Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Rabu, 22 Juni 2011

Intiland Development: Buy; Rp315; TP Rp505 prev Rp725; DILD IJ Busy years ahead - DBS

• Attractive project pipeline for the next four years
• Huge landbank earmarked for wide range of properties to ride on the sector’s growth
• Cut FY11F/12F earnings by 31%/67% after imputing more conservative revenue recognition
• Albeit lower TP of Rp505, maintain BUY, due to cheap valuation of 0.33xP/NAV, offering 62% upside

Attractive project pipeline, busy years ahead. 2011 should be another busy year for DILD with the recent launch of a commercial cluster and three residential clusters and three high rise developments launches in 2H11. Two of its Whiz Hotel should also start operations by the end of this year. This year, the company is targeting 82% y-o-y marketing sales growth to Rp2tr.

Huge landbank to ride on property sector upcycle. DILD has 1608ha of undeveloped landbank, valued at Rp4.4tr, earmarked for various projects. Indonesia ’s property industry is in an upcycle because of the low interest rate environment and a growing middle income population. And armed with its large landbank, DILD can ride on this with a diverse project mix to cater to several target segments especially the middle income and inner city residential, as well as retail and commercial spaces. Its diverse product range should reduce concentration risks and provide more stable earnings.

Reiterate BUY with lower TP of Rp505 offering 62% upside. We cut FY11F/12F earnings by 31%/67% after imputing more conservative revenue recognition assumptions. Initially, we are too aggressive on the launch schedule. Our target price is also reduced to Rp505 after we shaved RNAV to Rp919/share and applied a larger 45% valuation discount. The counter is now trading at 0.33x P/NAV while average property companies in Indonesia are trading c.50% discount, presenting a cheap valuation. Rerating catalysts are project execution and stronger than expected marketing sales.

Tidak ada komentar:

Posting Komentar