Pada emiten property ada LONJAKAN keuntungan yg besar pada kwartal 4 terutama pada group Ciputra.
Apakah ini rekayasa keuangan dengan menggeser keuntungan dari kwartal sebelumnya ke kwartal 4 ?. Ada yg tahu PERSISnya kenapa ? --- In obrolan-bandar@yahoogroups.com, "Vic" <victor_speran...@...> wrote: > > properti gerak lagi. bahkan asri n bksl. > > > --- In obrolan-bandar@yahoogroups.com, "Sanjaya" <mysanjaya.hd@> wrote: > > > > CTRA TP Rp. 505. > > > > ELTY TP Rp. 125. > > > > SMRA TP Rp. 400. > > > > > > > > Di Amrik data properti naik diluar perkiraan, apa ini saatnya properti > > Indonesia juga ikut bergerak? > > > > > > > > Salam, > > > > Sanjaya > > > > > > > > Eyeing mispricing opportunity > > > > ô Lower mortgage rates could reignite demand appetite > > > > There has been government pressure to lower lending rates on the ground > > recently. > > > > Our checks suggest mortgage rates have only declined around 100bps from > > > > January to average 14% pa by end-February 2009. We believe only rates near > > 10% > > > > pa will lift demand close to sales levels in 2007-08. > > > > ô Landed residential segment sales to relatively outperform > > > > The property segment that benefits the most from lower mortgage rates is > > landedresidential > > > > especially for mid-to-lower income earners. High-rise residentials earn > > > > lower margins than landed and are hence less attractive for developers > > although > > > > demand in the mid-low segment can persist reasonably, in our view. We are > > > > negative on investment properties this year. We believe a meaningful > > increase in > > > > rental rates is unlikely. > > > > ô 50% discount to our calculated RNAV is attractive > > > > We believe that over 50% discount to our property sector universe RNAV has > > been > > > > an attractive entry level. However, the length and intensity of RNAV > > recovery may > > > > vary. Our property stock universe is currently trading at average 4% > > discount. > > > > ô Top pick is SMRA on a relative basis > > > > We maintain our Buy ratings for Bakrieland, Ciputra Development, and > > > > Summarecon given discount to target RNAV at 38%, 37% and 58%, respectively. > > > > We maintain our Sell rating on Lippo Karawaci and Jababeka. Rolling over our > > > > RNAV target to year 2010 and adjusting for 2008 figures, we raise our price > > > > targets by 14-26%. Our RNAV-derived price targets assume 16.1-16.9% WACC > > > > for development properties and 13.1-13.9% single cap-rate for investment > > > > properties. > > >
