DMAS
Contact our analyst Eka
20% Upside
9th May 2019
Price Rp 246
Target price Rp 295
9th May 2019
Price Rp 246
Target price Rp 295
Optimistic on Marketing Sales
- As of 1Q2019, DMAS has achieved marketing sales of IDR 914 billion, or 73% of their marketing sales target for 2019 of IDR 1.25 trillion.
- The marketing sales achievement in 1Q2019 is higher than 2018 marketing sales of IDR 884 billion. This is also a higher achievement compared to peers.
- The Industrial Estate segment and commercial segment still dominates marketing sales in 1Q2019.
- While the marketing sales has not been booked as revenues in the 1Q2019 result, it will be recognized in the following quarters this year.
- We expect 2019 revenue to reach IDR 1.18 trillion with double digit growth of 13% on the strong 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.⬇️
1Q2019: Weak Results
Valuation: TP 295, 20% upside
- In first Quarter of 2019, DMAS posted revenue of IDR 6.4 billion which fell -48% compared to 1Q2018’s IDR 12.2 billion. Most of 1Q2019 revenue came from the residential segment at 59.1% of revenue, higher compared to 1Q2018’s contribution at 29.3% of revenue.
- Gross profit also fell -62% YoY to IDR 4 billion and operating profit was a worse negative IDR -27 billion compared to IDR -14 billion in 1Q2018.
- Net profit grew 128.5% to IDR 8 billion on a boost from water and estate management income which grew 51% to IDR 44.8 billion.
- We assume the weak 1Q2019 results are from the postponed marketing sales.
Valuation: TP 295, 20% upside
- Because of the strong marketing sales and an expected better result in the second quarter, We maintain our recommendation to BUY.
- We target DMAS to trade at 23x 2019F PE, which gives a target share price of IDR 295 or 20% potential upside.
Previously
| pt_puradelta_lestari_tbk_5_january_2017.pdf |
