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P H
Jul 22,2016 16:49:08
LAHAN INDUSTRI - Penjualan Di Jakarta Pada Kuartal II Tumbuh 49,7%....Pencapaian tersebut terutama ditopang oleh PT Bekasi Pajat Industrial Estate Tbk ($BEST) yang telah berhasil menjual lahan sleuas 11,2 hektare hingga saat ini. Adapun total penjualan lahan industri hingga akhir tahun 2015 sebesar 347,51 hektare, sehingga bila dihitung total penjualan lahan industri pada kuartal II/2016 baru mencapai 13,9% dari total penjualan lahan industri sepanjang 2015. Sementara harga jual lahan di kuartal II tahun ini berbeda-beda sesuai dengan lokasinya. Lahan industri di Serang Banten mengalami kenaikan terutama setelah PT Modernland Realty Tbk ($MDLN) menaikkan harga lahan. Namun, harga lahan di Serang tersebut masih di bawah harga rata-rata industri.

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P H
Apr 29,2016 09:52:30
Bekasi Fajar ($BEST): Bottom line Surprise in 1Q16

¨ Bekasi Fajar (BEST) recorded 1Q16 net profit of IDR124bn (+64% YoY, -16% QoQ), beat the street expectations.

¨ This is thanks to 3.8% rupiah strengthening to IDR13,276/USD as of Mar-16 from IDR13,795 as of Dec-15.

¨ The company has also started paying back its bank loan (principle and interest) since Dec-15. As results, BEST gearing level is now decline to 41% with total debt repayment of IDR112.5bn as of 1Q16.

¨ No sales have been recorded YTD, however the management advised there are about 2ha land area that currently under negotiation at ASP IDR3m/sqm.

¨ We still kept our forecast unchanged, where we expect:

· About 27ha booked for FY16F assuming ASP of IDR2.471m/sqm (vs 1Q16 accounting ASP of IDR2.521m/sqm)- please refer to figure 2

· With net profit expected to be at IDR253bn (+19% YoY), backed by better margin and rupiah (currency) stability.

¨ We believe the current share price has taken into account all the potential downside risks. Regardless, the counter is trading at a 48% discount to its replacement value of IDR537 per share, which grants investors the opportunity to buy at an undemanding valuation.

¨ Maintain BUY, TP of IDR430.
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