Local media, Kontan, reported yesterday on Bekasi Fajar ($BEST)’s plan to divest its stake in the warehouse JV with Daiwa. We have confirmed this news with management, but significant details have not been disclosed at the moment. We view this divestment as positive for the company as the divestment proceeds can be used for its core business. Currently the stock is trading at an attractive 5.1x FY17F P/E and 84% discount to NAV. Maintain BUY with a TP of IDR490 (86% upside) reflecting a 65% discount to NAV.