Gajah Tunggal Denies Rumors Michelin Add Shares

October 27, 2010

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I understand there has been no discussion about it. They [Michelin] is still a 10% share holder since 2004, said Director of Gajah Tunggal Catharina Widjaja through a short message to the business last night.

Data Indonesian Stock Exchange (IDX) as of 30 September 2010 showed Michelin still has a 10% share of branded tires GT Radial producing it. Denham Pte Ltd, a majority shareholder with ownership GJTL 47.59% and the remaining 42.41% owned by public investors.

Who brokers who buy up shares of Gajah Tunggal? Based on Bloomberg data, print the net buy CLSA Indonesia Gajah Tunggal shares worth Rp14, 98 billion, OSK Nusadana Rp7, 60 billion, and Reliance Securities Rp5, 82 billion. Phillip Securities and Danareksa Sekuritas print GJTL net buy shares worth Rp 4, 21 billion and Rp 3, 71 billion.

In terms of valuations, the stock is cheap GJTL. Liat stock price to earnings ratio is (P / E) is only 6.58 times. The share price is currently only 2.52 times the book value as at June 2010 amounted to Rp879, 82. (Bisnis.com)

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