DOCSLIB.ORG

Pakuwon Jati

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pakuwon Jati Indonesia Company Guide Pakuwon Jati Version 8 | Bloomberg: PWON IJ | Reuters: PWON.JK Refer to important disclosures at the end of this report DBS Group Research . Equity 29 Oct 2018 HOLD Consistent earnings growth Last Traded Price ( 26 Oct 2018): Rp478 (JCI : 5,784.90) Price Target 12-mth: Rp520 (9% upside) (Prev Rp610) Higher revenue from both development and investment properties. Pakuwon Jati (PWON) booked 3Q18 earnings of Analyst Rp651bn (+24% y-o-y, +15% q-o-q), supported by higher Victor STEFANO +6221 3003 4934 [email protected] revenue from both development property (+38.5% y-o-y, + 5.8% q-o-q) and investment property (+19.1% y-o-y, +8.4% q- What’s New o-q). Despite foreign exchange (forex) losses of Rp284bn, PWON’s 9M18 earnings came in at Rp1.78tr which was above Booked 3Q18 earnings of Rp651bn, in line with our estimates but above consensus consensus estimates (82% of FY18F) but in line with ours (76% of FY18F). Higher revenue from development and investment Where we differ: Maintain HOLD. Despite the strong properties earnings delivery, we maintain our HOLD call since the property sector lacks positive near term catalysts. Secured 65% of its FY18 pre-sales target in 9M18 Improvement in pre-sales among property Maintain HOLD with lower TP of Rp520 Potential catalyst. developers could change investor sentiment on PWON. The company’s new project in Bekasi, which is expected to launch next year, could serve as PWON`s re-rating catalyst. Price Relative Valuation: We maintain our HOLD call with a lower TP of Rp520 as we take into account further rupiah depreciation and raise our risk-free rate to 8.6% (from 8.0%). Our TP is derived by applying 27% discount to our RNAV of Rp716 which is at -1SD from its five-year average to take into account uncertainties in the 2019 presidential election and a prolonged property Forecasts and Valuation demand recovery . FY Dec (Rpbn) 2016A 2017A 2018F 2019F Revenue 4,841 5,718 6,201 7,238 EBITDA 2,593 3,160 3,552 4,028 Key Risks to Our View: Pre-tax Profit 2,057 2,406 2,984 3,496 USD depreciation and higher interest rate Net Profit 1,671 1,873 2,336 2,752 USD debt and construction costs (especially for high-rise Net Pft (Pre Ex.) 1,645 2,067 2,530 2,946 projects) have exposed PWON to forex risks. A higher interest Net Pft Gth (Pre-ex) (%) 6.9 25.7 22.4 16.5 rate environment might also translate into lower property EPS (Rp) 34.7 38.9 48.5 57.1 EPS Pre Ex. (Rp) 34.1 42.9 52.5 61.2 demand. EPS Gth Pre Ex (%) 7 26 22 16 Diluted EPS (Rp) 34.7 38.9 48.5 57.1 At A Glance Net DPS (Rp) 4.50 4.50 4.50 4.50 Issued Capital (m shrs) 48,160 BV Per Share (Rp) 180 214 258 311 Mkt. Cap (Rpbn/US$m) 23,020 / 1,517 PE (X) 13.8 12.3 9.9 8.4 Major Shareholders (%) PE Pre Ex. (X) 14.0 11.1 9.1 7.8 P/Cash Flow (X) 10.2 9.3 10.0 7.1 Burgami Investment Ltd 20.9 EV/EBITDA (X) 10.9 8.7 7.5 6.2 Pakuwon Arthaniaga 16.8 Net Div Yield (%) 0.9 0.9 0.9 0.9 Concord Media Investment 7.4 P/Book Value (X) 2.7 2.2 1.9 1.5 Free Float (%) 47.8 Net Debt/Equity (X) 0.3 0.2 0.1 CASH 3m Avg. Daily Val (US$m) 0.92 ROAE (%) 21.0 19.7 20.5 20.1 ICB Industry : Financials / Real Estate Earnings Rev (%): 0 7 6 Consensus EPS (Rp): N/A 45.7 51.1 Other Broker Recs: B: 21 S: 0 H: 4 Source of all data on this page: Company, DBSVI, Bloomberg Finance L.P ed: KK`/ sa: MA, CW, CS Company Guide Pakuwon Jati WHAT’S NEW Consistent earnings growth In line 3Q18 earnings Valuation Pakuwon Jati (PWON) booked 3Q18 earnings of Rp651bn We maintain our HOLD call with a lower TP of Rp520 as we (+24% y-o-y, +15% q-o-q), supported by higher revenue from take into account further rupiah depreciation and raise our both development property (+38.5% y-o-y, + 5.8% q-o-q) and risk-free rate to 8.6% (from 8.0%). Our TP is derived by investment property (+19.1% y-o-y, +8.4% q-o-q). Despite applying 27% discount to our RNAV of Rp716 which is at - forex losses of Rp284bn, PWON 9M18 earnings came in at 1SD from its five-year average to take into account Rp1.78tr which was above consensus estimates (82% of uncertainties related to the 2019 presidential election and a FY18F) but in line with ours (76% of FY18F). prolonged property demand recovery. Continuous growth of investment property PWON investment properties continue to support its top line by contributing 49% of 3Q18 revenue. PWON booked PWON recurring revenue (Rp bn) investment property revenue of Rp902bn (+19.1% y-o-y, 1000 +8.4% q-o-q) which represents 15.3% compound annual 900 growth rate (CAGR) in the past three year. Despite lacking 800 new projects, 3Q18 the investment property segment still 15.3% CAGR 700 grew q-o-q on the back of rental adjustment at its Kota 600 Kasablanka mall, and the newly opened extension in 500 Tunjungan Plaza 6 and Pakuwon Mall. 400 300 New project launch next year 200 Despite the Anti Corruption Commission nailing several 100 conglomerates regarding licensing/permit issues recently, 0 PWON is expected to launch its new project located in Bekasi, 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 West Java, after the presidential election next year. The project will be a mixed use development which will contribute to Source: Bloomberg Finance L.P., DBSVI higher development and investment property revenue if the project kicks in. PWON discount to RNAV band PWON secured 65% of its FY18 pre-sales target Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 PWON booked pre-sales of Rp611bn in 3Q18, bringing its -20% 9M18 pre-sales to Rp1.7tr (-5% y-o-y). 9M18 pre-sales formed -10% +2SD 65% and 70% of the company’s FY18 target and our FY18 0% forecast respectively. Condo sales continued to make up a +1SD 10% higher proportion of PWON’s pre-sales (Rp350bn) with the AVG launch of La Viz in Surabaya and ongoing sales from its Kota 20% Kasablanka condos. Landed residential units contributed 30% -1SD Rp250bn pre-sales in 3Q18, which was supported by its land 40% -2SD plot sales in Pakuwon City. 50% Surabaya continued to dominate PWON’s pre-sales, supported 60% by the recurring sales of landed residential projects in Pakuwon