Analisa Sagan DMAS
A Reminder : Danareksa Sekuritas 13 Feb 2018
Puradelta Lestari: Cautiously optimistic
DMAS BUY. TP 240
DMAS yesterday said that it targeted marketing sales of IDR1.25tn in 2018. The marketing sales will still be mostly contributed by the industrial estates segment. In terms of area, however, DMAS only expects to record 40ha of land sales, lower than 2017’s achievement of 59.1ha. Nonetheless, we retain our industrial land sales target of 60ha as we expect the company to beat its target considering: (i) plenty of inquiries remaining (100-130ha), (ii) marketing sales in January 2018 of 14ha. Maintain BUY.
Maintain BUY. We reiterate our BUY call on DMAS with an unchanged target price of IDR240 (NAV based valuation with 65% target discount to NAV). DMAS currently trades at a 72.6% discount to NAV, slightly lower than the historical +1SD discount of 71.9%.
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