NISP Government bought 1.25% Semen Gresik’s shares from Rajawali Group (SMGR, Rp8,250, Buy)

• The Government on 30 April, has bought 1.25% Semen Gresik’s (SMGR) shares from Rajawali Group with total transaction value of Rp516.9bn. This transaction was settled through Perusahaan Pengelola Aset (PPA) and Danareksa.

• Currently SMGR is trading at 2010F PER of 12.9x and EV/EBITDA of 7.9x, Buy.