Trading volume in the shares of Arwana Citramulia (ARNA), a ceramic producer, increased sharply Wednesday (Feb 5) following rumors that fund managers were collecting the stock. It gained 1.34% to Rp755, to reflect PE multiple 24 on its annualized earnings of 2013. At the current price, Arwana has market capitalization of Rp5.5 trillion, almost eight times its equity as at September 30, 2013.

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