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Hexindo Adiperkasa
25-03-2020, 08:50 PM.
Post: #21
RE: Hexindo Adiperkasa
I took a look at Total Bangun and cannot believe how this construction service business does not require much in working capital, and spits out most of its earnings as dividends.

And yet its share price has been going lower over the years.

Not only are some of these companies cheap, but so is IDR.

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25-03-2020, 09:03 PM.
Post: #22
Hexindo Adiperkasa
(25-03-2020, 08:50 PM)karlmarx Wrote: I took a look at Total Bangun and cannot believe how this construction service business does not require much in working capital, and spits out most of its earnings as dividends.

And yet its share price has been going lower over the years.

Not only are some of these companies cheap, but so is IDR.


Its biz model is more like Boustead Project, main contractor with alot of subcons.
Providing Project Management & engineer services.

Their main problem is in capital allocation.
Their management are capable engineers and good executor.
Capable allocation? Quite bad! Otherwise buying back their shares now is by-and-large, their best option now.
They also spent $ in financial assets which are quite stupid as well.

They also own some lands & resort units that I suspect were given to them as exchange of bad receivables.
Which until now awfully idled!

From my holding, I am more confident with Prodia business albeit not as cheap.

Hardcore deep value investors may want to look at listed Property companies in Indo.
They have been depressed for years.
Some of the notable rather interesting companies are:
$PWON, $JRPT, $RDTX, $BSDE, $PJAA.
I particularly interested in the first 3 which are net cash or nearly net cash.


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