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Good morning,
Alam Sutera – 9M17
Marketing sales below estimate
Alam Sutera (ASRI
IJ, BUY, TP: IDR540) booked 9M17 marketing sales at IDR1,261bn (-55% YoY).
This achievement only accounted for 34% of our full-year target of IDR3,728bn
(25% from company’s target of IDR5,000bn) and below its 4-year historical
average of 81%. Presales in 3Q17 was weak as it fell 30% QoQ & -66% YoY.
Based on our latest
discussion, the management has no plans to revise its target marketing sales.
We have also confirmed that it has not recorded the agreed land sales to
China Fortune Land Development (CFLD) (600340 CH, NR) in 3Q17 because there
were ~5% of the land yet to be acquired, thus we estimate this will be booked
in 4Q17.
Furthermore, management has yet to
close the IDR2trn Office Tower sale with the negotiation still ongoing
amongst three potential buyers. Based on 5-year historical data, we estimate
the average achievement in 4Q was IDR755bn, combined with 9M17 numbers and
land sales to CFLD in 4Q17 we estimate marketing sales by the end of the year
will be ~IDR3.02trn excluding the Office Tower sale. Currently we have a BUY
call on the counter with TP of IDR540, however we will be revisiting our
assumptions to better reflect current condition. (Yualdo Tirtakencana)
Link to daily
report: Indonesia Morning Cuppa 131017
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Media Highlights:
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Corporate
Indonesian
Government resumes subsidy for 900VA customers
Government steps in
to end price wars between airlines
September domestic
car sales down 9% MoM
Semen Gresik targets
12.2mn tonnes production in 2017
Pelindo III to issue
USD1bn bond
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Our
Recent Publication:
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Sector Update: Building Materials –
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Link to report: Infrastructure
Projects Boost Bulk Cement Sales Growth
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Company Update: Ciputra Development – Toning Down Our
Forecasts
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Corporate News Flash: Summarecon Agung –
9M17 Marketing Sales Are In Line With Estimates
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Regional Thematic: Halal – An Earnings
Boost Strategy
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Economics Update: September Inflation
Remains Moderate
Link to report: September
Inflation Remains Moderate
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Company Update: Nippon Indosari Corpindo –
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Indosari Corpindo : Details On Rights Issuance
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Sector Update: Coal Mining - Energy
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Minister Does Not Agree With Cost-Plus Margin
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Company update: Tower Bersama Infrastructure – Not
Our Preferred Exposure In The Sector
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Corporate News Flash: United Tractors –
Mining Equipment Sales To Stay Robust
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Tractors : Mining Equipment Sales To Stay Robust
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Economics Update: BI Cuts Key Policy Rate
Further In September
Link to report: BI
Cuts Key Policy Rate Further In September
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Best regards,
Andrey Wijaya
Senior Vice President
Research Analyst – Auto, Consumer, Cement
PT RHB Sekuritas Indonesia
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