Reuters: Global Markets: Bumi Resources shares rally 13 pct on low valuation

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Bumi Resources shares rally 13 pct on low valuation Sep 27th 2012, 07:59 JAKARTA | Thu Sep 27, 2012 3:59am EDT JAKARTA (Reuters) - Shares in Bumi Resources (BUMI.JK), Asia's largest thermal coal exporter, surged 13 percent on Thursday on investor bargain hunting, after the stock was battered this week by an investigation into alleged financial irregularities. "Valuation wise, Bumi's stock is worth more than the current price," said Yasmin Soulisa, mining analyst at Jakarta-based brokerage Batavia Prosperindo Sekuritas. By 0755 GMT, the stock was trading up 13.4 percent at 760 rupiah, after hitting a near four-year low of 590 rupiah on Tuesday, a day after its main shareholder Bumi Plc (BUMIP.L) launched the probe. The stock is down about 65 percent this year and is trading at a forward PE ratio of 6.1, versus 9.6 and 42 for rival Indonesian coal producers Adaro Energy (ADRO.JK) and Bayan Resources (BYAN.JK), according to Thomson Reuters Starmine.

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