In today’s briefing:
- Delta Djakarta (DLTA IJ): Cheaper Higher Yield Option to Multi Bintang
Delta Djakarta (DLTA IJ): Cheaper Higher Yield Option to Multi Bintang
- Delta Djakarta (DLTA IJ) is a cheaper small-cap option to play the recovery of tourism in Indonesia instead of Multi Bintang Indonesia (MLBI IJ)
- It’s 5Yr/10Yr average ROCE is 22%/29% lower than MLBI IJ due to the high net cash on the balance sheet, ~25% of the market capitalization.
- Trading at 11x PE and 10% dividend yield on normalized earnings (Assuming a 110% payout ratio since the 5 Yr average is 120%), the stock is super cheap.
💡 Before it’s here, it’s on Smartkarma
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