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SSI SUMMARY – On 18-Sep-26, ULTJ announced rights issues plan (7.88bn shares), comprising of 6.78bn at IDR 2,150 for 100% of Frisian Flag Indonesia (FFI), valued at IDR 14.57tn (USD820mn). In this share swap deal, FrieslandCampina is in the process of gaining 28.95–30.81% stake in ULTJ while Sabana retains 30.25–32.19%. FFI valuation implies 19.3x annualized 7M26 earnings and 3.5x Jul-26 book value. At IDR 2,060, ULTJ trades at 10.2x annualized 1H26 P/E and 6.6x EV/EBITDA, with 6.3% FY25 dividend yield. For the public, we see +4.4% upside potential to the Mandatory Tender Offer Price of IDR 2,150, potentially to occur post 27 Oct (completion of RI). NOT RATED.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
