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P H
Oct 13,2017 11:59:42

  • Pendapatan bersih LPKR 1H17 mengalami penurunan 3% YoY
  • Peningkatan divisi healthcare menopang tumbuhnya recurring income
  • Masih lemahnya performa 1H17 menyebabkan kami mempertahankan rekomendasi HOLD


LPKR bukukan laba bersih Rp487 miliar pada 1H17

Pendapatan bersih LPKR meningkat 3% YoY menjadi Rp4,9 triliun pada 1H17. Sementara GPM perseroan turun dari 43,2% pada 1H16 menjadi 41,1% pada 1H17 yang disebabkan oleh meningkatnya penjualan dari divisi large scale integrated development yang memiliki margin lebih rendah dibandingkan urban developement serta adanya kenaikan beban pokok jasa tenaga ahli, gaji, dan kesejahteraan karyawan dari divisi healthcare sebesar 6,4% YoY. Sementara itu, OPM LPKR mengalami penurunan dari 17,2% pada 1H16 menjadi 12,4% pada 1H17 yang disebabkan oleh kenaikan biaya iklan dan pemasaran sebesar 59,4% YoY. Adapun pada 1H17, perseroan membukukan laba penjualan aset yang tersedia untuk dijual sebesar Rp119 miliar dan mengalami penurunan beban bunga sebesar 57,2% YoY menjadi Rp68 miliar. Untuk itu, laba bersih LPKR hanya mengalami penurunan sebesar 2,1% YoY menjadi Rp487 miliar pada 1H17

Recurring income 1H17 meningkat 8% YoY

Recurring income tumbuh 8,0% YoY menjadi Rp3,6 triliun sehingga kontribusi terhadap total pendapatan meningkat dari 65,3% pada 1H16 menjadi 73% pada 1H17. Pertumbuhan itu didukung oleh meningkatnya pendapatan divisi healthcare sebesar 7,9% YoY menjadi Rp2,8 triliun pada 1H17, yang berasal dari 31 rumah sakit yang dikelola LPKR. Pertumbuhan recurring income tersebut juga didukung oleh meningkatnya pendapatan ritel mal sebesar 16,8% YoY menjadi Rp191 miliar pada 1H17, yang ditopang oleh meningkatnya kontribusi dari Lippo Mall Puri, Baubau, dan Jambi. Hingga 1H17, LPKR mengelola 47 mal yang tersebar di seluruh Indonesia. Sementara itu, pendapatan aset managemen meningkat 9,4% YoY menjadi Rp205 miliar pada 1H17 yang didukung oleh bertambahnya aset yang dikelola serta meningkatnya fee dan pendapatan dividen. Di sisi lain, development revenue mengalami penurunan sebesar 24,7% YoY menjadi Rp1,3 triliun pada 1H17 yang disebabkan oleh turunnya pendapatan segmen urban development sebesar 41,0% YoY menjadi Rp687 miliar. Sedangkan pendapatan segmen large scale integrated development meningkat 6,2% YoY menjadi Rp648 miliar pada 1H17 yang didukung oleh peningkatan pengakuan pendapatan dari Orange County, Millenium Village, dan perkantoran Lippo Thamrin.

LPKR raih marketing sales Rp2,6 triliun

LPKR membukukan marketing sales sebesar Rp2,6 triliun pada 1H17, meningkat signifikan hingga di atas 4x lipat dari 1H16. Kenaikan ini ditopang oleh pertumbuhan yang signifikan dari segmen residensial hingga 36x menjadi Rp2,4 triliun pada 1H17. Kendati demikian, jika dibandingkan dengan target hingga akhir tahun sebesar Rp10 triliun, pencapaian marketing sales ini masih rendah, yakni sebesar 27%. Di sisi lain, perseroan telah mendapatkan persetujuan dari pemegang saham terkait akuisisi properti integrasi di Buton. Perseroan akan mengakuisisi Siloam Hospitals Buton yang menyatu dengan retail mall plaza Buton.

