Analisa Saham LSIP
RHB (DR) 5 Jan 2018
LSIP UPGRADE to BUY TP 1675 (fr Neutral)
Reasonable selling price. We deem the selling price as reasonable. Based on
our observation on selling prices in Cikupa, the prices of land range from
IDR150,000 up to IDR4mn per sqm. According to Licensed and Registered
Public Appraisers (KJPP), the fair value of the idle landbank is around
IDR317,000 per sqm.
Positives: additional cash inflow and higher dividend payout ratio. The idle
landbank has been listed in Lonsum’s balance sheet before the Indofood group
acquired it in 2007. The sale should be positive for Lonsum, as it would see an
additional cash inflow of around IDR375bn in 2018, and industrial estate
companies’ EBITDA margins range from 20% to 70%.
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