Cash Dividend Payment of 30% Fy08 earning Below our expectation
AALI’s Annual General Shareholder Meeting (AGSM) has approved to pay Rp 505 cash dividend per share implying 30% dividend payout ratio of earning FY08. The remaining balance will be booked as retained earning for funding working capital and investment.
Valuation and Recommendation
Adjusting DPR of 30%, which dropped more than 50% compared to historical policy that maintained at 65%, our DCF valuation model with same WACC of 16.6% arrive new TP at Rp 15,000 per share implying 13.84x PER09F. Currently AALI stock price of Rp 18,900 traded at 17.4x PER09F which above industry PE valuation of 15x and JCI at 12x.
Tidak ada komentar:
Posting Komentar