reports
- Benyamin Mikael
Summarecon Agung (SMRA IJ) - Potential Further Re-rating From SMIP IPO...
SMRA posted a strong 2Q24 net profit of Rp312b (+83.4% yoy). Following the sale of Summarecon Mall Kelapa Gading to SMIP, the company is considering an IPO for SMIP. We believe SMIP's valuation has the potential to match or surpass SMRA's current market cap. The newly-launched product in Bogor and new township in Tangerang are expected to boost marketing sales in the following months. We maintain BUY on SMRA with a higher target price of Rp865, driven by the potential IPO, rate cuts and marketin...
- Benyamin Mikael
- Maskun Ramli
- Adrian Loh Tzum Yung
- Benyamin Mikael
- Damon Shen
- Jieqi Liu
- Philip Wong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, October 08, 2024
GREATER CHINA Sector Hong Kong Developers And Landlords Expect the strong performance of the stock market to have a positive impact on property prices. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp700/Target: Rp865) Potential further re-rating from SMIP IPO and more rate cuts. MALAYSIA Update KPJ Healthcare (KPJ MK/HOLD/RM2.07/Target: RM1.90) KPJ’s transformation programme continues to gathe...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
BN4 KEPPEL CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
REXI REX INTERNATIONAL HOLDING LTD
MPM MARCO POLO MARINE LTD
RHP RH PETROGAS
00017 NEW WORLD DEVELOPMENT CO. LTD.
123F 123FAHRSCHULE SE
STM SEATRIUM LTD
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 16, 2024
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MLK MALAKOFF CORP BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
GMB GAS MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
TIDLOR NGERN TID LOR PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
- Limartha Adhiputra
Summarecon Agung (SMRA IJ) - Satisfactory 1H24 Presales Achievement An...
SMRA successfully achieved presales of Rp1.7t in 1H24, up 7% yoy and contributing to 34% of its 2024 presales target. However, SMRA is optimistic of achieving its 2024 presales target of Rp5t as it will launch new products and townships in 2H24. We estimate 2024-25 NPAT at Rp906b (+18.3% yoy) and Rp944b (+4.3% yoy) respectively. Maintain BUY with a target price of Rp700 as SMRA’s share price is still attractive and could improve due to rate cut expectations.
- Limartha Adhiputra
- Maskun Ramli
- Limartha Adhiputra
Property – Resilient Amid Uncertainties
We believe marketing sales achievement could improve from 2Q24 onwards as new product launches continue to take place. However, BSDE and SMRA could report softer earnings in 2Q24 after a boost in 1Q24 results, while CTRA could deliver a more consistent revenue growth in 2Q24. We also note that property companies are optimistic in achieving their 2024 presales targets as mortgage rates remain attractive despite the recent interest rate hike. Maintain OVERWEIGHT with CTRA as our top pick.
- Limartha Adhiputra
- Maskun Ramli
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Limartha Adhiputra
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 22, 2024
GREATER CHINA Strategy China And Hong Kong Property: Channel checks and observations of Shanghai/Hong Kong primary markets. Results AAC Technologies (2018 HK/BUY/ HK$22.70/ Target: HK$27.20): 2H23: Slight beat in results; outlook in 2024 seems promising. Sunny Optical (2382 HK/BUY/HK$46.85/Target: HK$63.00): 2023: Results in line but forward shipment guidance weaker than expected. Small/Mid Cap Highlights Crystal International (2232 HK/NOT RATED/HK$3.30): 2023: Results in line with guidance, bul...
- Limartha Adhiputra
Summarecon Agung (SMRA IJ) - 4Q23: Weakness In NPAT As Property Delive...
SMRA reported 4Q23 net profit of Rp113b, falling 48.5% qoq and 64.2% yoy on declining property deliveries and higher contract liabilities interest expenses. On the other hand, 2023 net profit hiked 22.5% yoy to Rp766t, below our and market estimates. Going forward, with 2024 marketing sales target remaining at Rp5.0t and recurring income growth of 10.6% yoy in 2024-25, we expect NPAT of Rp887b (+15.7% yoy) and Rp944b (+6.5% yoy) respectively. Maintain BUY with a lower target price of Rp700.
