Mansek Lippo Karawaci:LPKR 1H10 sales result meets 42%of 2010 target (LPKR,Rp490,Not Rated)

LPKR released its 1H10 marketing sales result,which booked Rp849bn,or 42%of their targeted sales this year.Housing sales contributed the majority of the book,covered 64%(Rp545bn),mainly from its Lippo Cikarang (Rp262bn)portfolio, followed by Karawaci (Rp159bn).Condominium portfolio shared Rp304bn of sales,to split the contribution,40.1%and 59.7%,respectively.

In the remaining year,the company plans to launch 2 new apartment towers,each in St Moritz and Kemang Village, which expect to meet their condominium sales target of Rp960 this year.The company set Rp2,030 bn marketing sales target this year,with housing sales will be their main contributor.

As per yesterday ’s closing price,LPKR trades at 66%discount to their internal NAV,with consensus PE10 16.4x.We don ’ t have rating on the stock.