Lingkaran Hijau, area pullback, tapi bila sudah menembus pita merah, berarti 
kita berpotensi ketipu, minggir dulu lahh
garis ungu adalah garis penentu, pasukan bull akan menyerang, kita bs ikutan
ada kemungkinan saat ini dia akan ngaso dulu, membuat pola bendera dulu bentar





Outlook 

SMRA has the capability to increase the asset value of its township development 
and maintain its high selling prices. 


After having finished developing Kelapa Gading in 2011, SMRA plans to continue 
its township development in Serpong and Bekasi as well as to open new township 
development in Bandung to support revenue growth in the coming years.

Recommendation and valuation

We retain our BUY recommendation for SMRA on the back of solid fundamentals 
with 
minimal net gearing of just 10% coupled with significant amount of marketing 
sales amounting to IDR3.4t in the last 2 years. Currently, the share is trading 
at 39% discount to NAV with 31% upside potential to our TP of IDR1,450. BUY.



Happy Investing

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