Kami memberikan rekomendasi HOLD dengan target harga 800/saham

Kendati mengalami peningkatan yang signifikan, pencapaian marketing sales LPKR hingga 1H17 masih jauh dari target 2017. Di samping itu, performa segmen urban development juga masih membukukan pelemahan sehingga menghambat pemulihan kinerja LPKR. Untuk itu, kami menurunkan target harga dari Rp865/saham menjadi Rp800/saham. Positifnya, perseroan masih diuntungkan oleh model bisnisnya yang mayoritas dikontribusikan oleh recurring income, yang terutama berasal dari segmen healthcare. Kami juga berharap adanya aksi penjualan aset ke REIT yang dapat memberikan dana segar bagi perseroan. Untuk itu, kami tetap mempertahankan rekomendasi HOLD atas saham LPKR.

$LPKR $LPCK $SILO

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P H
Aug 29,2016 22:08:56
Indonesia Equities: Pricing In Near Term Positives

Key Points

- +9% gains in MSCI Indonesia since our country upgrade in July - Since our upgrade of Indonesian equities to overweight two months ago in the MIG publication after clarity on its tax amnesty programme emerged, sentiment has further improved following the appointment of well respected Finance Minister Sri Mulyani Indrawati. The Indonesian equity market has seen strong equity inflows in 3Q16 lifting the index up ~9% (local currency terms, +8.2% in USD), which has outpaced world equities’ gains (+5.2%) for the same period and supported our call.

- Year to date’s gains of +18.6% has also more than recouped 2015’s losses of -12%, which has supported the turnaround highlighted in our January 2016’s South East Asia Equity Strategy report. The equity market rally year to date has been supported by a benign environment of lower interest rates, stable IDR currency vs the USD, under-owned positions in global portfolios and improving confidence in Indonesia’s recovery story. Estimated equity inflows into Indonesia so far for 3Q has exceeded the total inflows for 1H16, driving the market to new highs. Since mid May this year, it is estimated that net equity inflows reached $1.7bln, vs $1.6bln net outflows over the whole of 2015 (source: JPM estimates).


- Near term positives post amnesty and cabinet reshuffle look priced in, valuations are now close to 10 year high – At 16x PER, Indonesian equities is now trading close to +2 standard deviations to its 10 year historical average multiple and at its highest valuation level since 2007, which we believe has priced in much of the near term positives. Although near term liquidity is likely to remain supportive given benign expectations on interest rates, we caution that valuations have caught up and believe it is prudent to start taking some money off the table. On domestic updates, while the recently released 2017 budget is credible, it is unlikely to lead to further corporate earnings upgrades given a moderate government spending target of 6% (planned fiscal deficit for 2017 is 2.4% of GDP, flat/lower than 2016E). Towards the end of September and December which marks the first and second phases of the tax amnesty programme’s staggered tax rates for declared wealth, investor sentiment may also be influenced by expectations over the tax collections.


- Muted start to the 9-month tax amnesty programme, although still early days - As of 23rd August 2016, the asset declaration in the Tax Amnesty Program has reached Rp51.7tn, consisting of 85% onshore/15% offshore assets (12% overseas assets declared, 3% overseas net assets repatriated), while asset repatriation has reached Rp1.6 tn. Momentum of onshore assets declared in first half of August has picked up, with the tax office reporting about Rp11.5tn worth of onshore assets declared (>4x July’s). About three-quarters of the assets declared were from private individuals, and the balance private entities, which we view as supportive of property sector’s recovery given interest rates are expected to remain low while the Ministry of Finance has allowed repatriated funds to be invested in real assets (such as property and gold).


- Looking ahead, earnings upgrades need to pick up momentum for the rally to have more legs - Earnings wise, the recent 2Q results season was mixed with single digit corporate top line growth from a year ago. Concerns on banks remain dragged by asset quality issues while commodity related earnings have been moderate. Following the latest 2Q earnings season (where consensus earnings were trimmed -2% lower for FY16E and FY17E), FY16E and FY17E earnings are now forecast to grow +7% and +14% respectively (higher than Asia ex Japan equities’ 2.2% FY16E and 11% for FY17E respectively) which we believe is priced in current valuations.

Time to lock in some profits – Switch out of names which have rallied and offer no upside to target prices
- Sectors we are cautious on are: Commodity related plays which have rallied and priced in recovery expectations (coal – Bukit Asam, ITMG, palm oil – Astra Agro, London Sumatra), Banks (loans growth will be moderate while we expect asset quality concerns to remain a near term overhang) and Utilities (in particular, Perusahaan Gas – where we think profitability will remain pressured by regulatory efforts to lower gas prices).

