Based on the attached IPO report from Semesta Indovest (the underwriter) and a report on Malaysian plantations sector from Citigroup, we feel it is realistic to assume that GZCO can trade up to 9 - 10x 2008 EPS or equivalent to Rp 288 - 320 per share.
Malaysian plantation companies' trading range are from 15.8 to 22.8x 2008 EPS while larger Indonesian plantation companies are estimated to trade around 11 - 12x 2008 EPS.
(from bei-investorclub-jkt@yahoogroups.com)
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