IGAR: 670-900. IGAR plans to give IDR75/share final dividend to shareholders registered as of April 13 (FRIDAY). The dividend/share has a yield of 11% or the largest dividend payment in terms of percentage terms in Indonesia. It now trades at a p/e ratio of 11 X 2012 EPS of IDR62/share vs Asian rivals of an average of 14 X. At that average, IGAR should be fairly valued at 14 X IDR62 which is equal with IDR870. For dividend purposes, it is a buy at any levels.
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