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

Senin, 15 Agustus 2011

Corporate Flash Lippo Cikarang – Bahana

100% selling price hike on strong industrial land demand
§ At a recent analyst gathering, Lippo Cikarang (LPCK) revealed positive developments, which would undoubtedly cement our positive view on its parent company Lippo Karawaci (LPKR IJ – BUY – IDR790 – TP: IDR860).

§ LPCK is an industrial township development striving for cleaner-air manufacturing practice. Its land bank is comprised of 599ha for residential and 136ha for industrial area. Currently, LPCK has some 10,000 houses with 300,000+ residents and more than 700 factories.

§ Strong demand for industrial land has led to 100% selling price hike this year to around USD100/sqm, mostly supported by expansions of Korean companies and factories relocations from Japan, Thailand and China. Foreign interest has been spurred by Indonesia’s low labor cost according to the management.

§ LPCK management estimates strong industrial estate demand to persist through 2012 given on going negotiations with some big Japanese companies. As of 1H11, LPCK marketing sales reached IDR860b, surpassing its initial full-year target of IDR700b.

§ In order to have more sustainable revenue growth (i.e. due to the seasonality trend in industrial sales), LPCK plans to develop more commercial properties to support recurring income growth and offer more customized products for foreigners working around the surrounding area.

§ To provide direct access to the Lippo Cikarang area, the company is currently building a new toll gate, which will be operational at 2012 end. This should support future selling price growth, in our view.

Thus, strong marketing sales coupled with high selling prices will benefit LPCK’s 2011-12 financial performance and its holding company, LPKR. Note that LPCK’s 1H11 revenue contributed 18% of LPKR’s total revenue.

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