FR CGS-CIMB (YU) : Surya Semesta Internusa | PDF
Back on track
SSIA IJ / SSIA.JK | ADD - Maintained | Rp478.00 tp:Rp725.00▲
Mkt.Cap:US$147.80m | Avg.Daily Vol:US$0.79m | Free Float:71.70%
Property Devt & Invt
Author(s): Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■ SSIA booked 8.3ha land presales in SCI IE in 9M18 and may book another c.18ha in FY18-19. We now expect SSIA to be profitable in FY18-19.
■ While construction arm NRCA booked fewer contracts, we estimate faster revenue realisation in FY18F from its carryover contracts.
■ We now project positive core EPS growth in FY18-20F. We maintain our Add call with a higher TP of Rp725, still based on 0.85x FY19F P/BV.
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