Indonesia Company Guide Agung Podomoro Land Version 2 | Bloomberg : APLN IJ | Reuters: APLN.JK Refer to important disclosures at the end of this report DBS Group Research . Equity 7 Jun 2016 FULLY VALUED Laying low for now Last Traded Price: Rp244 (JCIJCIJCIJCI : 4,896.03) Price Target : Rp205 (-16% downside) (Prev Rp285) Maintain FULLY VALUED call. We adjusted our RNAV Potential Catalyst: More significant project acquisitions downwards to Rp502/sh to reflect latest revenue recognition Where we differdiffer:::: Having the most bearish estimates and earning estimates given the latest development of APLN’s Analyst existing and new projects. Subsequently, our TP is adjusted to Edward Ariadi Tanuwijaya +6221 3003 4932 Rp205 (implying c.19% downside from current level).
[email protected] What’s New Reclamation project status remains uncleaunclearrrr.. The development of APLN’s major projects remain uncertain with all the swirling • New revenue stream from PGV Cimanggis project news on the 160-ha Pluit City reclamation project. APLN, • Reclamation project remains unclear given the known for its fast turnover business model, has to seek other latest development (and administrative court projects to maintain its earnings continuity and sustainability. order) • Balance sheet will continue to be highly geared New segment provides fresh revenue streamstream.. APLN recently groundbroke its new project Podomoro Golf View (PGV) • Maintain FULLY VALUED call Cimanggis in south Jakarta suburb area. The company, through its subsidiary PT. Graha Tunas Selaras, plans to build 25 apartment towers (i.e. 37,000 apartment units) on this 60- Price Relative ha project. This PGV project offers 20-30 sqm units with price Rp Relative Index per unit ranging between Rp198m and Rp470m.