Ten years ago Delta Dunia Makmur (DOID) acquired coal mining contractor BUMA for US$550 million. Prior to the acquisition, DOID was traded at Rp1,950 per share. Last Friday, DOID was traded at Rp366 to reflect market capitalization of US$215 million, way below its equity (US$266.8 million by June 30, 2019).To subscribe please click here