SMRA BUY UPGRADE tp to 1200 (fr 830)
Maybank-KE research: SMRA – Unlocking Value
Aurellia raises TP to IDR1,200(from IDR830) per shares on FY19E valuations, 57% discount to RNAV.
High Capex for greenfield land is over since 2014.
Monetising four new projects at Makassar, Bogor, Karawang, and Bali.
Consistently capture demand for properties priced IDR1bn or below and no plan to launch new apartements.
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