SMRA announced a Rp720/share exercise price for its upcoming rights issue, in which it will issue a max of 2.1bn new shares with proceeds of Rp1.5tr. The impact from the rights issue is overall rather neutral to our FY21-22F estimates, i.e. core EPS accretion of 4-7%, RNAV/share dilution of 2-10%. If fully subscribed, the rights issue would have limited downside risk to TP, in our view. Potential new township development may pose upside risk to TP.
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