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Jumat, 12 Agustus 2011

Agung Podomoro: APLN bonds upsized to Rp1.2tn, downside on 12F earnings are only 2% (APLN, Rp335, Buy, TP: Rp430) - Mandiri

􀂄 Agung Podomoro has raised size of its bonds issuance plan to Rp1.2tn from initially Rp800bn. The bonds will come in two series of 3 and 5 year, with 10% and 11% coupon, respectively. The company will use bonds proceed to acquire companies/land in Jakarta, Bogor, and Bali.
􀂄 As we factored-in the coupon into our model, downside on 12F earnings are seen minimal, slipped by only -2% to Rp644bn. Valuation still looks attractive compared to peers, where based on latest trading price, APLN trades at PE12F of 10.7, vs. CTRP of 19.1x. Maintain BUY, with TP: Rp430/share

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