Analisa Saham Sektor Properti
Danareksa Sekuritas Sector Update – Property 12/20/2017
Cherry picks
-Based on the indicative numbers, the aggregate marketing sales of the property companies under our coverage reached IDR20.6tn in 11M17. This figure is 76.7% of the full year management marketing sales target of IDR26.9tn and 88.7% of our marketing sales target of IDR23.2tn. Among the individual companies, we note that BSDE, PWON, and SMRA managed to outperform their peers with their 11M17 marketing sales reaching 96.9%, 85.4%, and 87.4% of their targets
-Based on our research covering the offered prices in rumahdijual.com, we note that the price gap between the primary and secondary markets in Greater Jakarta and Surabaya was relatively flat in December 2017 compared to November 2017. Meanwhile, concerning the rental yield, based on the data published by Colliers, we note that the rental rate was down by 2.4- 2.6%qoq in 3Q17. We estimate this to reduce the rental yield by 14-16bps to3.8-4.1%l.
-Valuation: NEUTRAL
Mirae Asset
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