Subject: Kim Kwie Sjamsudin - Alam Sutera Realty: Boomtown beneficiary - Initiate with BUY - Indonesia
Alam Sutera Realty (ASRI IJ) - BUY Price 205, TP 290, Mkt cap $340m, Avg t/o $3.0m Boomtown beneficiary Initiate with a BUY and TP of IDR290; offers 42% upside. With an enviable location in boomtown Serpong, ASRI should expand rapidly. Superior toll road access ex Jakarta and new toll road interchange should reduce the 38-58% gap between ASRI's land prices and prime west Jakarta estates. Commercial area development initiatives will increase value. 2007E: Rec EPS 1, P/E 202.1, P/B 2.0, ROE 1.2, Yld - 2008E: Rec EPS 4, P/E 51.1, P/B 1.9, ROE 3.8, Yld 0.2 2009E: Rec EPS 5, P/E 37.3, P/B 1.8, ROE 5.0, Yld 0.4 http://bnpparibas.wir.jp/l.ut?t=4z38h1J6 Kim Kwie Sjamsudin, CFA PT BNP Paribas Securities Indonesia (62 21) 5798 4665 [EMAIL PROTECTED] (See attached file: ASRI-Feb08.pdf) This message and any attachments (the "message") is intended solely for the addressees and is confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval. The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified. Do not print this message unless it is necessary, consider the environment. -------------- ____________________________________________________________________________________ Never miss a thing. Make Yahoo your home page. http://www.yahoo.com/r/hs
