Indo market: valuation screen
Following the strong market move yesterday, the Indo market is now trading on 12.5x and 11.5x P/E for 2009 and 2010, backed by 4.7% and 5.1% dividend yield for 2009 and 2010. From the Jakarta sales desk perspective, value outliers may be found on:
1. Indosat – 10.1x P/E and 4.1x EV/EBITDA for 2009; trading at a significant discount to slower growth peer PT Telkom.
2. Bank Danamon – 7.6x P/E and 1.3x P/Book for 2009
3. Perusahaan Gas Negara – 8.0x P/E for 2009 with a 23% EPS growth for 2010 (P/E falling to 6.5x).
4. Ciputra Development – 0.6x PBR for 2009 with subsidiary companies trading below cash backings.
5. Bank Panin – 1.0x P/Book for 2009. The ceveat is the sub-standard RoE of 9.6%, or 11.4x P.E for 2009. But we see 31% EPS growth in 2010.
6. Bumi Resources – 3.0x P/E, 0.7x P/Book, 10% dividend yield for 2009. The ceveat is corporate governance.
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