Preferred Picks/Switch Ideas

- Preferred Sectors we would accumulate new positions are: Property (Bumi Serpong – Western Jakarta play, large landbank catering to middle income buyers), Telecommunications (Telekomunikasi Indonesia – improving smartphone penetration and data usage supported by a young population), Consumer (Indofood and Media Nusantara, which benefit from an improving domestic economy in 2H16) and Infrastructure (Jasa Marga – No. 1 toll road operator, long term beneficiary of infrastructure development in Indonesia).


- Risks to the current rally include weaker than expected global economy, faster than expected Federal Reserve interest rate hikes which may result in global liquidity volatility and disappointments in the domestic recovery and infrastructure spending pace (continues to be a focus in the 2017 budget, with 9% yoy expected growth).


$PTBA $KKGI $HRUM $ITMG $AALI $LSIP $SGRO $SMAR $PGAS $BBCA $BBRI $BMRI $BBNI $BSDE $ASRI $LPCK $LPKR $CTRA $TLKM $INDF $ICBP $AISA $MNCN $JSMR

Bull
P H
Aug 11,2016 08:44:50
LPKR : PT Lippo Karawaci Tbk hari ini mengumumkan kesuksesan atas penerbitan obligasi Global Senior Notes durasi 6 tahun sebesar USD260 juta. Penerbitan ini ditawarkan pada harga 103,75, dengan imbal hasil akhir sebesar 6.2% YTM. Para investor memberikan respon yang luar biasa dengan order book dari 104 akun sejumlah lebih dari USD1,25 miliar atau 4.8x oversubscribed. (IDX)
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P H
May 03,2016 08:14:55
BERITA SAHAM 03 MEI 2016



1.PERTAMBANGAN

1.1.MEDC : Medco Tingkatkan Saham di Blok APT Medco Energi Internasional Tbk menaikkan sahamnya menjadi 58,33 persen di lapangan gas Blok A di Kabupaten Aceh Timur, Aceh, melalui akuisisi saham Japex di Blok A 16,66 persen. (KOMPAS)

1.2.Suplai dan Penyerapan Minyak Mentah Global Mulai Stabil 2017. (TEMPO)

1.3.PGN Bangun 24 Ribu Jargas di Surabaya Senilai Rp285,2 Miliar. (TEMPO)

1.4.ELSA : PT Elnusa Tbk bakal bekerjasama dengan Chevron dan PT Pertamina untuk mengembangkan pembangkit listrik tenaga flare gas. Nantinya, kedua perusahaan tersebut akan menyediakan flare gas dan perseroan menjadi operator pembangkit listriknya. (TENDER INDONESIA)



2.MAKRO EKONOMI

2.1.Sejalan dengan perkiraan Bank Indonesia, Indeks Harga Konsumen (IHK) pada April 2016 mencatat deflasi sebesar 0,45% (mtm). Deflasi IHK terutama disumbang oleh deflasi komponen barang yang diatur Pemerintah (administered prices) dan komponen bahan makanan bergejolak (volatile foods). Dengan perkembangan tersebut, inflasi IHK secara tahunan (yoy) mencapai 3,60% (yoy) serta berada dalam kisaran sasaran inflasi Bank Indonesia, yaitu sebesar 4%±1% (yoy).



3.PROPERTI

2.1.LPCK : PT Lippo Cikarang Tbk. segera meluncurkan menara apartemen keenam yakni Newport Park di proyek andalannya Orange County. (TENDER INDONESIA)



4.TELEKOMUNIKASI - MEDIA

4.1.XL Kaji Perluas Kerjasama dengan MNC Grup di Pasar Broadband. (INDO TELKO)

4.2.BMTR : PT Global Mediacom Tbk. akan mengeluarkan maksimal 2% saham perseroan untuk program EMSOP (maksimal 283,97 juta saham perseroan). Dividen tunai final sebesar Rp5 per saham. (BISNIS INDONESIA)

4.3.MNCN : PT Media Nusantara Citra Tbk. akan mengeluarkan maksimal 2% saham perseroan untuk program EMSOP (maksimal 283,97 juta saham perseroan). Dividen tunai final sebesar Rp42 per saham atas tahun buku 2015. (BISNIS INDONESIA)

4.4.FR PEFINDO : JASUINDO TIGA PERKASA, TBK (JTPE - 29 APRIL 2016)

Target Harga Terendah 594
Target Harga Tertinggi  667

SEE MORE
http://www.idx.co.id/Portals/0/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/201605/f3592aac8f_9eca5c0d79.pdf



