The company is now on the on going process of the transformation of the business, which divesting its matured land bank that contributes only single digit yield to the company, and replace with new land banks, which the company has acquired recently, including Tangerang (500 ha), Banten (1,092 ha) and TB Simatupang (7 ha), which the fund sourced from the right issue (Rp2,07 tn) conducted at the beginning of the year. The company’s total land bank now is 2400 ha, which partly under joint venture agreement with other third parties (2,250 ha -net).
In 2010, the company expects quadruple its revenue from 2009 levels (Rp386.8 bn FY09), with the sale of its old land banks (about 15 ha). Moving forward, the company intends to develop mixed use high-rise properties which include a Simatupang project as well as projects in Tangerang and in Pantai Mutiara. Over the next 3-4 years, the company expects to generate revenues of about Rp14tn.
The company is currently has outstanding warrant of Rp1tn (sweetener from the recent rights issue) or equivalent 18% of the outstanding shares, which can be exercised on 22 Oct 2010 at Rp1,050/share. Based on latest colliers’ revaluation on the land bank, NAV of the company stood at Rp1,798/share, which the current price trading at 41% discount. The company is set to have a re-appraisal of the assets within the next couple of weeks. There is no analyst coverage on the stock.
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