City and Grand Pakuwon, land plot sales in Pakuwon City, and Source: Bloomberg Finance L.P., DBSVI the newly launched La Viz apartments. Kota Kasablanka apartment phase 2 (Angelo, Bella, Chianti) continued to dominate Jakarta pre-sales. Page 2 Company Guide Pakuwon Jati Quarterly / Interim Income Statement (Rpbn) FY Dec 3Q2017 2Q2018 3Q2018 % chg yoy % chg qoq Revenue 1,443 1,730 1,852 28.3 7.1 Cost of Goods Sold (607) (712) (743) 22.4 4.4 Gross Profit 836 1,018 1,109 32.6 8.9 Other Oper. (Exp)/Inc (131) (135) (147) 11.9 9.2 Operating Profit 705 884 962 36.5 8.8 Other Non Opg (Exp)/Inc 5.40 10.4 11.7 118.2 12.8 Associates & JV Inc (2.5) (4.2) (1.8) 27.1 (56.4) Net Interest (Exp)/Inc (24.9) (9.8) (37.4) (49.9) (280.6) Exceptional Gain/(Loss) (20.7) (139) (107) (419.8) (22.8) Pre-tax Profit 662 741 827 24.9 11.6 Tax (90.2) (102) (106) 17.1 3.6 Minority Interest (47.6) (72.6) (70.2) (47.6) (3.4) Net Profit 524 566 651 24.2 15.0 Net profit bef Except. 545 706 759 39.2 7.5 EBITDA 705 884 962 36.5 8.8 Margins (%) Gross Margins 57.9 58.9 59.9 Opg Profit Margins 48.8 51.1 51.9 Net Profit Margins 36.3 32.7 35.2 Source of all data: Company, DBSVI Page 3 Company Guide Pakuwon Jati PWON RNAV summary PWON portfolio Stakes RNAV Investment Property 19,430 East Coast Center 100% 153 Tunjungan Plaza (I-IV) mall 100% 3,976 Tunjungan Plaza V mall 100% 659 Tunjungan Plaza VI mall 100% 746 Sheraton Hotel 100% 481 Tunjungan Plaza 4-star hotel 100% 376 Gandaria City 83% 2,361 Kota Kasablanka 100% 3,396 Gandaria 8 Office 83% 519 Kota Kasablanka Office 88 - Tower A (part leased) 100% 805 Kota Kasablanka Office 88 - Tower B (all leased) 100% 736 Gandaria 5-star hotel 83% 595 Supermal Pakuwon Indah - Phase 1 & Trade Center 67% 1,590 Supermal Pakuwon Indah - Phase 2 & 3 67% 1,193 Supermal Pakuwon Indah - Phase 4 67% 232 Royal Plaza Mall 50% 451 Somerset Berlian 67% 162 Blok M Plaza 67% 461 Ascott Residence 67% 181 Pullman 5 star hotel 67% 199 Ibis 3-star hotel 67% 158 Development properties & Landbank 16,071 Tunjungan V - The Peak 100% 159 Tunjungan VI - Apartment 100% 223 Tunjungan V - Pakuwon Center 100% 155 Tunjungan VI - Office 100% 271 Pakuwon City - Palm Beach 100% 985 Pakuwon City - Community 1 100% 1,559 Pakuwon City - Community 2 (+ remaining landbank) 100% 3,266 Grand Pakuwon 1 100% 911 Grand Pakuwon 2 (+ remaining landbank) 100% 2,199 Kota Kasablanka tower 3 100% 280 Kota Kasablanka tower 4 100% 285 Kota Kasablanka tower 5 100% 774 Gandaria office - expansion 83% 1,015 Kota Kasablanka office - expansion 100% 1,295 4.5ha landbank in TB Simatupang 70% 788 4.1ha landbank in Kota Kasablanka 100% 1,230 1.9ha landbank in Gandaria City 83% 394 Pakuwon Indah - 6 apartments 67% 282 Net Debt 1,024 RNAV 34,476 Fully Diluted Share base (bn) 48.2 Fully Diluted RNAV per share 716 Source: Company, DBSVI Page 4 Company Guide Pakuwon Jati Marketing sales (Rpbn) CRITICAL DATA POINTS TO WATCH Critical Factors Large portion of recurring revenue from investment properties PWON generated 50% of its consolidated revenue from investment properties, mostly retail malls.
