Dari milist tetangga... bagaimana komentar para analist tentang BKSL
ini?????
PT. BMW Indonesia
Dadan Nurdiana
IT
Wisma GKBI 21st Floor
Jl. Jend. Sudirman No. 28
Jakarta 10210
Indonesia
Tel : +62-21-3000-7741
Fax : +62-21-3000-7802
Mobile : +62811919965
mailto : [EMAIL PROTECTED]
http://www.bmw.co.id
>
>Subject: FW: Indon: BKSL IJ: King of the Hill: BUY with T/P IDR500
>
>
>
>>> * Our property analyst, Kim Kwie, initiated a coverage on Sentul
City
>> (BKSL
>>> IJ),
>>> previously known as Bukit Sentul, with a BUY recomm.
>>> * BKSL is a landed residential area located about 38km away from
central
>>> Jakarta. Don't be discouraged by the distance as we are used to
>>> commuting
>>> to
>>> work. The good road access to BKSL, coupled with great
infrastructure
>> inside
>>> the
>>> development and cool weather (200-300km above sea-level), are also
a
>> plus.
>>> * BKSL, established by Tjahjadi Kumala in 1993, who then invited
Lippo
>> Group
>>> and
>>> Bambang Trihatmojo to join as shareholders, was brought by a
homebuyer
>>> to
>>> the
>>> bankruptcy court for failure to deliver pre-sold houses in 2002.
The
>> court
>>> declared BKSL bankrupt and since then the development was abandoned
>until
>>> new
>>> investors (Yusuf Valent along with Tjahjadi Kumala) came in and
injected
>>> IDR815bn through rights issue in Oct 2006.
>>> * Prior to cash injection, the new investors have successfully
settled
>> with
>>> the
>>> homebuyers in April 2006, which was then ratified by the court.
>>> * As part of the settlement, BKSL allocated IDR300bn of its fresh
>capital
>> to
>>> construct 438 houses for the old homebuyers, of which 30 houses are
to
>be
>>> delivered next week. In addition, 532 lots will also be made
available
>> for
>>> sale
>>> to new customers.
>>> * BKSL has acquired 2,700ha of land bank, of which 831ha have been
sold.
>>> * BKSL focuses on landed middle segment residential with an avg
housing
>>> price of
>>> IDR500m (USD55K) and have tied up with two banks (Bank Jasa Jakarta
and
>>> Bank
>>> Mega) to provide mortgages for homebuyers.
>>> * Kim estimates BKSL's total attributale NAV at IDR7.1tr or
IDR743/sh,
>> based
>>> on
>>> gross land bank of 1,909ha (1,145ha sellable area) at IDR1.1m/sqm.
This
>> is
>>> a
>>> conservative estimate as the land price in a cluster within the
>company's
>>> estate, which is developed by a French-Indon developer (PT Les
Nouveaux
>>> Constructeurs), has already reached IDR1.6m/sqm.
>>> * Based on the current share px of IDR350/sh, BKSL is trading at a
huge
>> 53%
>>> discount to RNAV vs. sector's avg disc of 28%.
>>> * Kim is using a 33% discount to his RNAV of IDR743/sh to arrive at
T/P
>>> of
>>> IDR500/sh, reflecting a 43% upside potential - BUY.
>>> - Linda Halim - BNP Paribas Securities - Jakarta
>>>
>>>
>>>
------------------------------------------------------------------------
>--
>> --
>>> ---
>>> This has been prepared solely for informational purposes. It is not
an
>>> offer, recommendation or solicitation to buy or sell, nor is it an
>> official
>>> confirmation of terms. It is based on information generally
available to
>> the
>>> public from sources believed to be reliable. No representation is
made
>to
>>> its accuracy or completeness or that any returns indicated will be
>> achieved.
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