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Jumat, 12 Agustus 2011

Lippo Karawaci (LPKR IJ; CP: IDR770; Not rated) - BNP Paribas

Key issues
ƒ The strategy is to have 50% of revenue from the development property and the est
from recurring income from hospitals, hotels and shopping malls.
ƒ Lippo keeps building hospitals and malls and targets to have 20 hospitals and 50 malls by 2015. After reaching positive EBITDA (usually three to four years after construction), they will be sold to the REITs, which are listed in Singapore.
ƒ Competition for new entrants in the property market is high, especially for foreigners, as the government does not give large development rights anymore. These were mostly given in the 1980-90's. Land prices have risen significantly, making it difficult for new entrants to generate similar margin to the old players.
ƒ For healthcare, the company plans to spend USD460m for the next five years with expected revenue of USD500m. The challenge is to attract good specialist doctors, for which Lippo gives partnerships, and importing the latest medical equipment. Quality differentiation is key in this business and one of their hospitals is accredited by JCIA, putting it at the same service quality with Mount E hospital in Singapore.
ƒ For retail malls, they are banking on c.70m middle-income people (with household income of >USD10,000) which is growing at 10-15% pa.
ƒ The company has delivered three towers in Kemang Village with around 700 units. About 30% of the buyers in Kemang Village are Korean and Japanese.
ƒ LPKR is now the largest property counter with market cap of USD2b, 43rd largest counter in the JSX and 13th most active stock in the market.

Questions raised
ƒ Will the company enter into major cities or secondary cities? Both, depending on the size and economics of the area. This is good for all products: housing, malls and hospitals.
ƒ What is the GDP in Jakarta and other cities and what is the average housing selling prices? Jakarta per capita GDP is USD10,000 and Balikpapan is USD17,000. Selling price is around USD700-800/sqm in Karawaci plus around USD500-600/sqm for construction.
ƒ Who are the main competitors? In Serpong area they are Bumi Serpong Damai (BSDE IJ, Not rated), Summarecon (SMRA IJ, Not rated), and Alam Sutera (ASRI IJ, Not rated).
ƒ What is the gross margin? 35% for high-rise buildings and around 40-50% for landed property.

Current view
ƒ Not rated.

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