• ELTY hints to acquire 14% - 20% shares of Sentul City (BKSL), with fund sourced from the Right Issue, amounting to Rp1 tn, which planned to be proposed in the upcoming AGM, June 24, 2010. Even though declined to confirm, ELTY’s President Director stated that the company is currently having a plan to expand its business with seeing option of either acquire new land bank or other property company. With regards to the targeted
new land bank, based on Kontan, ELTY is looking at land bank in Bogor, Sukabumi and Rasuna.
• With total current land bank of 1,900 ha, BKSL is currently trading at 81% discount to NAV. In the mean time, ELTY is trading 63% discount to our NAV10. We still have buy recommendation on ELTY with TP Rp500.
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