DILD reported surged in net profit to reach Rp85 bn for 1Q2010 performance, compared Rp3 bn last year during the same period, as a result from the residential sales and inventory sales of the company’s assets that give only low single digit yield to the company, which provide greater margin. The company will continue to divest its inventory assets this year (about 15 ha), to expect quadruple increase in revenue from 2009 levels (Rp386.8 bn FY09), despite contribution from the sold out 108 units of the 3 towers planned 1Park apartment, worth ±Rp152.5 bn and other recurring income of its investment properties which as per Des09 contributed 30.4% of the total revenue. Currently, the company has total land bank of 1,400 ha.
Over the next 3-4 years, 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. The company expects to generate revenues of about Rp14tn over the
period.
The company is currently has an 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 45% 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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