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P H
Aug 15,2017 13:18:39

We paid a visit to Sentul City ($BKSL), here are the key highlights:

- Sentul City currently has over 1,900 ha of landbank with 335.6ha available
for near-term future development.

- This year the company will deliver several landed house projects, high rise
apartments, and commercial projects where majority of the products will
have price in the range of IDR280mn – 3bn per unit.

- Management targets FY17 marketing sales of IDR1.2trn, 7M17 achieved
IDR620bn. Management also mentioned that recently Sampoerna group
has bought 10ha of land in the area for IDR240bn that will go into 3Q17
marketing sales.

- There will be LRT station crossing over Sentul City. Thus, the company is
building TOD nearby the station called Centerra superblock with total
saleable area of ~29ha that will consist of:
o Currently operating Pertamedika hospital and Giant Supermarket
o AEON Mall – Operational in Mid 2018 (GFA of 103,414sqm)
o Saffron Residence apartment – 2019
o Office tower
o 5 star hotel

- AEON mall is under long-term rental agreement with the company with
rental fee of
o USD12/sqm – First 5 years
o USD15/sqm – next 5 years
o USD30/sqm – next 5 years

- BKSL’s balance sheet is quite healthy with net gearing of 9%. In addition,
the company targets topline growth of 14.9% CAGR (FY13-21F) while
EBITDA margin is forecasted to contract to 33% in 2021F.

- Using management’s assumption, the stock is currently trading at 36x
FY17F P/E. However, the company did not gave out dividends in the past
except 2013 & 2014. (Yualdo Tirtakencana)

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P H
Jan 11,2017 11:36:12

Sentul City ($BKSL) plans to build AEON Mall in Centerra Sentul City Superblock, Bogor in 2017. Sentul City investor relation Andrew Kumala said that the mall will be built on a 103,000sqm of land. The company has appointed PP Property ($PPRO) as the contractor. Andrew Kumala added that the mall is expected to be completed by 2018.

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P H
Dec 14,2016 08:06:02

Property (Overweight), ‘Tis The Season To Be Jolly About Mortgages
 
Our ground checks reveal that commercial banks are stopping their promotional mortgage rates. However, as they are aiming for double-digit mortgage growth rates next year, we expect them to re-introduce packages at lower rates as well – since the rates do not yet reflect the latest cut made by BI in Oct. Note that the combination of the relaxation of LTV thresholds and lower mortgage rates following the BI rate cut during 3Q16 resulted in a shifting of consumer preferences back to obtaining financing for properties via a mortgage.
¨ Promo on hold, but... we learnt that some banks are stopping their promotional mortgage packages this month. The current normal mortgage rate has a fixed interest rate of 9.5-10.25% for one year. Bank Central Asia (BCA) ($BBCA) is still offering the lowest mortgage rate with its latest Fix & Cap promotion, ie 7.99% pa fixed interest for the first three years and capped for a further three years at 8.99% pa. This is almost 50bps lower than what was offered in its previous Fix & Cap promotion. However, we believe IND Banks would continue to introduce lower mortgage rates in the future as:

i. Banks are aiming for double-digit growth in their mortgage segments in 2017. BCA and Bank CIMB Niaga ($BNGA) are aiming for 12% and 9-10% mortgage loan growth respectively;

ii. Based on research by rumah123.com, the most important factor in buying properties is the Bank Indonesia (BI) rate. Most buyers still utilise mortgage facilities to purchase properties. This is also reflected in the trend shifting back towards taking a mortgage as a payment method during 3Q16. This is due to a combination of the relaxation of the loan-to-value (LTV) thresholds and lower mortgage rates following BI’s rate cut.

As such, we expect banks to start re-introducing their respective mortgages at lower rates earliest by Jan 2017. Their current mortgage rates do not yet reflect the latest BI rate cut, which was made in October. Note, also, that presales activities in December are more moderate.

¨ Maintain OVERWEIGHT. We keep our OVERWEIGHT rating on the sector, as we expect a better outlook in 2017 as the following factors have already been priced in:

i. All the catalysts that include the tax amnesty;

ii. A potentially lower benchmark interest rate;

iii. The relaxation of the LTV threshold;

iv. The allowance for properties under construction to come under a second mortgage.

