Bumi Resources (BUMI) - Positive Outlook, Ongoing De-Leverage

Bumi Resources (BUMI) – Maintain BUY
Price: Rp3,350 -  Target Price: Rp3,950

Positive outlook, ongoing de-leverage

  • Vallar plans to raise ownership in BUMI.
  • Debt deleverage on process.
  • CIC have interest to be long term partner.
  • Good FY10 results.
  • Higher coal production and ASP in 2011.
  • Reiterate BUY, price target Rp3,950/shr.