DMAS
Contact our analyst Eka
73% Upside
2nd July 2020
Price Rp 165
Target price Rp 285
2nd July 2020
Price Rp 165
Target price Rp 285
Quadruple digit growth
- In 1Q2020, DMAS booked revenue of IDR 108 billion compared to 1Q2019’s IDR 6 billion; higher because DMAS did not record any industrial land sales in 1Q2019.
- Industrial estate sales contributed the most with revenue of IDR 46 billion which is 42.5% of the total, commercial contributed IDR 39 billion, 36.6% of the total, and residential contributed 15.3% or IDR 16 billion.
- Gross profit grew quadruple digits 1,721% YoY to IDR 73 billion from IDR 4 billion in 1Q2019. This meant a higher gross profit margin of 67.9% compared to 1Q2019‘s 63%. The higher gross profit margin is mostly due to higher profits from industrial and residential sales.
- Operating profit also grew to IDR 31 billion compared to a 1Q2019 operating loss of IDR 27 billion. The operating profit margin was 29.2%.
- Net profit grew 552% to IDR 54 billion with a net margin of 49.6%.
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Industrial still selling
Valuation: Maintain BUY with 73% upside
- All of the 1Q2020 marketing sales are from industrial, worth IDR 654 billion or 33% of the full year marketing sales target and DMAS still has another 130 hectares of industrial land inquiries.
- DMAS is targeting marketing sales in 2020 to reach IDR 2 trillion.
- In 2Q2020, around 15 hectares of Industrial estate land will be sold. The buyers are mostly auto suppliers and data center clients.
- We are expecting stable marketing sales in the 2nd semester of 2020.
Valuation: Maintain BUY with 73% upside
- We maintain our target price of IDR 285 to be reached within one year. The target translates to 7x PE, and gives 73% potential upside. We recommend to BUY.
Previously
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