Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Bumi rises after sell-off subsides

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS INDONESIA-Bumi rises after sell-off subsides Aug 30th 2012, 05:57 Thu Aug 30, 2012 1:57am EDT Shares of Asia's biggest thermal coal exporter PT Bumi Resources rose as much as 9 percent on Thursday, the first time in a week, after a massive sell-off by investors that saw the stock fall 32 percent since Aug. 23. Bumi, whose stock has fallen 69 percent this year, has been hit by negative sentiment recently, including a ratings downgrade by S&P earlier this month and after the coal miner reported a net loss of $322.1 million for the January-to-June period this week. "Bumi is like a beautiful girl who always breaks your heart but you'll still be coming back to her because at the end of the day, it's all about fundamentals," said a local fund manager who declined to be named, but is accumulating Bumi's shares. "You can price in the governance issue, the financial fiasco, but at this stage I like my chances to make money." Bumi currently trades at 10.2 times the forward price-to-earning (P/E) ratio, relatively cheaper compared with rivals such as PT Bayan Resources which trades at 28.4 times the forward P/E ratio and PT Indo Tambangraya Megah at 10.7 times, according to Starmine's Smartestimate. At 0500 GMT the stock was trading up 1.5 percent at 68 rupiah, the only coal company trading in positive territory. The Jakarta Composite Index was down 1.5 percent. (Reporting by Jakarta Bureau; janeman.latul@thomsonreuters.com) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions