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P H
May 16,2016 10:55:08
Mega Manunggal Genjot Bisnis Sewa Lahan Industri
PT Mega Manunggal Property Tbk (MMLP) menargetkan mampu menyewakan lahan industri seluas 10 hektare (Ha) tahun ini. Beberapa perusahaan besar diproyeksikan bakal menyewa lahan industri tersebut.

$MMLP


Bull
P H
Apr 25,2016 14:57:41
Mega Manunggal Property (MMLP) - vice President Commissioner, Tri Ramadi, tendered resignation letter in 20 April 2016; Tri will effectively release from the position 1 month after the resignation letter. Tri plans to focus his time on other activities. Comment: Tri is advisor to company’s owner, Hungkang “Alex” Sutedja. MMLP recently signed MoU with Daiwa House and GIC to form JV companies to expand its NLA to 500k sqm in 3 years. There will be direct oversight by the JV partners for every investment/capex. For MMLP, it is now down to execution and seems like in good hand with the help from JV partners. We don’t see significant change in the company’s outlook.
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P H
Apr 18,2016 00:11:19
Alibaba is buying a controlling stake in Lazada for US$1bn
 
Comprising a mix of old and new Lazada shares in a deal which values Lazada at US$1.5bn. Alibaba has the right to buy out additional shares from existing shareholders over in 12-18 months.
Comment: This deal likely to have positive impact for businesses along the value chain, e.g. logistic, transportation, etc. However, competition will remain tough in the sector and may accelerate consolidation in the space.
 
- From Logistic & Transportation side - This provide a much needed boost for SingPost, which Alibaba owns an 11% stake. Singpost has been struggling to penetrate Indonesia especially in the last-mile delivery segment. Alibaba-lazada deal could provide an entry point for Singpost. This means a tougher competition ahead for the likes of JNE, Pos Indonesia and other logistic players because Singpost has the know how expertise and big funding to expand compare to the existing players.
 
- This deal also read positively for Lazada’s warehouse providers, Mega Manunggal Property – MMLP. This deal will strengthen Lazada’s financial position which in turn should enable Lazada to be able to expand more aggressively that likely lead to more demand for warehouse space.
 
- However, competition in the e-commerce will continue to intensify. Given the big warchest, we may see consolidation in Indonesia’s e-commerce segment sooner later than later. In addition, offline retailers will also continue to see disruption especially in the electronics and fashion department.

$MMLP
Bull
P H
Apr 02,2016 11:43:28
Mega property
Bond-like investment with potential increase in principal


We took management on the road to meet investors and came away positive on MMLP’s business outlook. MMLP is one of few companies that offers exposure to the exciting developments in Indonesia such as infrastructure development, rising e-commerce & logistic industries and lower interest rates. MMLP targets to triple its current 164k sqm NLA to 500k sqm in three years. Further, MMLP plans to team up with prominent names in the logistics business to strengthen its franchise and invite cheaper capital. We maintain our BUY rating with a new target price of Rp1,020/sh (from Rp1,035).

On the right spot MMLP is one of few companies that offers exposure to the exciting developments in Indonesia such as infrastructure development, rising e-commerce & logistic industries and lower interest rates. MMLP targets to grow its NLA to 500k sqm in three years, more than triple the current 164k sqm NLA; currently MMLP has 96k sqm NLA in the pipeline. We expect MMLP to grow NLA to 355k sqm NLA by 2018CL.

Competitive edges Some investors wonder what the key factor was when Unilever decided to go with MMLP and what MMLP’s competitive edges are. MMLP’s founders saw the longer-term opportunities that potentially arise from a rising consumer industry and infrastructure developments. Ahead, we expect a cheaper cost of capital for this pure-play warehouse developer, client list track-record, strategic assets locations and prominent partner(s) will act as competitive edges for MMLP and support its performance.

Affiliated business Some investors ask about the potential conflict of interest with its affiliated property business. MMLP plans to have a certain minimum yield-to-cost for every new investment and also plans to execute the expansions through JV companies with third-party investors. Hence, we see any affiliated transaction will eventually need to be justified by the investment thresholds and partners in the JV companies.

A bond-like investment but with potential increase in principal As an investment property company, the cashflow structure mimics a bond but with potential increases in principal value, which will be a function of property prices. In the future, MMLP has the option to monetize the ongoing projects to REITs when the company encounters better investment opportunities. We tweak our forecast to adjust for its latest results and capex; we maintain our BUY rating with new target price of Rp1,020/sh.

$MMLP $UNVR
Bull
Quotes delayed, except where indicated otherwise.
MMLP
690.00 5.00 (0.71%)
Mega Manunggal Property Tbk.
Last Update 21:09:38