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Sep 16,2016 07:49:14

PT Asuransi Jiwasraya memborong saham PT PP Properti Tbk ($PPRO). Berdasarkan data kepemilikan efek 5% atau lebih, hasil pencatatan PT Kustodian Sentral Efek Indonesia (KSEI) yang diunggah di situs Bursa Efek Indonesia Kamis (15/9), terlihat aksi pembelian saham PPRO oleh Asuransi Jiwasraya.

May 02,2016 15:07:23

PPRO : Didorong Penjualan Realti, Pendapatan PP Properti (PPRO) Naik 37,59%

Emiten properti, PT PP Properti Tbk. (PPRO) berhasil membukukan pertumbuhan penjualan hingga 37,59% sepanjang kuartal I/2016 didorong oleh penjualan realti.

Laporan keuangan perseroan menunjukkan, penjualan perseroan tercatat Rp533,70 miliar atau naik 37,59% dari penjualan periode yang sama tahun lalu, yakni senilai Rp387,89 miliar.

Bila diperinci, pencapaian penjualan tersebut terdiri dari penjualn realti senilai Rp505,71 miliar, sedangkan pendapatan dari property senilai Rp27,98 miliar. Bila dibandingkan dengan kuartal yang sama tahun lalu, penjualan realti naik 35,51%, sedangkan pendapatan peroperti naik 89,43%.

Adapun, laba periode berjalan yang dapat diatribusikan kepada pemilik entitas induk mencapai Rp90,63 miliar, tumbuh 12,83% dari Rp80,32 miliar pada kuartal yang sama tahun lalu.

Mar 08,2016 08:37:31
PP Properti ($PPRO): Strong 4Q15 performance: In the price

- Solid 4Q15 sales recognition supported top-line growth: PPRO booked 4Q15 revenue of IDR501bn, up 65.1% q-q and 89.3% y-y, translating into net profit of IDR95bn (+61.7% y-y). This brought the 2015 top line to IDR1.5tn, up 171.2% y-y, in line with our estimate (101%) but above consensus (91%).

- Realty sales jumped 191% y-y on successful launches: Despite soft property demand in 2015, PPRO, helped by its low end exposure, managed to book higher-than-expected realty sales (apartments and landed houses) of IDR1.4tn (+191% y-y), reflecting a 91.7% contribution to total 2015 revenue, while the remaining contribution was from property sales (hotels, rentals and service charges). We believe most of the realty sales were from Grand Kamala Lagoon, PPRO’s mega project in Bekasi.

- Higher 2015 margins on solid operating profit: PPRO booked a 2015 operating margin of 25.6% (2014: 23.1%) on solid operating profit of IDR385bn, +200.7 y-y, due to more manageable and efficient G&A expenses resulting in net profit of IDR300bn (+179.4% y-y).

Outlook: Raising 2016-17F earnings
In 2016, we now expect PPRO’s revenue to rise 7.1% y-y (exhibit 7), backed by 2015 pre-sales of IDR1,986bn, +65% y-y. Further catalysts should come from the construction of 3 malls, 2 hotels and 1 office in the next 3 years. That said, these recurring-income projects could see lower margins.

Recommendation: Retain HOLD with higher 12M TP of IDR210
On valuation, we apply a 70% discount to our NAV for PPRO, while we increase our 12-month TP to IDR210 from IDR180 on the 2015 performance. Retain HOLD on market outperformance (exhibit 4). Upside risks: Positive sentiment from government policies; Downside risk: Lower marketing sales.

Source: Daiwa Research
Feb 15,2016 09:03:46
Visit to property expo

First property expo in 2016 was encouraging
Over the weekend, we visited a property expo in Jakarta, organized by
Bank Tabungan Negara (BBTN IJ). During the event, BTN offered a
promotional mortgage rate of 6.6% fixed for one year. We found that a
large number of visitors to the expo showed enthusiasm regarding the
event. Besides BTN, we note that other big banks are also starting to
lower their rates to single digits. We see this trend as positive for
property sector especially for BSDE and CTRA.

Interesting mortgage rate promotion by BTN
As the organizer of the expo, Bank Tabungan Negara ($BBTN) specializes
in the mortgage segment and is the anchor bank for the Government
subsidized mortgage program. As of FY15, BTN had a market share of
~30% in mortgage lending. To boost its mortgage portfolio by ~20% in
FY16, during the expo, BTN offered a promotional non-subsidized
mortgage rate of 6.6% fixed for one year. For subsidized mortgages, BTN
offered a flat 5.0% for 20 years and LTV of 99%.

Targeting the low-middle segment
There were 209 developers participating in the event offering about 660
projects mainly in the Greater Jakarta area and several other cities in
Indonesia. Listed developers that participated in the expo were $CTRA,
$ASRI, $PPRO and $MTLA. Based on our visit to most of the exhibition
booths, we note that most of the properties offered were mainly
targeting the low-middle market segment with price tags starting from
IDR100m/unit (USD7,500). Further, many private developers offered low
cost housing that can be eligible to be financed by subsidized mortgage.

Other banks also starting to offer lower rates
Besides BTN, we also note that other big banks, such as BCA, Bank
Mandiri, BNI, BRI and CIMB Niaga offered promotional mortgage rates
below 10% starting in Feb’15. We view this positively for the property
sector, especially for $BSDE and $CTRA as most of their buyers use
mortgages for their purchases.

Quotes delayed, except where indicated otherwise.
208.00 2.00 (0.95%)
PP Properti Tbk.
Last Update 02:54:11