Load more

Recommended publications
  • Visitors׳ Perceptions on the Important Factors of Atrium Design in Shopping
    Frontiers of Architectural Research (]]]]) ], ]]]–]]] HOSTED BY Available online at www.sciencedirect.com www.elsevier.com/locate/foar RESEARCH ARTICLE Visitors' perceptions on the important factors of atrium design in shopping centers: A study of Gandaria City Mall and Ciputra World in Indonesia Astrid Kusumowidagdoa,n, Agus Sacharib, Pribadi Widodob aInterior Architecture, Universitas Ciputra, Surabaya, East Java, Indonesia bFaculty of Art and Design, Bandung Institute of Technology, Bandung, Indonesia Received 21 July 2014; received in revised form 18 November 2015; accepted 23 November 2015 KEYWORDS Abstract Atrium; Atriums as quasi-internal public spaces in shopping centers play an essential role as an identity Shopping center; provider and offer spatial orientation in shopping center architecture. This study aims to Sense of place examine the significant factors of atrium design, which can provide a sense of place for shopping center visitors. The research was conducted with the sequential exploratory method, which involved a qualitative study, followed by a quantitative study. The objects of this research were two shopping centers located in the two largest cities in Indonesia, namely, Gandaria City Mall in Jakarta and Ciputra World in Surabaya. A total of 43 informants were a part of the qualitative data collection, and 350 respondents served as survey participants. The survey research shows that the design factors considered by visitors at the Gandaria City Mall are atrium legibility, atrium decoration, event decoration, social image and interaction, and event ambience, whereas the visitors at Ciputra World considered atrium legibility, social image and interaction, atrium ambience, and atrium decoration. & 2015 The Authors. Production and hosting by Elsevier B.V.
    [Show full text]
  • BOI LABS BOI – Research Services BRAND AWARENESS JABODETABEK
    MALLS BOI LABS BOI – Research Services BRAND AWARENESS JABODETABEK Brand awareness - Jabodetabek n=150, base = customers in Jabodetabek area 80% 73% 62% 60% 55% 50% 50% 46% 48% 48% 46% 40% 35% 29% Aided 23% 24% 20% 20% 20% 16% Unaided 8% TOM 4% 2% 3% 4% 0% No malls scores above 80% aided awareness most likely due to the large number of malls in Jabodetabek area. Overall, Mall Kelapa Gading is the most well-known mall in Jabodetabek with 73% aided awareness. In addition it also leads in top of mind (20%) followed closely by Plaza Senayan (16%). 2 PT BOI Raja Sedjahtera | www.boi-rs.com | +62 21 7202 136 BRAND AWARENESS SURABAYA Brand awareness - Surabaya n=25, base = customers in Surabaya 100% 100% 100% 100% 100% 92% 92% 88% 80% 60% Aided Unaided 40% TOM 20% 8% 4% 0% Tunjungan Plaza Galaxy Mall Grand City Everybody in Surabaya knows all the big malls. Although Tunjungan Plaza, one of the most iconic malls in Surabaya is far ahead in top of mind (88%). 3 PT BOI Raja Sedjahtera | www.boi-rs.com | +62 21 7202 136 BRAND AWARENESS DENPASAR Brand awareness - Denpasar n=50, base = customers in Denpasar 98% 98% 100% 96% 87% 85% 80% 67% 60% Aided 40% Unaided 40% 33% TOM 20% 17% 0% Beachwalk Discovery Shopping Mall Mal Bali Galeria Beachwalk and Discovery Shopping Mall are the most popular malls in Denpasar. The 2 malls are toe-to-toe in termas of awareness, with Beachwalk scoring slightly higher in aided, unaided and top of mind.
