In today’s briefing:
- Mr DIY Indonesia IPO Trading – Recent Indo Listings Trade with Limited Liquidity
- Indo Tambangraya Megah (ITMG IJ): 50% of Mkt Cap in Cash, 12% Yield
Mr DIY Indonesia IPO Trading – Recent Indo Listings Trade with Limited Liquidity
- PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (2517930D IJ) raised US$296m from its Indonesia IPO.
- Mr DIY Indonesia (MRDIYI) is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Indo Tambangraya Megah (ITMG IJ): 50% of Mkt Cap in Cash, 12% Yield
- Indo Tambangraya Megah (ITMG IJ) recently had a decent move when it reported strong 3Q 2024 earnings in November. Despite that, it trades at a 12% dividend yield (65% payout).
- In our last insight, we flagged an increase in mine life to 19 years (vs 14 years), further clarifying high-margin cash flows for longer.
- The company has 926 mn USD in net cash, ~50% of its market capitalization, and is trading at 5.5x PE (assuming 350 mn USD profits vs. 9MFY24 273 mn USD).
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