FR CGS-CIMB (YU) : Surya Semesta Internusa
First read: in-line 1Q18 results (ex-land revenue)
SSIA IJ / SSIA.JK | ADD - Maintained | Rp535.00 tp:Rp700.00
Mkt.Cap:US$180.90m | Avg.Daily Vol:US$1.69m | Free Float:71.70%
Property Devt & Invt
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■ SSIA booked a core net loss Rp9.7bn in 1Q18 (-352% yoy). This is in line with our expectation without any land revenue booking in 1Q18.
■ Land revenue can only be booked in 2H18, at the earliest, if any new land presales for its SCI phase I-III materialise in 2Q18.
■ Maintain Add call with unchanged TP of Rp700, still based on 0.85x FY18F P/BV.
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