· Indonesia Stock Exchange (BEI) has concluded its process on evaluating Bumi Resource Mineral (BRM) IPO plan. The bourse will give the result to BRM this week and the company could continue the process to Bapepam in order to obtain pre-effective statement, which enables BRM to IPO this year.
· We still wait for the progress on this plan as the impact will be positive for Bumi Resources in support of the company’s debt reduction plan. This also will enable BRM to utilize its assets as it will hold Bumi’s non coal assets, including Newmont and Herald.
· Currently, BUMI is trading at 2011F PER of 14.4x and EV/EBITDA of 5.8x, Buy.
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