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Kamis, 13 Januari 2011

Mandiri Sekuritas Agung Podomoro Land: APLN to increase its 2011 Capex to Rp2tn following new expansion (APLN, Rp340, Buy, TP: Rp465)

􀂄 APLN is possibly to increase its capex plan for 2011 to Rp2tn, from initially Rp1.5tn. The company mentioned that this due to its plan expansion of its land acquisition in Pos Pengumben that may require more fund that is budgeted.

􀂄 The company has recently announced its movement onto new project JV (APLN portion for 70% stakes) for 8.3ha land development in Pos Pengumben, South Jakarta. It has total transaction of Rp108bn. The land is adjacent to its group’s other residential project, Permata Residence, which has already in mature. The company plans to build a combination of landed houses and apartment tower(s) in the area. In the near term, APLN expects to acquire further several pieces of land in the area to round-up to total area of 14ha.

􀂄 Such expansion is a notion that we expect to see from APLN going forward as to show commitment of its continuous business growth, having minimal land bank that the company holds. We maintain buy on the stock, attractively offers 36.8% upside to our TP of Rp465/share. APLN currently trades at 27% discount to our RNAV11F and PE11F 13x.
Posted by Saham Pilihan at 05.27

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