{
    "success": true,
    "data": {
        "id": 1283180,
        "msgid": "valuing-bca-objectively-1447893297",
        "date": "2000-06-13 00:00:00",
        "title": "Valuing BCA objectively",
        "author": null,
        "source": "",
        "tags": null,
        "topic": null,
        "summary": "Valuing BCA objectively The two recent articles by Melville S. Brown on BCA's initial public offering certainly made for amusing reading (The Jakarta Post, May 29, 2000 and May 30, 2000). Although he raises some interesting points, it is obvious from the tone of his writing that he seems to bear some grudge against PT Danareksa and the Indonesian Bank Restructuring Agency. In his articles he suggests that Danareksa's research is biased and a \"work of fiction\".",
        "content": "<p>Valuing BCA objectively<\/p>\n<p>The two recent articles by Melville S. Brown on BCA's initial<br>\npublic offering certainly made for amusing reading (The Jakarta<br>\nPost, May 29, 2000 and May 30, 2000). Although he raises some<br>\ninteresting points, it is obvious from the tone of his writing<br>\nthat he seems to bear some grudge against PT Danareksa and the<br>\nIndonesian Bank Restructuring Agency.<\/p>\n<p>In his articles he suggests that Danareksa's research is<br>\nbiased and a \"work of fiction\". Yet he himself is hardly<br>\nobjective in his analysis and rather embarrassingly reveals<br>\nhimself as being totally incompetent. Most incredible of all is<br>\nhis assertion that the BCA IPO price of Rp 1,400 can in some way<br>\nbe compared to the average trading price of publicly listed banks<br>\non the Jakarta Stock Exchange. Using this absurd logic would mean<br>\nthat we sell \"expensive\" shares like Unilever Indonesia and buy<br>\n\"cheap\" shares like Bank Danamon. He basically forgets that share<br>\nprices also reflect the number of shares in issuance -- something<br>\nwhich a schoolchild should know -- let alone an \"international<br>\nbanker\" like himself.<\/p>\n<p>MARTIN R JENKINS<\/p>\n<p>Jakarta<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/valuing-bca-objectively-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}