Indo Tambangraya Megah (ITMG) – Initiate with HOLD
Price: Rp49,950 – Target Price: Rp55,600
Solid, yet close to full value
- Initiate with HOLD, price target Rp55,600/share.
- Cash rich position.
- High exposure to coal price movement.
- Better market perception.
- Concern on its small reserves.
- Solid, yet close to full value, Initiate with HOLD