Certainly, there is good synergy merging Duta Pertiwi into BSDE. The combined entity will have a massive 4,250ha land bank in Greater Jakarta and Surabaya. More importantly, DUTI’s reputation as a good commercial developer with strong recurring income will compliment BSDE’s strong residential footprint which at this moment lacks recurring income. The big question here is the price and how this deal going to be structured. Given that it is a related party transaction, minorities will have to vote for it giving "some" comfort level of pricing. However, BSD stated that DUTI will stay listed with 15% float means there would not be a tender offer leaving minorities behind.
BSDE announced to the stock exchange its intention to acquire 85.31% stake in its sister company, Duta Pertiwi (DUTI IJ), currently own by Sinar Mas group.
From operational standpoint, we think the consolidation is beneficial given the combined entity will have a sizeable 4,250ha land bank in Greater Jakarta and Surabaya with a much strong recurring income base.
Our estimated NAV for BSDE is Rp17tn, while DUTI’s NAV as estimated by the company is Rp7tn. Translated to NAV/sh, DUTI is now trading at 45% discount to its NAV, while BSDE at 34%.
Assuming BSDE buys 85% stake in DUTI at current price, then it implies BSDE needs US$370m. BSDE has about US$110m cash now. So, this means BSDE needs to finance US$260m (20% of its market cap).
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