GJTL: 1,980-2,400. There has been news that Michelin plans to increase its stake in GJTL to 25% from 10% at present. The stake buy may be executed at IDR2,650 or at a pbv ratio of 3.0 times. It is now trading at a p/e ratio of only 8.4 times its 2010 earnings and 5.9 times 2011 prospective earnings, far bellow its Asian industrial peers of 12.8 times. My 12-month target remains at IDR4,500. Best buy is on any weaknesses or below IDR2,050.
