ACES: Too Alluring To Ignore, Maintain Buy With Higher TP
04 Apr 2019
ACES: Too Alluring To Ignore, Maintain Buy With Higher TP
To reflect company’s bold moves in expansion, we believe the stock deserves an upgrade in TP to Rp2,000/ share (from prev Rp1,750/ share). Our TP implies forecasted 29.0x PER and 23.5x EV/EBITDA 2019F, while at yesterday’s closing price, ACES was trading at 25.6x PER and 20.8x EV/EBITDA 2019F, offering 13.6% upside potential. Maintain BUY.
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