2011 Marketing sales may grow by 15% YoY to Rp2.5tn
Next catalyst includes the finishing of Summarecon Mall part 2, Summarecon Mall Bekasi and Office Tower
As of 5M11, SMRA has registered Rp740bn in marketing sales.
Expansion in Bandung is on its way. The company is in process of acquiring total of 300ha of land in Gedebage, near Braga area. So far have acquired 100ha during the process.
Earnings revision on FY11 net profit, reduced by 15% to Rp290bn considering higher debt from bank loans.
Current share price is only at 32% discount to our RNAV of RP1,613/share. 2011F P/B is high at 3.1x vs peers'2.5x.
Selasa, 24 Mei 2011
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