· Lippo Karawaci has signed a sale and lease back agreement for Siloam Hospitals Lippo Cikarang and Semanggi with First Real Estate Investment Trust which will be executed in 4Q10.
· This deal is expected to bring Rp195.0bn in profit for the company, where Rp42.0bn will be booked in 2010. The remaining balance will be amortized Rp15 years.
· The company cites that it is plan of their strategy in managing its portfolio and increasing value to shareholders. This news follows the latest update for the company where it sets a new dividend policy at 25%.
· Proceeds will be reinvested by the company to finance new hospitals with cost estimated US$20mn per hospital.
· LPKR is trading at 2011F PER of 14.1x and EV/EBITDA of 11.4x.
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