overall, 3Q09 operating performance is looking good and better than 2Q09.
Current share weakness provides buying opportunity as bumi has dropped sharply by 30% from highest level this year. We maintain BUY call with TP Rp3625/shr.,
The Maruwai coking coal asset is interesting and Bumi has expressed specific interest in it.
Bumi is conducting a limited audit review in Q309 and, hence, will publish its financials for Jan/Sep 09 by 30 Nov '09.
A preview, however, of the operating metrics for Q309, however, indicate :-
A) record breaking Q309 production (Jul/Sep 09) which annualises to a 70 m tpa rate - never ever achieved before.
B) matched by record Q309 sales. (Jul/Sep09)annualising to 62 m tpa rate.
C) average fob price (FY09 est) in early $60's/ton
D) comfortable inventory which augurs well for Q409 sales.
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