Bumi Resources (BUMI) – Bottom-line: 2Q10 results not as poor as the read-through from Tata Power’s results (out a few weeks back), that suggested that EBIT may come in flat QoQ. In my own estimate, core net profit (adjusted for FX, one-off gains, and derivatives loss) could be running between US$280-300mn for FY10E, placing the stock on 12-13x P/E. The P/E may look a lot lower if Bumi were to sell its 18% effective stake in PT Newmont Nusatenggara at the price implied by the IPO plan. BUY.
In fact, Bumi reported a 43% QoQ rise in EBIT, as gross margin rose from 22% in Q1 to 28% in Q2. Interest expense fell sligthly from US$135mn in Q1 to US$123mn in Q2. Furthermore, Bumi booked an additional US$78mn gain on sale of investments in Q2, on top of the US$94mn in Q1. The negative sequential offset were: (1) US$50mn loss in derivatives in Q2, and (2) the slight decline in associate income (Newmont) from US$53.5mn in Q1 to US$36.3mn.
Tidak ada komentar:
Posting Komentar