- Limartha Adhiputra
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Friday, March 22, 2024
GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp67/Target: Rp69): 4Q23: Rp78.8t impairment – investing in scalable business. Summarecon Agung (SMRA IJ/BUY/Rp525/Target: Rp700): 4Q23: Weakness in NPAT as property deliveries fall; results below expectations. TRADERS’ CORNER Merdeka Copper Gold (MDKA IJ): Technical BUY Summarecon Agung (SMRA IJ): Technical BUY
- Limartha Adhiputra
Summarecon Agung (SMRA IJ) - Capitalising VAT Incentives To Drive 2024...
SMRA targets to achieve another round of robust marketing sales of Rp5t in 2024 despite the softness in 2023 marketing sales. VAT incentives will support marketing sales growth in 2024 as most of SMRA’s residential products are eligible for the incentives. We estimate 2023-24 NPAT at Rp822b (+31.4% yoy) and Rp963b (+17.2% yoy) respectively. Solid development revenue will continue in 2023-24 following the high presales achievement in prior years. Maintain BUY with a target price of Rp800.
- Limartha Adhiputra
- Maskun Ramli
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Jun Sian Tan
- Kasemsun Koonnara
- Limartha Adhiputra
- Wei Xiang Ku
Regional Morning Notes - Wednesday, January 17, 2024
GREATER CHINA Sector Property: Marginal improvement in secondary market seen in Jan 24; Budget speech to be a focus in near term. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp590/Target: Rp800): Capitalising VAT incentives to drive 2024 marketing sales growth. MALAYSIA Sector Construction: Promising sector backed by stronger replenishment prospects, ramp-up of progress billing and margin improvements. Upgrade to OVERWEIGHT. Update Hume Industries (HUME MK/BUY/RM2.61/Target: RM3.03): Rollo...
- Limartha Adhiputra
Property – Expecting A Boost In 2024 Marketing Sales From VAT Incentiv...
We expect property companies under our coverage to maintain their stellar marketing sales achievement in 2024 with a moderate growth outlook. Despite the election in 2024 possibly translating to slower marketing sales growth, we expect marketing sales to still be supported by VAT incentives and more than 10% of 2024 marketing sales will enjoy the VAT incentives. The expectation of rate cuts in 2H24 is a re-rating catalyst for property stocks. Maintain OVERWEIGHT with CTRA as our top pick.
- Limartha Adhiputra
- Maskun Ramli
- Limartha Adhiputra
Summarecon Agung (SMRA IJ) - Remains Optimistic With Potential 2024 NP...
SMRA recorded marketing sales of Rp2.7t in 8M23, contributing to 54% of its 2023 marketing target of Rp5t. With two new malls opening (namely Summarecon Villagio Outlets in Karawang and Summarecon Mall Bandung) in 4Q23, we expect a 10% growth in its 2024 recurring revenue. We forecast 2023-24 NPAT growth of 18% yoy and 17.3% yoy respectively. The high marketing sales achievement in 2022 will translate into stronger development revenue for 2023-24. Maintain BUY with a target price of Rp820.
- Limartha Adhiputra
- Maskun Ramli
- Benjaphol Suthwanish
- Chong Lee Len
- Johnny Yum Chung Man
- Kate Luang
- Kong Ho Meng
- Limartha Adhiputra
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, September 19, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Huawei Mate 60 introduces satellite calling; beneficiary: Zhejiang Chengchang Technology. Sector Commodities: Weekly: Better-than-expected economic figures raise hopes of soft landing. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp595/Target: Rp820): Remains optimistic with potential 2024 NPAT growth of 17% yoy. MALAYSIA Update Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.56/Target: RM0.70): Marine outlook may have moderated,...
- Limartha Adhiputra
Property – Robust 1H23 Pre-sales Achievement; Shares Continue To Outpe...
Our research showed that the property index and top four property stocks (BSDE, CTRA, SMRA and PWON) outperformed the JCI in two out of four rate cut cycles. We expect BSDE, CTRA and SMRA to continue outperforming the JCI in 2H23 on the back of a strong marketing sales achievement in 1H23 and potential NPAT growth of 6% yoy in 2023 and 15% yoy in 2024. Maintain OVERWEIGHT. BSDE is our top pick, followed by CTRA and SMRA.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.