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SSIA

Contact our analyst Eka
Focus on industrial estates leads to construction growth & land sales to rise, 54% upside. BUY
​29th November 2017
Price Rp520
Target price Rp800
Focus on Subang Industrial Estate
  • In Subang, SSIA has location permits for 2,000 ha of industrial estates and plans to develop 350 ha in 2018.
  • The land is located near the Patimban toll road project which will start development in 2018.
  • ​We expect the Subang Industrial Estates will earn a profit in 2019.
Land Sales To Rise.
  • Selling prices have continued to increase CAGR 2012-9M2017 of 12%.
  • ​Along with the Patimban Port development, we expect SSIA’s ASP to increase further and, going forward, improved land sales demand.
Strong Construction Growth
  • We estimate NRCA, SSIA’s construction subsidiary, will grow in 2018F from developing the 350 ha land bank in Subang.
  • As of 9M2017, NRCA booked new contracts worth IDR 2.13 trillion or growth of 66.4%
  • We expect the construction sector will be the biggest contribution to SSIA’s revenue, helping 2017F revenue to reach IDR 3.67 trillion and 2018F to rise to IDR. 4.0 trillion.
Valuation: Reiterate BUY with 54% Upside​
  • ​Based on 9M2017 results, we make some adjustment to our forecast & we estimate SSIA shares will rise by 54% to IDR 800 within a year. BUY
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PT. Binaartha Sekuritas

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