Sunday, October 16, 2011

Indika Energy.Tbk - Maintain Outperform

by Macquarie : INDY

Outperform maintained. INDY’s valuation has become increasingly attractive given recent share price weakness, now trading on FY12E PER of 4.7x – the cheapest in the sector, noting our earnings estimates are 21% above 2012consensus. We note INDY’s 46% stake in Kideco makes up 75% of our valuation and we think it is being overlooked given current valuations.

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