I've just done this on a KX85 pipe with a dent similar to yours and it worked superbly...
Plastic bag cable tied over big hole (exhaust end) fill with water from muffler end to 75% full and place in deep chest freezer vertically. Check after 4 hours and then every 1/2 hr until dent fixed. DO-NOT leave 'over night'.....
Your mileage may vary, but I'm about to do another, and have no qualms about it...
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