· Bumi Resources shared its objection on BEI’s stern warning on the company’s 2009 financial report. The Bourse put its warning due to the mismatch on Bumi’s COGS with Darma Henwa’s (DEWA, Rp76) revenue.
· The issue popped out in July 2010 where differences are seen between Bumi’s COGS and Darma Henwa’s of US$455.6mn, which did not match with Darma Henwa’s revenue of US$156.6mn from Bumi.
· Bumi defended its case, stating it had explained in early 2H10 that the mismatch was due to a problem in spread sheet, hence, resulting wrong accounting record. Bumi added that the US$314.35mn of the COGS recorded on Darma Henwa is an allocation for Thiess, Bumi’s other coal contractor. Thus, COGS allocation for Darma Henwa was only US$141.27mn. Bumi had also revised its 2009’s COGS and there were no changes in the company’s total COGS amount.
· In the flip side, BEI received the objection and said it will collaborate with Bapepam on this matter.
· We view this is a non event for the company’s fundamental where Bumi had explained the difference back in July 2010.
· Currently, BUMI is trading at 2011F PER of 13.7x and EV/EBITDA of 5.8x, Buy.
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