Mandiri Sekuritas Summarecon Agung: SMRA reported sold out of 1st phase Summarecon Bekasi (SMRA, Rp910, Buy, TP: Rp1,130)

􀂄 Summarecon Agung (SMRA) reported sold out of sales of its 2 clusters launched consist of 475 units residential in Bekasi within in only 6 hours. This first phase of the project is calculated to worth around 300 bn, which expected to be incurred to company’s revenue in 2011. The company targets to reach marketing sales of Rp1.6 tn this year, a 32,1% yoy increase from last year. As per Mar10, the company’s marketing sales indicated a 36%yoy jump to Rp321bn or about 20% of FY10F. Although running slightly below FY10F target, the chunk of demand is destined for 2Q10, including the Bekasi project

􀂄 At the same, as told Investor Daily , the company declared dividend from 2009 net income amounting to Rp8 / share this year or equal to 30% dividend pay out ratio, on June, 2 2010. It results in dividend yields 2010 of 0.2%

􀂄 Currenty, SMRA is trading at 44% to our NAV10. We still maintain Buy on the stock