Rights issues, right time for Indonesia deals?

A slew of equity issuers rev up transactions in the hope that glimmers of improving sentiment help sustain a stock market rebound.
Heavy traffic from rights issuers hoping to fund infrastructure improvements
Heavy traffic from rights issuers hoping to fund infrastructure improvements

Four Indonesian equity issuers have taken their first steps to market rights issues, which could raise about $3 billion if market conditions hold firm over the coming month.

The quartet, led by cigarette manufacturer PT Sampoerna, are hoping that small glimmers of improving investor sentiment will continue to push the Jakarta Composite Index up from recent lows.

Year-to-date the index is down 14.5% but has rebounded 5.9% since August 24. 

In a research report published in late August, Credit Suisse calculated that Indonesia is no longer one of the four most expensive markets in the region in terms of price-to-book relative to return...

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