When Benakat is bigger than Energi Mega and inches away from MEDCO

Unbelievable! The newly listed Benakat Petroleum (BIPI) currently has market cap of Rp7.5 trillion, bigger than Energi Mega Persada (ENRG), and just inches away from Medco Energi (Rp8.5 trillion). Oops, it is triple the market cap of PT Elnusa (ELSA) Tbk. That much?

Some said acquisition of 37% shares in Elnusa boosted Benakat. Well, ELSA only has market cap of Rp2.48 trillion, while BIPI reported net loss of Rp32 billion in eight months of 2009. It acquired coal concessions? When these assets will generate substantial revenues?

Benakat has surged 78.6% from its IPO less than a month ago. Yesterday, the stock soared 22% to Rp255. May be next time, just sim salabim and Rp50...

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