Delta Dunia Makmur, The Tide is Coming, Mandiri Sekuritas

For almost 2 years DOID stock has been battered badly due to a lot of
disappointment and misunderstanding on its bottom line following the
internal restructuring and reorganization process. Consensus has been
downgrading DOID earnings and target price. We foresee potential rerating
on the stock as new IPOs are looming, supported by pricing power in the
industry which mostly OB rate now happened at US$2.5/bcm or about 25%
increase on average. We reiterate our Buy rating on DOID with lower TP based
on EV/EBITDA target of 6x at Rp1,000/share vs its fair value of Rp1,250/share.