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: Sarana Multi Infrastructure (SMI) is reported to study on the possibility of increasing its stake in Pandaan - Malang toll road (from current stake at 5%). This opens an exit opportunity for Pembangunan Perumahan ( IJ; Rp1,840; Buy) which previously indicated its interest to divest its stake on the related toll road (up to 15%; current stake at 35%) making them minority shareholder (below 20%) in Pandaan - Malang toll road. (Bisnis Indonesia).
Comment: This news delivers positive sentiment for both and . First, SMI interest on Pandaan - Malang share acquisition could provide an exit strategy for which could release c. Rp1tn worth of cash (applying 's Gempol - Pandaan market valuation at P/B of 2.3x) and book c.Rp566bn potential one-off gain. Second, will have a strong capital back-up from SMI (if realized) in the form of the possibility of accessing additional debt or stake divestment to finance the other toll road projects. We maintain BUY on both and .
Sumber : IPS RESEARCH
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