5.KUMPULAN PAKET KEBIJAKAN I-XII

http://www.esdm.go.id/gpr/paket-kebijakan.html



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


(DISCLAIMER ON)

$MEDC $PGAS $ELSA $LPCK $EXCL $MNCN $BMTR JTPE
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P H
Apr 29,2016 09:58:49
Lippo Cikarang ($LPCK): Expect stronger revenue in 2H16

¨ Lippo Cikarang (LPCK) booked 1Q16 net profit of IDR223bn, dropped 19% YoY, dragged by:

· Booking of industrial land sales from Delta Silicon 8 (JV) where margin is at 32%, lower in compare to more than 50% of LPCK’s direct own land.

· Delay in revenue delivery of its Orange County (OC) project. Management advise that the current percentage completion is at 10-15% progress. Note that accounting policy required 20% completion rate to recognized pre-sales as accounting revenue.

¨ Regardless, the 1Q16 top and bottom line profit is still inline with ours and consensus’ estimates.

¨ Management advised that significant revenue recognition from OC should reflected in 3Q16 results as company has shortlisted the main contractor for the OC’s projects and will announced the winner by next month (May-16).

¨ If everything is on schedule, we might expect positive earnings surprise toward back half of fiscal year 2016.

¨ 1Q16 pre-sales has reached IDR200bn or 8.3% of company’s FY16F pre-sales target of IDR2.4trn. Pre-sales are mostly comes from selling of landed residentials and apartments inventory while industrial only contribute IDR18bn sales value.

¨ Management advised the next launching will happen in 2H16 where company plan to launch two new apartment towers. One of it would be their second JV project with Mitsubishi which will be named Newport. Total pre-sales target from those two towers is around IDR900bn.

¨ We will review our forecast, for the time being we have BUY call for the stock at TP of IDR14,300.

¨ We strongly believe the company will keep its zero debt position this year, given:

· Company strong cash position of IDR472bn as of 1Q16.

· Estimated sales backlog of around IDR2trn, should be sufficient to financed LPCK’s FY16F capex which estimated to be around IDR500bn.
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P H
Apr 20,2016 08:50:54
Akhirnya, Pemerintah Terbitkan Aturan Kepemilikan Hunian untuk Orang Asing http://kom.ps/AFuuNb

Berikut daftar harga minimal pembelian rumah tinggal oleh orang asing:

DKI Jakarta Rp 10 miliar
Banten Rp 5 miliar
Jawa Barat Rp 5 miliar
Jawa Tengah Rp 3 miliar
Yogyakarta Rp 3 miliar
Jawa Timur Rp 5 miliar
Bali Rp 3 miliar
Nusa Tenggara Barat Rp 2 miliar
Sumatera Utara Rp 2 miliar
Kalimantan Timur Rp 2 miliar
Sulawesi Selatan Rp 2 miliar
Daerah lainnya Rp 1 miliar

Berikut daftar harga minimal pembelian satuan rumah susun (apartemen) oleh orang asing:

DKI Jakarta Rp 5 miliar
Banten Rp 1 miliar
Jawa Barat Rp 1 miliar
Jawa Tengah
Yogyakarta Rp 1 miliar
Jawa Timur Rp 1,5 miliar
Bali Rp 2 miliar
Nusa Tenggara Barat Rp 1 miliar
Sumatera Utara Rp 1 miliar
Kalimantan Timur Rp 1 miliar
Sulawesi Selatan Rp 1 miliar
Daerah lain Rp 750 juta

Akhirnya, Pemerintah Terbitkan Aturan Kepemilikan Hunian untuk Orang Asing

Kementerian Agraria dan Tata Ruang/Badan Pertanahan Nasional (ATR/BPN) akhirnya mengeluarkan aturan kepemilikan hunian bagi orang asing.

Aturan tersebut tertuang dalam Peraturan Menteri ATR/Kepala BPN Nomor 13 Tahun 2016 tentang tata cara pemberian, pelepasan, atau pengalihan hak atas pemilikan rumah tempat tinggal atau hunian oleh orang asing yang berkedudukan di Indonesia.

"Sudah saya tanda tangani dan ini menjadi tindak lanjut dari Peraturan Pemerintah Nomor 103 Tahun 2015," ujar Menteri ATR/BPN Ferry Mursyidan Baldan di Batam, Kamis (14/4/2016).

