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Danareksa Equity Snapshot - 8 Juni 2018
June 08, 2018 09:45


Bumi Serpong Damai: Right on Track (BSDE IJ. IDR 1,750. BUY. TP IDR 1,930)

We believe that BSDE will record indicative marketing sales of ~Rp3.5tn in 1H18, largely in-line. In 2H18, the marketing sales will mostly come from residential launchings and potentially Rp1.8tn of land plot sales. We like BSDE for its huge landbank, providing operational flexibility & sustainability, and good stock liquidity. Maintain BUY with a lower TP of Rp1,930.

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Perusahaan Gas Negara: Acquisition options (Not Rated)

We visited PGN to discuss about the current acquisition of Pertagas. The progress of the due diligence is still on going and the valuation is expected to be finalized by the end of June. PGN mentioned the possible schemes that might be used to acquire Pertagas. Besides this, PGN has another option which is to acquire Pertagas partially with several funding alternatives. 

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Pakuwon Jati: Support from Recurring Income

(PWON IJ. IDR 620. BUY. TP IDR 710)

We expect PWON’s FY18 revenues to be boosted by its new source of recurring income (Pakuwon Mall 2 & 3 and Tunjungan Plaza 6) and the recognition of its high-rise projects. As for its FY18 marketing sales target, the company remains cautious given the prospect of sluggish demand in the pre-election period. All in all, we like PWON for its large recurring income streams and healthy financials. Maintain BUY with a lower TP of Rp710.

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Waskita Karya:  Trying to remain healthy

(WSKT IJ. IDR 2,410. BUY. TP IDR 3,000)

WSKT plans to issue IDR3.5tn of bonds in 2H18 for debt restructuring. This issuance will be the second stage of the shelf-registered bonds issuance, with the coupon rate in the range of 8%-9%. As of Mar 18, around 71% of WSKT’s debts were bank loans bearing an interest rate ranging from 7.9% to 10.0%. We believe that the company’s strategy to issue bonds is appropriate in view of the upward trend in domestic interest rates. BUY maintained on WSKT as we expect to see gains from the issuance of RDPT in Apr 18 to be booked in the 1H18 financial result.

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  • Summarecon Agung (SMRA) recorded marketing sales of Rp1tn in 5M18
  • Ciputra Development (CTRA) to launch 2 projects



Market Maker

  • IHSG. 6,106. POSITIVE. TP 6,115.

Stock Shoot

  • ANTM. IDR1,015. SELL. TP IDR900.


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