Andrey Wijaya, Mutiara Nita – RHB Sekuritas
♦ Semen Indonesia (SMGR IJ) is to do mandatory tender offer on remaining Solusi Bangunan Indonesia (SMCB IJ) shares owned by public. Tender offer price is IDR2,097 per share, 4% higher from yesterday closing price.
♦ The mandatory tender offer period is 12 March – 10 April 2019. Latest payment date is 22 April 2019.
♦ We see Semen Indonesia acquisition on SMCB to create positive synergises in the long term. Maintain BUY on Semen Indonesia with IDR14,500 TP ( 16% upside), implies 29x-25x FY19F-20F P/Es.
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