Aturan kepemilikan hunian bagi orang asing dikeluarkan untuk mendorong iklim investasi di Indonesia. Menurut Ferry, selama ini investor asing membutuhkan fasilitas perumahan untuk mendukung bisnis mereka di Indonesia.

"Ini bagian kemudahan perizinan. Kita berikan percepatan, ketepatan, dan kepastian bagi investor," katanya.

Kepemilikan dapat berupa rumah tunggal ataupun rumah susun dan hanya diberikan kepada orang asing yang memiliki izin tinggal di Indonesia.

Selain itu, pembelian hanya berlaku untuk pembelian baru langsung dari pengembang atau pemilik.

$BSDE $ASRI $CTRP $CTRA $CTRS $PWON $APLN $LPCK $LPKR
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P H
Mar 18,2016 21:18:59
Lippo Cikarang ($LPCK): Residential & commercial success

- Higher-than-expected 2015 presales; Toning down 2016F presales: Despite soft industrial land demand on the ground given weak economic conditions, LPCK managed to book solid 2015 marketing sales of IDR2.7tn (+50% y-y), above our and management’s full-year estimates of IDR2.5tn. This was mainly supported by its middle-low class residential and commercial mega projects named Orange County (OC), which contributed 63% (IDR1,708bn) of total marketing sales for 2015 while industrial land sales only contributed 1% (IDR29bn) (exhibit 9). In 2015, LPCK successfully launched and sold out 3 residential and commercial towers in the OC project named Glendale, Burbank and Pasadena with total marketing sales of around IDR1.2tn, while in 2016, LPCK plans to build 2-3 new towers in that project. Moreover, as we expect continued economic growth challenges to persist in 1H16, we forecast a slightly more conservative 2016 pre-sales target of IDR2.2tn compared to management’s target of IDR2.4tn.

- Focusing on residential, backed by high-speed railway project: With the recent ground-breaking of the USD5.5bn Jakarta-Bandung high-speed railway (HSR) project by President Joko Widodo in Walini (West Java), we expect LPCK to benefit in terms of land prices and property demand near the planned station in Cikarang (exhibit 10). On average, we forecast prices to increase this year from IDR7mn/sqm to IDR8mn/sqm for residential land and from IDR2.1mn/sqm to IDR2.5mn/sqm for industrial land. LPCK plans to maximize that opportunity by retaining its high residential and commercial portions given the soft industrial land demand that is expected to persist this year especially in the Bekasi area where the company is aiming only IDR50bn of industrial land sales this year (2015: IDR29bn) excluding its Delta Silicon 8 JV project. Excluding the OC project, LPCK targets to achieve IDR950bn (+35% y-y) of 2016 residential sales, mostly from its Emerald Mansion, Cosmo Estate and Taman Simpruk landed house projects in Cikarang.

Outlook: Minor earnings cuts on lower 2016 pre-sales assumption
Despite the successful residential and commercial project launches in Cikarang in 2015 which led us to slightly increase our 2016 revenue forecast to IDR2.2tn, we reduce our 2017F top line assumption by 1.4% as we lower our 2016 marketing sales target to IDR2.2tn from IDR2.6tn given management’s lower-than-expected pre-sales guidance. We also lower our 2016-17F EPS by 13% (exhibit 5). LPCK plans to develop new malls on 150,000-200,000sqm areas in its OC project in order to provide greater income stability with targeted 2016F recurring income of above 10% (9M15: 9.5%, +5.5% y-y).

Rating: Retain BUY with unchanged 12-month TP of IDR8,300
LPCK’s share price has suffered (exhibit 4) partly due to the negative sentiment stemming from the performance of Lippo Karawaci (LPKR-HOLD-IDR1,120). However, we retain our BUY rating given LPCK’s successful project launches, zero USD debt, rising recurring income and 2016F PE of 5.0x, lowest in the sector (exhibit 7). We retain our NAV-based TP of IDR8,300 (unchanged 60% NAV discount, exhibit 6). Risks: High-speed rail project delays, slower economic growth and project take-ups causing poor pre-sales.
Bear
P H
Mar 08,2016 08:34:48
Lippo Karawaci ($LPKR): 4Q15 results: Below our and consensus estimates

- Hurt by lower development incomes and FX losses: LPKR booked 4Q15 revenue of IDR2.2tn, up 7% q-q but down 61% y-y, and a net profit of IDR469bn (-69% y-y), bringing full-year bottom line to IDR535bn, below our (43%) and consensus (35%) estimates, dragged down by IDR155bn FX loss and lower development income (2015: 38%; 2014: 59%). However, 2015 top line of IDR8.9tn was down 23.6% y-y, in line with our projection (98%) but below the consensus forecast (89%). We believe that most of the 4Q15 revenue was contributed by its subsidiary Lippo Cikarang’s ($LPCK) successful project launches including the Orange County mega project in previous years. However, note that in 2014 LPKR booked additional revenue of IDR3.37tn from its Kemang mall sale in 4Q14.

