LPKR targets IDR1.3trn for 1Q14 marketing sales

Lippo Karawaci (LPKR IJ, BUY, TP: Rp1,500) is targeting IDR1.2-1.3trn of marketing sales throughout 1Q14 that will translates to 18-20% of total FY14F target marketing sales of IDR6.8trn. FY14F capex is allocated for US$650mn or IDR7.5trn that will be financed from internal cash and the last emission of US$150mn global bond.