Bumi Resources (BUMI) - De-leveraging on Going

Bumi Resources (BUMI) – Maintain BUY
Price: Rp2,125 – Target Price: Rp3,250

De-leveraging on going

  • US$700 mn bond issuance.
  • Non-preemptive right issue will realize soon.
  • De-leverage and refinancing loan.
  • What is the impact?
  • Maintain BUY.