- 2015 recurring revenue contributed 62% of total: In 2015, LPKR managed to book IDR5.5tn in recurring revenue (62% of total revenue), mostly contributed by its subsidiary Siloam International Hospitals’ ($SILO) solid 2015 top line of IDR4.14tn (+24% y-y).

- Pretax and net margins jumped in 4Q15 on IDR631bn FX gain: LPKR's 4Q15 pretax profit reached IDR760bn versus a IDR564bn loss in 3Q15, backed by its IDR631bn FX gain (3Q15 FX loss: IDR763bn) on its USD803mn bonds due to the IDR strengthening which closed at IDR13,788/USD1. This led to pretax and net margins increasing to 35.3% and 21.8% in 4Q15.

Outlook: Downward earnings revisions on pre-sales adjustments
Despite LPCK’s successful residential and commercial project launches in Cikarang in 2015, we reduce our 2016-17 top line assumptions by 1-9% given lower-than-expected 2015 pre-sales of IDR3.6tn (Bahana: IDR3.8tn); our 2016 marketing sales of IDR4.8tn is much lower than LPKR’s pre-sales guidance of IDR6.7tn. On the bottom line, we cut our 2016-17 EPS estimates by 9-11% (exhibit 5). Separately, LPKR plans to launch IDR1.7tn REIT this year.

Recommendation: Retain HOLD with unchanged 12-M TP of IDR1,100
Despite LPKR’s share price underperformance (exhibit 4) partly due to the negative sentiment stemming from its 2015 performance, we retain our HOLD rating given its unsuccessful project launches. Thus, we retain our NAV-based TP of IDR1,100 (unchanged 60% NAV discount, exhibit 7). Nevertheless, we see upside risks for LPKR in the form of: stronger IDR (due to USD814mn debt), rising recurring incomes, higher-than-expected 2016 guidance and a likely REIT issuance in 2016. On the flip side, downside risks are lower-than-expected marketing sales and unsuccessful REIT issuance.

Source: Daiwa Research
Bear
P H
Mar 04,2016 09:20:26
Lippo Cikarang ($LPCK): Slightly below due to loss on JV

- In-line with ours, but slightly below consensus. LPCK reported FY15 NPAT of Rp911bn, in-line with ours but slightly below consensus estimates. Operating profit was above ours and consensus’ estimates. However, lower than expected other income, which is loss on associated and JV business, dragged down LPCK’s bottom line. Gross margin slipped from 59% in FY14 to 56% in FY15 which we view due to lower revenue recognition from industrial land sales. LPCK’s 4Q15 margin declines qoq from 62% in 3Q15 to 50% in 4Q15. We believe that LPCK is starting to recognize more high rise sales during the quarter from its recent apartment sales (Orange County).

