Kategori: Property Real Estate

Management of PT Pembangunan Perumahan (PTPP IJ, Under Review) has announced that the company will build precast production facilities through subsidiary PT PP Pracetak. The investment will be around IDR200bn. The facilities will be built in Cilegon (West Java), Sadang (West Java), and Bakauhuni (Sumatera). Management expect the construction period will take about 2 years..

PT Pembangunan Perumahan (PTPP IJ, Under Review) will begin groundbreaking of the IDR20trn Grand Kamala Lagoon superblock project in Bekasi, West Java. The 25 ha superblock area is designed to have 25 apartment towers in the next 20 years. Other than that there are several more projects to come such as the groundbreaking for IDR5trn.

Pembangunan Perumahan, Tbk (PTPP IJ) will begin groundbreaking of the IDR20Trn Grand Kamala Lagoon superblock project in Bekasi, West Java. The 25 ha superblock area is designed to have 25 apartment towers in the next 20 years. Other than that, there are several more projects to come such as the groundbreaking for IDR5Trn Grand Sungkono.

PT Pembangunan Perumahan (PTPP IJ, Under Review) has finalized the IDR44bn acquisition of Prima Jasa Aldodua (PJA), a heavy equipment rental company. According to management, the acquisition was made to reduce dependency on third party heavy equipment rental. On the other hand, until 1H14 PTPP has booked IDR8.4trn of new contracts (-11.5% y-o-y) or 35%.

Throughout 1H14, PT Pembangunan Perumahan (PTPP IJ, Under review) booked IDR4.6trn of revenue (+10.2% y-o-y) and IDR147bn of net profit (+2.2% y-o-y). The results are in-line with our forecast as well as consensus’ where top line and bottom line account for 32% & 22% respectively from our FY14F projection (Vs. 31% & 27% from consensus)..

Pembangunan Perumahan (PTPP IJ, UR) has acquired 31,995 shares (99.98%) of PT Primajasa Aldodua (PJA), an affiliated heavy equipment company, for IDR44.34bn. The heavy equipment company will be able to internally support PTPP’s core businesses and management targets IDR60bn of revenue generation from this heavy equipment.

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.

BSDE remains our sector Top Pick, as we favour its: i) abundant cash that provides flexibility to finance its current and future developments, ii) large landbank – mainly in Greater Jakarta and in new areas like Palembang and Manado, and iii) growing recurring income. Our IDR2,400 TP is derived by applying a 40% discount to.

PTPP booked 38.6% of its FY13F net profit target in 1H13 – much higher than the 19%-21% achieved in the past two years. Hence, it is cautiously optimistic of posting robust FY13F earnings and guides for a new IDR400bn earnings target (8.1% above earlier forecast). As at end-June, 48.2% of the new FY13 target contract.

Company Profile Lippo Cikarang is an independent township with a solid industrial sector as its economic pillar. Its unrivaled infrastructure and diverse facilities should support its strategy targeting sustainable growth. Highlights Robust investment climate LPCK’s industrial land sales expanded by a 70% CAGR from FY08 to FY12, as Indonesia’s huge market potential continued to attract.