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Sabtu, 21 Mei 2011

Indo property update - CLSA

Indo property: The advantage of huge land bank (pls see attached for the details)

· There is a significant advantage of huge land bank besides the fact that it can last for many years.
· Given its ample land bank of 3,300ha in Serpong, Bumi Serpong (BSDE IJ) was able to offer most attractive price for Unilever to set up its Headquarter in BSD City.
· BSDE sold 3ha of land to Unilever at Rp2.5m psm. While land costs were similar vs peers such as Alam Sutera (ASRI IJ), ASRI couldn't offer such low price given it is running out of land bank, hence the need to monetize it as much as possible.
· For BSDE, the lucrative part was not the land sale, but the potential demand that can come from the ~1,000 employees that will work in the Unilever HQ.
· BSDE said it is now in talk with several big corporates who are also interested to set up operations in BSD.
· Maintain BUY on BSDE, now trading at an attractive 47% disc to NAV, one of the largest listed property companies in Indonesia. The portfolio is more diversified with land bank in Greater Jakarta, Surabaya and Balikpapan. A quarter of revenue is now recurring and should grow with time.
· Separately, Bakrieland (ELTY IJ) has 16,000ha land bank. While land location is currently much less lucrative than BSDE, ELTY will no doubt invest massively on the infrastructure (through its toll road subsidiary), so someday this area might be just as thriving as Serpong, and ELTY will have plenty of land bank to monetize.
Posted by Saham Pilihan at 22.17

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