ITMG – BUY ( TP – RP26.600)

We like ITMG for its strong balance sheet, high dividend, and its decent financial performances since its IPO in late 2007. In addition, ITMG expansion plan is intact, while acquisition is also in the scheme. Our DCF calculation, with WACC of 15,1% and LTG of 5% calls for the share price to be valued at Rp26,500, implying a PER valuation at 10.6 times FY09 earnings. We maintain our BUY recommendation