8M10 sales reached Rp1.76tn, up 137% YoY. August’ sales were booked at Rp433bn, up 6x MoM, given the launch of “The Springs” in Serpong of ~Rp300bn. 8M10 sales were already 83% of company’s FY10 target of Rp1.9tn.
· The company plans to do another launch in next few months in Bekasi again of 200 units (~Rp200bn) of housing in the next few months. It is also considering doing another launch in Serpong.
· Hence, FY10 sales should reach more than Rp2tn. We think sales can reach Rp2.1tn at least vs our current forecast of Rp1.9tn (60% increase YoY). Hence, there is upside risk to our earnings forecast for 2011/12 when the sales will be booked as revenue.
· We continue to like the company as a strong property developer and mall operator. We like its ability to replicate its success from one township to another. The company now has three townships with Bekasi as the recent one launched this year. ROE will keep expanding to 14% in 2011 from 11% this year, one of the highest vs peers.
· Reiterating our BUY on SMRA. SMRA is now trading at 34% discount to its NAV, with marketing sales this year at historical high. Historically, SMRA has traded at premium to its NAV.
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