We have not reinstated coverage on BUMI. Despite heavy rain, compared to Consensus estimates the results seems strong and ahead of expectation, 1H10 EBIT $531.8m (+5%YoY & 46% of 2010C) on the back of 1H10 Revenue $2,138.7bn (+25%YoY & 53.6% of 2010C). @Rp1,690- BUMI is trading on 10.4x-6.9x 2010-11 Consensus PER, the cheapest in the sector.
· Fonny Surya: BUMI (non-rated) posted US$134.6 mn of net profit in 1H10 (39% of consensus) decreased 30% YoY from 1H09 figures of US$192.3 mn. On quarter basis, BUMI's net profit is down 61% QoQ primarily due to a large derivative loss booked in 2Q10 of US$ 60mn vs loss of US$ 9.6mn booked in 1Q10. 2Q Operating profit is up 43% QoQ (45% consensus for 1H10). Operating margin is improving, from 21% in 1Q10 to 27% in 2Q10.
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