    [Show full text]
  • PT. PAKUWON JATI Tbk. DAN ENTITAS ANAK
    PT. PAKUWON JATI Tbk. DAN ENTITAS ANAK LAPORAN KEUANGAN KONSOLIDASIAN UNTUK PERIODE SEMBILAN BULAN YANG BERAKHIR 30 SEPTEMBER 2011 DAN 2010 (TIDAK DIAUDIT) DAN TAHUN YANG BERAKHIR 31 DESEMBER 2010 (DIAUDIT) PT. PAKUWON JATI Tbk. DAN ENTITAS ANAK DAFTAR ISI Halaman SURAT PERNYATAAN DIREKSI 1 LAPORAN KEUANGAN KONSOLIDASIAN - Pada tanggal 30 September 2011 (tidak diaudit) dan 31 Desember 2010 (diaudit) serta untuk periode sembilan bulan yang berakhir 30 September 2011 dan 2010 (tidak diaudit) Laporan Posisi Keuangan Konsolidasian 2 Laporan Laba Rugi Komprehensif Konsolidasian 4 Laporan Perubahan Ekuitas Konsolidasian 5 Laporan Arus Kas Konsolidasian 6 Catatan Atas Laporan Keuangan Konsolidasian 7 PT. PAKUWON JATI Tbk. DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) - 30 September 31 Desember 1 Januari Catatan 2011 2010 2010 Rp'000 Rp'000 Rp'000 ASET ASET LANCAR Kas dan setara kas 3g,3j,5 496,356,544 312,956,339 200,607,293 Deposito berjangka yang dibatasi penggunaannya 3g,6 43,482,377 29,914,478 36,785,808 Dana untuk penggantian perabotan dan perlengkapan hotel 3l,5 5,692,565 3,847,041 2,670,901 Piutang usaha kepada pihak ketiga - setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp 19.987 ribu tahun 2011 dan Rp 41.982 ribu tahun 2010 3g,7 107,502,189 117,158,203 42,326,754 Piutang lain-lain kepada pihak ketiga 3,736,402 6,655,853 2,637,976 Persediaan 3m 3,457,023 2,927,075 2,486,435 Pajak dibayar dimuka 3y,15 42,341,106 42,539,356 39,772,141 Uang muka dan biaya
    [Show full text]
  • Land Bank + Acquire Land Around Existing Projects
    PT Pakuwon Jati Tbk Public Expose RUPS Aug 25, 2020 Table of contents Section 1 Results summary 2 Section 2 Business summary 6 Section 3 Growth & strategy 10 Section 4 Capital management 14 Appendix A Company overview 18 Appendix B CSR Activities 2019 25 1 Section 1 Results summary 2 Results summary (Rp bn unless otherwise stated) 1H 2020 1H 2019 Variance Comments Revenue1 1,974 3,505 (43.7%) 36% decrease in recurring revenues and 52% decrease in development revenue recognition. Pakuwon Permai contributed Rp 389bn (20%) of revenues. Gross Profit2 968 2,021 (52.1%) Gross Profit Margin (%) 49.0% 57.7% EBITDA2 1,004 1,973 (49.1%) EBITDA Margin (%) 50.8% 56.3% Net Income for the Period3 598 1,568 (61.8%) Net Income Margin (%) 30.3% 44.7% Net Income Attributable to Owners3 558 1,299 (57.0%) Net Income Margin (%) 28.3% 37.1% Earning Per Share (Rp)3 Basic 11.59 26.97 (57.0%) Notes: 1 Revenue recognition for apartment and office is based on hand over as per IFRS 15. Revenue recognition for shopping center rental and service charge is based on its collectability. 2 Adjusted for acquisition related COGS from goodwill costs of Rp0.5bn in 1H2020 and Rp19bn in 1H2019 3 Adjusted for acquisition COGS from goodwill costs of Rp0.5bn in 1H2020 and Rp19bn in 1H2019, forex gain (loss) of (Rp101bn) in 1H2020 and Rp76bn in 1H2019 respectively, gain on derivative of Rp26bn in 1H2020 and Rp8bn in 1H2019 respectively. 3 Results breakdown Revenue by segment (1H2020) Revenue by project (1H2020) Revenue by geography (1H2020) Office Grand Hotel & leasing Pakuwon Serviced
    [Show full text]
  • 1 Hotel Duniatex Group, Pakuwon Tambah Portofolio Recurring Income
