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Good morning,
Intiland
Development (DILD IJ) booked IDR1.63trn marketing sales during 2016 (-13%
YoY). The slowdown in sales was affected by the delay of two project launch,
Kebon Melati and Darmo Harapan, that was scheduled in 4Q16. Marketing sales
from Surabaya contributed 47%, Jakarta 34%, and the remaining 19% were from
investment properties. In 2017, the company targets marketing sales to reach
IDR2.3trn.
The
company’s 2016 marketing sales achievement was 23% lower than our FY16
forecast, meanwhile it’s 2017 target was in-line our forecast. Currently the
counter is trading at 66% discount to NAV implying 13.6x FY17F/PE. Maintain
BUY with TP: IDR675. (Yualdo Tirtakencana)
Link to Daily
report: Indonesia Morning Cuppa - 300117
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Media
Highlights:
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Corporates
Bank Central Asia establishes a venture
capital
Pembangunan Perumahan has secured new
contracts of IDR4.3trn year to date
PP Properti to conduct stock split and
right issue worth IDR1.5trn
Toba Sejahtera merges its subsidiaries
Total Persada aims new contracts of IDR4trn
in 2017
Indonesia to set Feb crude palm oil export
tax at USD18 per tonne
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Our
Recent Publication:
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Result review: Bank
Negara Indonesia - Beating All Expectations
Link to report: Bank
Negara Indonesia : Beating All Expectations
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Strategy: Indonesia
Strategy: All Eyes On February Election
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Economic update: Bank Indonesia Starts 2017 By Maintaining The Key Rate At
4.75%
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Sector update: Regional Property - Has The Dust Settled?
Link to report: Real
Estate: Has The Dust Settled?
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Company update: Bank Tabungan Negara - Not
Slowing Down Yet
Link to report Bank
Tabungan Negara : Not Slowing Down Yet
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Economic update: Exports and Imports
Moderated in Dec 2016
Link to report: Exports
And Imports Moderated In Dec 2016
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Initiating coverage: Aneka Gas Industri -
Reaping The Rewards Of Its 4-Year Expansion
Link to report: Aneka
Gas Industri : Reaping The Rewards Of Its 4-Year Expansion
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Company update: PP London Sumatra Indonesia
- Beneficiary Of Rubber Price Upcycle
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Company update: Pembangunan Perumahaan - Exciting Earnings Outlook Ahead
Link to report: Pembangunan
Perumahan Persero : Exciting Earnings Outlook Ahead
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Company update: Nippon Indosari Corporindo
– A Good Start to 2017
Link to report: Nippon
Indosari Corpindo : A Good Start To 2017
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Best regards,
Helmy Kristanto
Director
Head of Indonesia
Research
PT. RHB Securities
Indonesia
DID: (6221) 2970 7056
Fax: (6221) 2783 0777
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