SMRA 7M10 marketing sales: 7M10 sales reached Rp1.33tn, up 98% YoY. However, July marketing sales was recorded at Rp76bn, lower from Rp187bn the previous month.
Nonetheless, this is because the launch of “The Springs” in Serpong on 31July of ~Rp300bn will be recorded in August. Hence, adding this to 7M10 sales means total sales had reached Rp1.6tn, 84% of company’s FY10 target. We believe our estimate of Rp1.9tn in FY10 (+58% YoY), should be easily achievable. The company may do another launch in Bekasi this year.
Maintain BUY on SMRA, trading at 41% discount to NAV, offering 40% upside to our TP to Rp1,250/sh.
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