    Beli 2 mal & 1 Hotel Duniatex Group, Pakuwon Tambah Portofolio Recurring Income PROPERTY INSIDE – PT Pakuwon Jati Tbk. melalui anak usahanya membeli 3 aset properti yang terdiri dari 2 pusat perbelanjaan atau mal dan 1 hotel di Yogyakarta dan Solo. Untuk transaksi tersebut, emiten properti dengan kode saham PWON ini merogoh kocek hingga Rp 1,359 triliun. Direktur dan Sekretaris Perusahaan Pakuwon Jati Minarto Basuki menjelaskan alasan transaksi tersebut untuk diversifikasi geografis bisnis perseroan di luar Surabaya dan Jakarta. Baca juga: Intiland Luncurkan DUO, Produk Inovatif Dengan Harga Rp700 Jutaan “Diversifikasi geografis untuk memperoleh potensi basis pertumbuhan baru di luar Surabaya dan Jakarta,” tulis Minarto dalam keterbukaan informasi, Senin (30/11). Minarto menjelaskan aset yang dibeli perseroan adalah Hartono Mall Yogyakarta, Hotel Marriott Yogyakarta, dan Hartono Solo Baru. Awalnya ketiga aset tersebut dimiliki oleh PT Delta Merlin Dunia Properti sebagai pemilik gedung dan Sumitro selaku pemilik tanah. Perusahaan properti tersebut merupakan entitas Duniatex Group. Baca juga: Pasokan Apartemen Q3 2020 Naik 114%, Meikarta Penyumbang Terbanyak Transaksi jual-beli tersebut dilakukan Pakuwon Jati melalui PT Pakuwon Permai yang merupakan anak usaha dengan kepemilikan saham sebesar 67,13 persen. Minarto menyampaikan nilai transaksi tersebut mencapai Rp 1,35 triliun dan sumber pendanaan diambil dari kas internal. Dengan tambahan aset properti tersebut, portofolio PWON yang menghasilkan tambahan berulang atau recurring income pun semakin
    [Show full text]
  • Results Presentation – 1H 2019 Disclaimer
    Results Presentation – 1H 2019 Disclaimer By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation. In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors.
    [Show full text]
  • Download E-Brochure
    REVERSIBILITY INTO EMPTINESS The First in Indonesia. APARTMENT UNIT DESIGNED FOR EFFICIENCY & FLEXIBILITY. The Loggia introduces the Japanese living concept of “Reversibility into Emptiness.” Designed for maximum space efficiency, optimal organization and healthier lifestyle. 3 CHOICES OF UNIT PACKAGE LIMITED WHITE LABEL EDITION STANDARD UPGRADED Discover the freedom to design your Enjoy the extraordinarily spacious Fully-furnished package designed by own apartment unit! layout of Japanese concept apartment. award-winning Japanese Studio. INTERIOR PACKAGE Bare Unit Semi-Furnished unit Fully-Furnished unit by Atelier Bow-Wow LAYOUT Design-It-Yourself Layout Defined Layout by Atelier Bow-Wow Defined Layout by Atelier Bow-Wow FLOORING Bare Flooring Marble & Homogenous Tiles Marble & Homogenous Tiles KITCHEN n/a Franke or equiv. cooking hob, sink & hood. Toto or Franke or equiv. cooking hob, sink & hood. Toto or equiv. Mixer Tap. equiv. Mixer Tap. WARDROBE n/a Wardrobe installed (Master Bedroom) Wardrobe installed (All Bedrooms) BATHROOM Homogenous tile, Toto / equiv. sanitary wares Homogenous tile, Toto / equiv. sanitary wares Homogenous tile, Toto / equiv. sanitary wares CEILING Exposed Ceiling. Up to 3.3 m Gypsum board, emulsion paint finish. Gypsum board, emulsion paint finish. Height up to 3 m. Height up to 3 m. ADDITIONAL ITEMS AC, Smoke / Heat / Gas Detector provided. Hot AC, Smoke / Heat / Gas Detector installed. Hot AC, Smoke / Heat / Gas Detector installed. Hot water supply installed in all bathrooms. water supply installed in all bathrooms. water supply installed in all bathrooms. SAVE BIG! UP TO STARTS AT GET FULLY-FURNISHED WITH ONLY 20% OFF! 1.4 BILLION ADDITIONAL 10% LIMITED 1 WHITE LABEL EDITION UNLEASH YOUR CREATIVITY & BE YOUR OWN DESIGNER.