- Balance sheet remains solid. On the balance sheet side, LPCK drew down Rp30bn of short term loan in FY15 but remains in strong net cash position of Rp477bn. Sales advances was recorded at Rp1.4tn as of FY15 vs Rp1.5tn in FY14. We see higher portion of long term sales advances which we believe due to the strong marketing sales from the Orange County apartments. Cashflow from operations also remains positive at Rp349bn. We maintain our Buy rating on the counter with PT of Rp13,500.
Bear
P H
May 11,2015 12:57:20
Indeks Harga Saham Gabungan (IHSG) menguat +0,1% (+3 poin) di level 5184,45 poin pada penutupan perdagangan sesi 1, Senin (11/5). Indeks LQ45 naik +0,15% ke posisi 900. Jakarta Islamic Index (JII) naik +0,27% ke posisi 699 poin. Indeks Kompas 100 naik +0,19% ke level 1.134 poin. IDX30 naik +0,15% ke level 466 poin. Pemodal asing membukukan transaksi net sell (jual bersih) -Rp37 miliar. Transaksi yang tercapai Rp2,136 triliun dengan volume trading sebanyak 5,755 miliar saham. Sektor: Agri +2,07% Mining +1,70% Properti -0,69% Infrastruktur +0,16% Finance +0,04% Trade -0,14% Manufaktur -0,17% Consumer -1,17% Basic ind -0,07% Misc-ind -0,25% Kini sektor agro dan mining menjadi penopang utama laju IHSG pada perdagangan sesi siang awal pekan ini. Saham agri ditunjang oleh naiknya AALI +3,07%. BWPT ++3,75%. DSNG +1,41%. GZCO +1,12%. SIMP +2,34%. SSMS +1,01%. Adapun saham-saham mining yang bergerak naik antara lain: ADRO +5,23%. ANTM +0,63%. ARTI +4,44%. HRUM +2,97%. INCO +1,24%. ITMG +5,51%. Kelompok saham properti bergerak negatif seiring terbitnya Revisi PMK No 90 /PMK.03/2015 tentang pengenaan pajak barang super mewah (PPh 22) untuk properti. Saham-saham properti yang melorot adalah: APLN -1,73%. BSDE -0,28%. CTRA -2,92%. JRPT -7,34%. LPCK -0,90% . LPKR -1,19%. Adapun sektor yang turun paling dalam adalah consumer -1,17%. Koreksi consumer dimotori saham: DVLA -1,11%. KAEF -0,84%. GGRM -0,16%. TSPC -1,67%. ULTJ -2,35%. UNVR -0,06%. Bursa Asia Sentimen kebijan Tiongkok yang memangkas suku bunga menjadi sentimen utama bagi market regional. Bank Sentral Tiongkok (People`s Bank of China (PBOC) menurunkan suku bunga kredit dan deposito bertenor 1 tahun sebesar 25 bps. Indeks Nikkei naik +1,27% (+245,32 poin) ke posisi 19.624,51 poin. Indeks Hang Seng naik +0,50% (+132,29 poin) ke level 27.714,63 poin Indeks Shanghai naik +1,18% (+49,62 poin) ke posisi 4.255,54 poin Indeks Straits Times +0,46% (+15,72 poin) ke level 3.467 poin (pukul 12.00 WIB).
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P H
Apr 30,2015 23:46:58
In the Zone LPCK booked in-line 1Q15 result. The company recorded a 20% YoY increase of NPAT to Rp275bn in 1Q15. LPCK’s balance sheet remains solid, at net cash position. Maintain our Buy rating for LPCK with slightly higher PT of Rp13,100. In-line with expectation. LPCK booked NPAT of Rp275bn in 1Q15, up by 21% YoY. Result is in-line with expectation, as LPCK’s 1Q15 NPAT comprises of 32% from our numbers and 30% from consensus'. The company’s operating profit grew only slightly by 3% YoY. Strong increase in NPAT is mainly due to the Rp29bn booking of management fee in other income. According to the company, due to the new accounting rule, there is a restatement on how they book the tax. We are currently checking on the new accounting rule as other companies still book a normal final tax rate of 5% for development and 10% for recurring. Operating margin slightly weaker. LPCK’s operating margin slipped from 49% in 1Q14 to 46% in 1Q15. This is mainly due to higher selling expense (up by 70% YoY). However, we think that the higher selling expense bears a positive result, as the company already accomplished 51% of its FY15F marketing sales target in 1Q15. We believe that the advertisement is mainly to promote Orange County (a mixed-use development project). Solid balance sheet. The company is in net cash position of Rp386bn as of 1Q15, without any debt. LPCK also generates positive cash-flow from operations amounting to Rp153bn. We maintain our Buy rating for LPCK, with higher PT of Rp13,500. LPCK has been converting some of its landbank from industrial into residential. The planned size of LPCK’s Orange County alone would be around 322ha in total (for residential and commercial). Hence, we revise up our residential and commercial areas into 70% of total landbank versus 60% previously. LPCK is currently trading at FY15F P/E of 9.4x and at 57% discount to NAV of Rp27,013. Key risk is more towards politics, in our view. In particular, policies that affect FDI, as it could affect land sales in Karawang, hence demand for residential estates.
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LPCK
3,780.00 20.00 (0.53%)
Lippo Cikarang Tbk
Last Update 02:54:11