BWPT’s plan to acquire Green Eagle Holding (GEH) is considered expensive
while in the long-run it will increase economies of scale. Meanwhile, BWPT 1H14
performance was relatively in-line with our estimates, with 36.3% yoy growth in
sales and bottom line profit growth at 67.3% yoy. Due to the dilutive impact of
the right issue price we downgrade our TP to Rp560 HOLD.
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