    [Show full text]
  • Results Presentation – 1H 2020 Disclaimer
    Results Presentation – 1H 2020 Disclaimer By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation. In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors.
    [Show full text]
  • Visitors׳ Perceptions on the Important Factors of Atrium Design in Shopping
    Frontiers of Architectural Research (2016) 5,52–62 HOSTED BY Available online at www.sciencedirect.com www.elsevier.com/locate/foar RESEARCH ARTICLE Visitors' perceptions on the important factors of atrium design in shopping centers: A study of Gandaria City Mall and Ciputra World in Indonesia Astrid Kusumowidagdoa,n, Agus Sacharib, Pribadi Widodob aInterior Architecture, Universitas Ciputra, Surabaya, East Java, Indonesia bFaculty of Art and Design, Bandung Institute of Technology, Bandung, Indonesia Received 21 July 2014; received in revised form 18 November 2015; accepted 23 November 2015 KEYWORDS Abstract Atrium; Atriums as quasi-internal public spaces in shopping centers play an essential role as an identity Shopping center; provider and offer spatial orientation in shopping center architecture. This study aims to Sense of place examine the significant factors of atrium design, which can provide a sense of place for shopping center visitors. The research was conducted with the sequential exploratory method, which involved a qualitative study, followed by a quantitative study. The objects of this research were two shopping centers located in the two largest cities in Indonesia, namely, Gandaria City Mall in Jakarta and Ciputra World in Surabaya. A total of 43 informants were a part of the qualitative data collection, and 350 respondents served as survey participants. The survey research shows that the design factors considered by visitors at the Gandaria City Mall are atrium legibility, atrium decoration, event decoration, social image and interaction, and event ambience, whereas the visitors at Ciputra World considered atrium legibility, social image and interaction, atrium ambience, and atrium decoration. & 2015 The Authors.
    [Show full text]
  • BAB I PENDAHULUAN 1.1. Latar Belakang Masalah Semakin
    BAB I PENDAHULUAN 1.1. Latar Belakang Masalah Semakin berkembangnya zaman, penampilan merupakan salah satu hal wajib yang sangat diperhatikan oleh banyak orang. Mulai dari ujung rambut hingga ujung kaki, konsumen pasti akan memilih produk terbaik dengan model, merek, warna, dan bahan dasar yang terbaik. Hennes & Mauritz atau yang biasa dikenal dengan nama H&M merupakan sebuah perusahaan multinasional yang memproduksi busana. Perusahaan ini didirikan pada tahun 1947. Perusahaan ini menghasilkan berbagai macam produk pakaian yang bermarkas di Stockholm. Secara resmi store H&M dibuka dengan melakukan upacara pengguntingan pita dan menyambut para pecinta H&M yang antusias untuk masuk ke dalam store pertama H&M di Indonesia. Peresmian store H&M ini dibuka oleh para petinggi- petinggi H&M, antara lain Par Darj, selaku Head of Franchise Operations for H&M, dengan Mr. Sanveer Gill, selaku Franchise Partner dan Country Manager, Mr. James Suen, Store Manager bersama dengan para tamu-tamu undangan penting lainnya seperti Mrs. Sajni Gill, selaku Duta Besar Swedia untuk Indonesia, HE Mrs. Ewa Polano, dan Director of Gandaria City, EiffelTedja. 1 2 H&M merupakan store baju yang di nanti-nantikan masyarakat sehingga rela mengantri panjang. H&M terbukti mendapatkan respons yang sangat luar biasa dari para pelanggan dan akan terus menghadirkan fashion and quality at a best price. H&M juga sangat senang dapat bekerja sama dengan PT Hindo dan akan terus menjaga serta meneruskan nilai-nilai utama H&M kepada para pelanggan kami, tutur Par Darj, Head of Franchise Operations for H&M pada tahun 2013 (Sundayani, 2013). Relevansi variabel price, price dari Zara dan H&M lebih murah H&M di bandingkan zara yang membuat konsumen mempunyai purchase intention yang lebih terhadap H&M.
