Hits and misses
SSIA IJ / SSIA.JK | ADD - Maintained | Rp545.00 tp:Rp700.00▼
Mkt.Cap:US$186.10m | Avg.Daily Vol:US$1.76m | Free Float:71.70%
Property Devt & Invt
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■ The good news: SSIA has secured additional land bank in Subang IE (total now: 900ha) while waiting to bid for the Patimban access toll road concession.
■ Unfortunately, land sales of existing IEs are slow. We cut land presales/revenue forecasts in FY18F to 5ha/4ha, with unchanged land ASP of US$120 psm.
■ Meanwhile, it is in preliminary talks to sell its remaining SCI phase IV land bank.
■ Despite windfall cash from Cipali toll road sale, SSIA's dividend payout would be less than 10% (lower than historical range of 15-20%).
■ We cut FY18F-19F core EPS by 39-56% and lower our TP to Rp700, still based on 0.85x FY18F P/BV.
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