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PT Bumi Resources Minerals Tbk
to become the leading mining and minerals company in Asia
to become the leading mining and minerals company in Asia


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Dear Colleagues:

Please find the Year 2018 Indonesia Market Outlook Report issued by Samuel Securities for your kind perusal. Such report include, among others, The Upcoming Presidential Elections, The Domestic Buying Power, The IDR currencies performance, The Sovereign ratings, The Growth of GDP, Inflation, and Commodity Prices, The Equity Performance on Industry Basis, etc.

Herwin W. Hidayat (Reno)
Investor Relations
PT Bumi Resources Minerals Tbk.
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Maybank Kimeng: BUY BRMS with TP Rp 560 / share

Based on our multiple discussions with a few equity analysts and investors in the past 2 weeks, Maybank KimEng just updated its Valuation Report on BRMS.
They just raised its Target Price to Rp 560 / share. They remain bullish on BRMS stock with a BUY Recommendation.
3 new factors taken into account in this new reports are the following: (1) Expected better corporate governance and balance sheet discipline post the BRMS' 42% stake transfer from BUMI to CIC. (2) Improved concentrates export by NNT post the MoU signing to build a smelter facility. (3) Including Gorontalo's Sungai Mak & Cabang Kiri's resource estimates into the consolidated valuation model.
2 factors are not included into the valuations: (1) upside potential from NNT's Elang mine site (despite its expected larger size than Batu Hijau's). (2) higher zinc & lead commodity prices than when Dairi was acquired.
Maybank Kimeng remains bullish toward BRMS based on its effort to arrange Global Equity Forum in the US-East Coast area (Nov 2014), and to arrange local roadshow to meet with the domestic fund managers in Jakarta next week.
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BRMS closed at Rp 357 (35% increase in 3 days) on 8 Sept 2014
Top Buyers: Maybank Kimeng

Another 6% increase to Rp 357 / share by BRMS stock price yesterday (8 Sept 2014). Overall BRMS has increased by 35% since last Wednesday (3 Sept 2014). Based on my discussion with a few equity brokers and investors, the following factors may trigger the stock price increase:

*    NNT's announcement that it has signed an MoU with the Indonesian Govt for a plan to build smelter and its Batu Hijau site will commence operation soon

*    Expectation that CIC would end up holding 42% stake in BRMS as a part of the "debt to equity swap" deal with BUMI; thus, improving BRMS's governance with 2 anchored shareholders at BRMS level

*    Expectation of Dairi's project commissioning, supported by NFC, which will be followed by Gorontalo's development

Please note that the top 3 Buyers of BRMS stocks in the past 3 days have been MAYBANK KIMENG (22 mio shares), E-TRADING (12 mio shares), AMCAPITAL (12 mio shares), and RHB OSK (11 mio shares).
Maybank Kimeng, along with its other Malaysian brokers (RHB, AmCapital) have been supporting our stock price, as evidenced with the following efforts:

*    Maybank Kimeng issued a report, valuing BRMS at Target Price of Rp 350 / share and a BUY recommendation in January 2014

*    Maybank Kimeng arranged a global equity forum (US- east coast) for BRMS to meet with the top tier fund managers in November 2014

*    Maybank Kimeng will arrange a local roadshow for BRMS to meet with the dtate owned and private pension funds, mutual funds, etc. in Jakarta next week

*    Maybank Kimeng is the top net buyer of BRMS stock in the past 3 days, supporting the BRMS stock price increase (+35%) to its current level (Rp 357 / share)

BRMS Top Net Buyers (from 4 Sep to 8 Sep 2014)

    Kim Eng Securities (22.099 mio)
    ETrading Securities (13.425 mio)
    AmCapital Indonesia (12.707 mio)
    RHB OSK Securities Indonesia (11.540 mio) 
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BRMS' Dairi signed EPC contract with NFC China to develop the zinc & lead project in North Sumatera

Good media coverage this morning by the reporters about the EPC contract signing between Dairi and NFC China.
Our Press Release was picked up positively by 9 reporters, such as: Bisnis Indonesia, Jakarta Post, Harian Kontan, Bloomberg, Detik.Com, Petromindo, VivaNews, Liputan6, Bisnis.Com.
Most reporters highlighted the following keypoints: (1) NFC's plan to build facilities to process 1 million ton of ores per year into zinc and lead concentrates at Dairi's mine site. (2) The plan to complete the project within 42 months so that the commercial production can commence in 2017.
A few reporters, Kontan and Petromindo, mistated the processing facilities for smelter, but in the following paragraphs, both media mentioned the plan to convert the ores into concentrates; thus implicitly indicating the plan to build processing plant; Not a smelter. We also called the respective reporters to point out such discrepancies.
A positive overall coverage by most, if not all, of the media about the EPC contract signing between Dairi Prima and NFC China.
Herwin W. Hidayat (Reno)
Investor Relations

1. Dairi Teken Kontrak dengan NFC (Bisnis Indonesia, 21 April 2014)  

2. BRMS, China’s NFC sign contract to build smelter in N. Sumatra (, Monday, 21 April 2014)  

3. BRMS' unit to start processing zinc, lead 2017 (The Jakarta Post, Monday, 21 April 2014)  

4. BRMS Bangun Smelter Seng & Timah Hitam (Kontan, Senin, 21 April 2014)  

5. Anak Usaha Tambang Group Bakrie Teken Kerjasama dengan Perusahaan Tiongkok (, Senin, 21 April 2014)

6. Tambang Bijih Mineral Bumi Resources Minerals Beroperasi 2017 (, Minggu, 20 April 2014)

7. Garap Cadangan Seng dan Timah Hitam, Bumi Gandeng Perusahaan Tiongkok (, Minggu, 20 April 2014)

8. Anak Bumi Resources Teken Kontrak dengan Perusahaan China (, Minggu, 20 April 2014)  

9. Bumi Minerals Gives EPC Order to China Nonferrous Metal Industry (Bloomberg, Sunday, 20 April 2014)   
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Motivational & Inspirational Qoute from +Muhammad Rosikhul Iman 
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