    [Show full text]
  • Visitorsￗﾳ Perceptions on the Important Factors of Atrium Design In
    Frontiers of Architectural Research (2016) 5,52–62 HOSTED BY Available online at www.sciencedirect.com www.elsevier.com/locate/foar RESEARCH ARTICLE Visitors' perceptions on the important factors of atrium design in shopping centers: A study of Gandaria City Mall and Ciputra World in Indonesia Astrid Kusumowidagdoa,n, Agus Sacharib, Pribadi Widodob aInterior Architecture, Universitas Ciputra, Surabaya, East Java, Indonesia bFaculty of Art and Design, Bandung Institute of Technology, Bandung, Indonesia Received 21 July 2014; received in revised form 18 November 2015; accepted 23 November 2015 KEYWORDS Abstract Atrium; Atriums as quasi-internal public spaces in shopping centers play an essential role as an identity Shopping center; provider and offer spatial orientation in shopping center architecture. This study aims to Sense of place examine the significant factors of atrium design, which can provide a sense of place for shopping center visitors. The research was conducted with the sequential exploratory method, which involved a qualitative study, followed by a quantitative study. The objects of this research were two shopping centers located in the two largest cities in Indonesia, namely, Gandaria City Mall in Jakarta and Ciputra World in Surabaya. A total of 43 informants were a part of the qualitative data collection, and 350 respondents served as survey participants. The survey research shows that the design factors considered by visitors at the Gandaria City Mall are atrium legibility, atrium decoration, event decoration, social image and interaction, and event ambience, whereas the visitors at Ciputra World considered atrium legibility, social image and interaction, atrium ambience, and atrium decoration. & 2015 The Authors.
    [Show full text]
  • Regional Kabupaten Tipe Outlet Nama Outlet BALI NUSRA KOTA
    Regional Kabupaten Tipe Nama Outlet Outlet BALI NUSRA KOTA DENPASAR Erafone XIAOMI STORE TEUKU UMAR BALI BALI NUSRA KOTA DENPASAR Erafone MEGASTORE RUKO GATOT SUBROTO BALI BALI NUSRA KUPANG Erafone SES LIPPO PLAZA KUPANG BALI NUSRA KUPANG Erafone ERAFONE LIPPO PLAZA KUPANG BALI NUSRA KOTA MATARAM Erafone MEGASTORE RUKO MATARAM LOMBOK BALI NUSRA KOTA DENPASAR Erafone SES TRANS STUDIO MALL BALI BALI NUSRA KOTA DENPASAR Erafone ERAFONE MALL BALI GALERIA BALI NUSRA KOTA DENPASAR Erafone SES BEACHWALK BALI BALI NUSRA KOTA DENPASAR Erafone MEGASTORE 2 TEUKU UMAR BALI NUSRA KOTA DENPASAR Erafone MEGASTORE RUKO SINGARAJA BALI BALI NUSRA KOTA DENPASAR Erafone TELKOMSEL GRAPARI RENON BALI NUSRA KOTA MATARAM Erafone TELKOMSEL GRAPARI LOMBOK EPICENTRUM MALL BALI NUSRA KOTA MATARAM Erafone ERAFONE LOMBOK EPICENTRUM MALL CENTRAL JAKARTA BARAT Erafone ERAFONE 2 ITC ROXY MAS JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE 3 ITC ROXY MAS JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE 4 ITC ROXY MAS JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE CENTRAL PARK JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE DAAN MOGOT MALL JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE GREEN SEDAYU MALL JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE MAL CIPUTRA JAKARTA JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE MAL PURI INDAH JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE MAL TAMAN ANGGREK JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE PLAZA SLIPI JAYA JABOTABEK CENTRAL JAKARTA BARAT Erafone ERAFONE PX PAVILION ST MORITS JABOTABEK Internal Regional Kabupaten Tipe
    [Show full text]