Today, local news announced that ICBP, along with its parent company INDF, has a 12.34% stake (ICBP: 5.11%) in buku-III bank Mega (MEGA IJ). No details on the transaction yet. MEGA is 58%-owned by conglomerate CT Group. The two have previously collaborated in digital bank BBHI. In our view, such investment would not bode well with investors already questioning the wisdom of buying Pinehill at a premium. Retain Add.