DMAS
Contact our analyst Eka
37% Upside
24th April 2020
Price Rp 182
Target price Rp 250
24th April 2020
Price Rp 182
Target price Rp 250
Results Above Expectations
- DMAS booked revenue of IDR 2.65 trillion up 156% from 2018‘s IDR 1.04 trillion. In 2019 the Industrial estate segment contributed the most with recognized revenues of IDR 2.01 trillion or 76% of the total revenue. Commercial contributed revenue of IDR 603 billion, 23% of the total. The remaining 1% of revenue came from residential, rental and hotels. The revenue was above our forecast IDR 1.6 trillion.
- Gross profit also grew strongly, 155% YoY to IDR 1.48billion. Operating profit even stronger +197% YoY to IDR 1.23 trillion compared to IDR 415 billion in 2018 with a strong operating profit margin of 46.5%, higher than 2018‘s 40% .
- Net profit grew 169% to IDR 1.33 trillion with a net profit margin of 50%, higher than 2018’s 48%.
- DMAS triple digit growth is mostly due to a surge in industrial estate and commercial marketing sales.
Trade what you want (exciting shares like DMAS) when you want & wherever you are. Simply sign up for our Binaartha Online Trading
⬇️ here.⬇️
⬇️ here.⬇️
Stable Marketing Sales
- Amid the Covid-19 outbreak, inquiries for DMAS industrial estates continue while transactions have slowed. This resilience is because most of DMAS’ clients are making long term investments (20-30 years). DMAS has 130 hectares industrial land inquiries left.
- As of 1Q2020, DMAS marketing sales reached IDR 654 billion, or 33% of their target for 2020 of IDR 2 trillion.
- The Industrial estate business has sold 32 hectare of land.
- We are expecting stable 2020 marketing sales with a recovery in the 2nd semester.
- We maintain our target price of IDR 250 within one year. The target represents 8x PE, which gives 37% potential upside. We recommend to BUY.
Previously
| pt_puradelta_lestari_tbk_5_january_2017.pdf |
