FR CGS-CIMB (YU) : Surya Semesta Internusa
First read: in-line 1Q18 results (ex-land revenue)
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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â– 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.
â– 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.
â– Maintain Add call with unchanged TP of Rp700, still based on 0.85x FY18F P/BV.
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