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DMAS

Contact our analyst Eka
33% Upside
3rd November 2020
Price Rp 218
Target price Rp 290

9M2020: lower than expected
  • In 9M2020, DMAS booked revenue of IDR 655 billion compared to 9M2019’s IDR 1.27 trillion. Revenues dropped due to the one-off commercial land sales in 9M2019. In the 4Q2020, there is a large sales backlog which is expected to be recorded as revenue.
  • Industrial estate sales contributed the most with revenue of IDR 538 billion which is 82.1% of the total, commercial contributed IDR 65 billion, 9.9% of the total, and residential contributed 5.5% or IDR 36 billion.
  • Gross profit dropped -48% YoY to IDR 427 billion from IDR 825 billion in 9M2019, but DMAS still maintained a stable GPM at 65.2% in 9M2020 compared to 65.0%. in 9M2019.
  • Operating profit dropped -58% YoY to IDR 285 billion compared to IDR 682 billion in 9M2019. The operating profit margin decreased to 43.5% from 54%.
  • Net profit also dropped -60% YoY to IDR 302.4 billion with a net margin of 43.5%.
  • Although there is still a large backlog for 4Q2020, We revise down our 2020 forecasts for DMAS. We now expect DMAS revenue to reach IDR 1.25 trillion.


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Positive Omnibus Law sentiment
  • The Omnibus law is expected to increase Foreign Direct Investment, especially for businesses that require large manufacturing activities within industrial estates.
  • The law will therefore boost sentiment towards Indonesian industrial estate developers, including DMAS.
  • Even in these difficult times, Indonesian Industrial estates have still managing to produce  marketing sales, including DMAS.
  • In the 9M2020, DMAS marketing sales were IDR 1.38 trillion, with most of the sales not yet recorded as revenue and expected to be recognized in the 4Q2020.
  • DMAS is still targeting marketing sales in 2020 to reach IDR 2 trillion.
Valuation: Maintain BUY with 33% upside
  • We maintain our target price of IDR 290 to be reached within one year. The target translates to 20x PE, and gives 33% potential upside. We recommend to BUY.
Read the full report
Previously
​DMAS July 2020
​DMAS April 2020
​DMAS July 2019
​DMAS May 2019
pt_puradelta_lestari_tbk_5_january_2017.pdf
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File Type: pdf
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