The share prices of property counters under our coverage have softened following public protests on 4 Nov that demanded incumbent Jakarta governor Basuki Tjahaja Purnama, commonly known as Ahok, be arrested for blasphemy. Share prices dropped further after the US election was concluded on 9 Nov. On average, share prices have plunged 9% YTD since 4 Nov. These numbers have recovered by 5% on average from their lowest level during the same period. Nonetheless, the sector is currently valued at a 65% discount to RNAV, or around -1.5SD from its 3-year mean of 56%, which looks compelling. (Lydia Suwandi)

$CTRA $ASRI $BSDE $SMRA $APLN $BKSL

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P H
Aug 09,2016 08:32:55
KATALIS PROPERTI

•Penurunan BI Rate dipercaya akan gairahkan Bisnis Properti

•Pertumbuhan ekonomi bakal picu kebangkitan properti

•Dana tax amnesty dongkrak harga properti

•Pelonggaran kebijakan makroprudensial yang akan berlaku pada Agustus 2016 melalui : (i) Relaksasi ketentuan Loan to Value Ratio (LTV) dan Financing to Value Ratio (FTV) kredit/pembiayaan properti akan dorong penjualan rumah

•Penerbitan Peraturan Pemerintah mengenai Pajak Penghasilan Atas Penghasilan Dari Pengalihan Real Estate Dalam Skema Kontrak Investasi Kolektif Tertentu yang mengatur pemberian fasilitas Pajak Penghasilan final berupa pemotongan tarif hingga 0,5% dari tarif normal 5% kepada perusahaan yang menerbitkan DIRE. (Paket Kebijakan 11)

•Penerbitan Peraturan Pemerintah mengenai Insentif dan Kemudahan Investasi di Daerah, yang antara lain mengatur penurunan tarif BPHTB dari maksimum 5% menjadi 1% bagi tanah dan bangunan yang menjadi  aset DIRE. (Paket Kebijakan 11)

•Pemberian insentif dan kemudahan investasi untuk menggerakkan perekonomian di wilayah pinggiran melalui pengembangan Kawasan Ekonomi Khusus (KEK). (Paket Kebijakan 6) --->> catatan : Kija akan mendapatkan imbas positif karena KIJA mengelola dua wilayah KEK dan harga jual lahan industri kija pun bisa naik.

•Pengurusan izin investasi dikawasan industri hanya 3 jam, tax allowance dan holiday lebih cepat, insentif fasilitas dikawasan logistik berikat sesuai zona. (Paket Kebijakan Ekonomi 2) --->> imbas positif untuk properti yang memiliki lahan industri seperti KIJA, MDLN, BEST, AKRA, DMAS

•Menghilangkan Pajak berganda, Kebijakan ini untuk menarik dana yang selama ini diinvestasikan di luar negeri dan mendorong pertumbuhan investasi di bidang infrastruktur dan real estate. (Paket Kebijakan 5)

•Untuk mendorong investasi di sektor properti, pemerintah mengeluarkan kebijakan
1)Membuka kepemilikan orang asing terhadap rumah susun mewah dengan harga Rp 10 Miliar ke atas
2)Perubahan PP untuk memperkuat Perumnas dalam pembangunan rumah susun bagi masyakarat berpenghasilan rendah
3)Penyelesaian PP Hunian Berimbang untuk mendorong pembangunan perumahan bagi masyakarat berpenghasilan rendah. (Paket Kebijakan 1)

•Saham Sektor Properti Pilihan :
PPRO, KIJA, BKSL, CIPUTRA Group

 -----------------------------------------

(Ocbc, Source : Bappenas, Bank Indonesia, PP Properti, Disclaimer On)

$PPRO $KIJA $BKSL $CTRA
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P H
Jul 27,2016 08:50:24
EARNINGS CALENDAR (Half Year 2016 - Estimated)

JULY 2016

Jul 25, 2016 :
$BBTN (Bank Tabungan Negara (Persero) Tbk PT)

Jul 26, 2016
$BDMN (Bank Danamon Indonesia Tbk PT)
$BMRI (Persero) Tbk PT Earnings Release - 4:00PM GMT+7

Jul 27, 2016
$AALI (Astra Agro Lestari Tbk PT)
$HMSP (Hanjaya Mandala Sampoerna Tbk PT)
$LPPF (Matahari Department Store Tbk PT)
$MPPA (Matahari Putra Prima Tbk PT)
$PTBA (Bukit Asam (Persero) Tbk PT)

