The retail investor buying binge appears to be in early days, considering that 1) Bank time deposit rate has not fallen much over the last 3 months despite aggressive BI rate cuts, 2) Margin financing for retail investors has not been widely available since the collapse of the repo market in Oct-08, 3) Bakrie stocks remain on the “non marginable stock” list issued by the stock exchange. I would advice investors do more work on the following list of “retail” stocks (Not Rated by Macquarie):
1. Wijaya Karya (WIKA IJ) – state-owned construction company that will benefit if the government spending projects accelerate during SBY’s next presidential term. The company just held analyst meeting on 14 April and guides for an FY09 net income of Rp175bn or under 10x P/E. Strong balance sheet.
2. Darma Henwa (DEWA IJ) – Bumi Resources just acquired this mining contracting company (same business model as United Tractors’s subsidiary Pama) at Rp350 in Dec-08. Based on the ambitious growth plan presented by Bumi, the aggressive growth may put the stock on under 5x P/E for 2010. The company’s faith is largely under the control of parent co Bumi Resources, who could be eager to show that the acquisition is a good deal to investors.
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