BINAARTHA SEKURITAS
  • Home
  • Research
  • Company
  • Online Trading
  • SSF
  • E-IPO
  • NEWS
  • FAQ
  • sbn
  • Blog

PPRO

Contact our analyst Eka
Harvesting the landbank, 31% upside. BUY
​14th November 2017
Price Rp206
Target price Rp270
2018, A Harvesting Year
  • 2018 24 projects can be harvested, up from 14 in 2017.
  • We expect pre-sales to grow 16% to IDR. 3.6 trillion in 2018F.
Developing the landbank
  • In 2018 PPRO will focus on developing existing 127ha landbank.
  • & add up to 200 – 300 ha by the end of 2017.
Spin off and IPO for Hospitality
  • PPRO plans to IPO their hospitality segment in 2020 or 2021.
  • Before that, PPRO will strengthen the hospitality segment by expanding to more hotels and commercial properties
Valuation: TP 270, Upside 31% BUY
  • We have a one year target price for PPRO of IDR. 270, offering investors a potential return of 31%.
  • This would mean the stock trading​at 29x 2017F PE .
  • ​We recommend BUY.
Download the full report
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920

+62215206678 | email: [email protected]
Follow Our Social Media
Picture
binaarthasekuritas
Picture
​binaartha sekuritas​
Picture
Linkedin
Picture

Binaartha Sekuritas

Picture
@binaartha_sekuritas
Picture
Binaartha research
PT. Binaartha Sekuritas berizin dan diawasi oleh Otoritas Jasa Keuangan
  • Home
  • Research
  • Company
  • Online Trading
  • SSF
  • E-IPO
  • NEWS
  • FAQ
  • sbn
  • Blog