Jul 28, 2016
$ASII (Astra International Tbk PT)
$BEST (Bekasi Fajar Industrial Estate Tbk PT)
$BJBR (PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk)
$DOID (Bloomberg)
$NCO (Vale Indonesia Tbk PT)
$JPFA (Bloomberg)
$PSAB (Bloomberg)
$SSMS (Bloomberg)
$SMGR (Semen Indonesia (Persero) Tbk PT)
$UNTR (United Tractors Tbk PT)
$UNVR (Unilever Indonesia Tbk PT)

Jul 29, 2016
$ASRI (Alam Sutera Realty Tbk PT)
$ADHI (Bloomberg)
$BSDE (Bumi Serpong Damai Tbk PT)
$BNGA (Bloomberg)
$BNLI (Bloomberg)
$BNII (Bloomberg)
$BKSL (Bloomberg)
$BHIT (Bloomberg)
$BISI (Bloomberg)
$CPIN (Bloomberg)
$CTRA (Ciputra Development Tbk PT)
$CTRP (Bloomberg)
$ELSA (Bloomberg)
$GIAA (Bloomberg)
$GJTL (Bloomberg)
$GGRM (Gudang Garam Tbk PT)
$NKP (Bloomberg)
$INTP (Indocement Tunggal Prakarsa Tbk PT)
$INDF (Indofood Sukses Makmur Tbk PT)
$ICBP (Indofood CBP Sukses Makmur Tbk PT)
$INDY (Bloomberg)
$KARW (Bloomberg)
$KAEF (Bloomberg)
$KIJA (Bloomberg)
$KLBF (Kalbe Farma Tbk PT)
$KRAS (Bloomberg)
$LPKR (Lippo Karawaci Tbk PT)
$LSIP (Perusahaan Perkebunan London Sumatra Indonesia Tbk PT)
$MAPI (Bloomberg)
$PWON (Bloomberg)
$PNBN, $PNLF, $PNIN (Bloomberg)
$PTPP (Bloomberg)
$RALS (Bloomberg)
$SMRA (Bloomberg)
$TBLA (Bloomberg)
$TLKM (Telekomunikasi Indonesia (Persero) Tbk PT)
$TOTL (Bloomberg)
$WSKT (Bloomberg)

AUGUST 2016
Aug 1, 2016
$HRUM (Harum Energy Tbk PT)
$SSIA (Surya Semesta Internusa Tbk PT)

Aug 10, 2016
$ITMG (Indo Tambangraya Megah Tbk PT)

Aug 12, 2016
$EXCL (XL Axiata Tbk PT)

Aug 29, 2016
$ADRO (Adaro Energy Tbk PT)
$ANTM (Aneka Tambang (Persero) Tbk PT)
$BBRI (Bank Rakyat Indonesia (Persero) Tbk PT)
$ISAT (Indosat Tbk PT)
$PGAS (Perusahaan Gas Negara (Persero) Tbk PT)

SEPTEMBER

Sep 13, 2016
$SMCB (Holcim Indonesia)

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P H
Jun 02,2016 10:16:50
Jungleland IPO, listing on 4th of July with freefloat at 10% of total shares.
32% of proceeds to be utilized for land expansion and Jungleland  Sentul development. 50% proceeds to be used for nation-wide development of waterparks.

IPO $BKSL
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P H
Apr 25,2016 14:58:23
Sentul City (BKSL) targets recurring income to contribute 30% of total revenue in 2019. Sentul City vice director Andrian Budi Utama said that AEON Mall will be the main contributor of the recurring income. 

$BKSL
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P H
Apr 08,2016 09:09:22
Property: Demand is still there based on rumah123.com survey
Rumah123.com have performed a survey to 12.000 respondents in Indonesia, Malaysia, Singapore and Hong Kong for their
appetite in Indonesia’s property market. They found that demand for property is still high, with the majority of respondents
thinking that now is the right time to buy. According to the survey, landed house is the most popular type of property, while
land follows it in second place. The most favorite pricing range is Rp300mn to Rp1bn; with terms of payment still focus on
KPR. Rumah123.com predicts that property sales will increase by 5%-10% in FY16.

$BSDE $ASRI $MDLN $BKSL $CTRA
Bull
P H
Jul 31,2015 13:00:49
SPEC BUY 85, CUT LOSS di bawah 80 TARGET 130
Bull
P H
Jul 31,2015 12:13:33
SPEC BUY 85, CUT LOSS di bawah 80 TARGET 130
Bull