CTRA has acquired an additional 7.9% stake in CTRS from Castleridge Enterprise Pte. Ltd for Rp 127.8bn. The transaction was settled using additional cash from warrant conversion. Recall that CTRA had issued 1,224 mn warrants in 2006 with an exercise price of Rp 500 each. The warrants can be exercised until they expire in November 2009. As of September 09, around 27% had been exercised, adding Rp 163bn of cash to the company.
Despite the 60% premium to the current market price, the acquisition is non-dilutive we believe since:
1. CTRS currently trades at 10.2-8.2x FY09-10F PER vis-à-vis CTRA’s higher valuation of 23.1-21.6x FY09-10F PER.
2. The acquisition price is at a 52.6% discount to CTRS’s NAV of Rp 1,740/share.
3. The acquisition will increase CTRA’s NAV by 4% to Rp 1,430/share.
We maintain our forecast numbers with a TP for CTRA of Rp 960. This is a 33% discount to the new NAV. Our TP implies a PBV of 1.54-1.46x FY09-10F. BUY maintained.
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