hebat. ayo properti. bunga kredit turun.
--- In obrolan-bandar@yahoogroups.com, "Hilman Kamaludin" <hilm...@...> wrote: > > > > > Regards, > > > > > > > > Hilman Kamaludin > > Account Executive > > PT Danareksa Sekuritas > > Jl. Medan Merdeka Selatan No. 14 > > Jakarta Pusat 10110 > > Telp. 021 350 9777, 021 350 9888 ext. 2836 > > Fax. 021 350 6076 > > Mobile. 0812 98 32179, 021 95 399 499 > > e-mail. hilm...@... > > > > > > ************************************************************************ > ********************* > > > > > > DISCLAIMER: > The information contained in or attached to this e-mail is confidential > and may be legally privileged. It is intended for the named > recipient(s) only. If you are not the named recipient, you are hereby > notified that any distribution, copying, review, retransmission, > dissemination or other use of this electronic transmission or the > information contained in it is strictly prohibited. The information > expressed herein may contain the private views and opinions of the > sender that does not constitute the formal views and opinions > of PT. Danareksa (Persero) and its subsidiaries, and should not in any > ways be construed as the views, offers, or acceptances of > these entities, unless specifically stated. PT. Danareksa (Persero) and > its subsidiaries does not take any responsibilities nor accepts > any claims of liabilities and/or damages for statements which are > clearly the sender's own and not made on behalf of the entities > concerned. > > > Ciputra Development > > > > The Growth Out Of Java Continues > > > > 12M08 Marketing Sales > > The total marketing sales grew by 29.1% yoy in 2008 to Rp1,429bn. This > number is 94.3% of our full year forecast of Rp1,515bn. Specifically, > the biggest disappointment came from the apartment sales as they only > reached 83.8% of our full year forecast of Rp250bn. In contrast, landed > residential sales remained strong and grew a brisk 29.1% yoy on the back > of residential developments out of Java (Citra Bukitindah Balikpapan and > Citragrand City Palembang) in 2008. > > > > Areas Out Of Java will Continue To Drive Growth > > The company's residential sales in areas out of Java contributed 30% of > December 08 sales, an increase from 25% in June 08. This reflects the > soft launch of the company's new estate in Palembang (Citragrand City > Palembang) for which it managed to record Rp 100bn of sales, or about > 2.5 times the company's target of Rp 40bn. This suggests growth > opportunities out of Java still exist. In 2009, the company plans to > launch two new residential projects out of Java. This focus on out of > Java areas is the right one, we believe. > > > > Updates on Ciputra World Jakarta > > MyHome apartment sales in 2008 were lower than expected since the > company hasn't recorded any sales in the last couple of months. The > management stated that the slower sales is due to unfavorable economic > conditions. As such, it is adopting a prudent sales strategy to better > manage the construction costs. Currently, the substructure is still > being built and the main contractor for the project has yet to be > decided. Nonetheless, the company is adamant that the construction will > be completed according to schedule and that the units will start to be > handed over to the buyers in March 2011. > > > > Maintain buy, TP of 500, implied PE 09-10F of 27.8-20.3x > > Slower growth is expected in 2009 for a number of reasons. First of all, > the looming presidential elections may discourage property purchases due > to the heightened political uncertainty. Secondly, banks will be > cautious in extending property loans on fears that the loans will turn > sour due to the downturn in the economy. Nonetheless, there is still > room for growth - especially at the company's out of Java developments. > In terms of the valuation, the stock is still attractive, trading at a > large 76% discount to the NAV/share of Rp 932 (assuming a post new final > sales tax of 5%). The PBV 09-10F is 0.4-0.4x, or the second lowest in > our property universe. BUY > > > > Lydia Suwandi > > (62-21) 3509888 ext. 3508 > > lyd...@... > > > > **************** > CONFIDENTIALITY: The information contained in or attached to this electronic transmission > is confidential and may be legally privileged. It is intended for the named recipient(s) only. > If you are not the named recipient, you are hereby notified that any distribution, copying, > review, retransmission, dissemination or other use of this electronic transmission or > the information contained in it is strictly prohibited. > The information expressed herein may contain the private views and opinions of the sender > that does not constitute the formal views and opinions of PT. Danareksa (Persero) and its > subsidiaries, and should not in any ways be construed as the views, offers, or acceptances > of these entities, unless specifically stated. PT. Danareksa (Persero) and its subsidiaries > does not take any responsibilities nor accepts any claims of liabilities and/or damages > for statements which are clearly the sender's own and not made on behalf of the entities > concerned. >