Economics Update, 26 Nov 2015

Economics Update, 26 Nov 2015

• MNC exits, Waskita acquired 38.5% stake at Waskita MNC Transjawa Toll Road 

• Rukun Raharja aim USD2.12mn power plant projects 

• Dwi Kemasindo aims IDR400bn for retail expansion 

• Kino Indonesia IPO priced in lower range 

• Medco signed USD200mn term facility agreement Cars sales is estimated to grow 5% YoY in 2016

• Bank Rakyat Indonesia facing a flat growth in 9M15 

• Nippon Indosari is optimistic 20% YoY sales growth to be achieved 

• Timah sets aside USD87m capex, embarks on radioactive mineral business 

• Vale booked earnings of USD51.9m 

• Investment realization to exceed full-year target 

• World Bank predicts economy to grow by 4.8% in 3Q15

• Summarecon Agung announced that they are canceling the plan to release some of their assets to their subsidiary, Summarecon Investment Property (SIP). The assets that were about to be sold are Mall Kelapa Gading 1, 2, 3, and 5, including Pop Hotel Kelapa Gading, La Piazza, and Gading Food City. The total value of the sale of these assets reached IDR6.19trn. 

• Pembangunan Perumahan revised down its revenue target to IDR15,6trn (25.5% YoY) from initial target of IDR19.2trn (54.4% YoY). Our revenue estimate is around IDR16.5trn (+33.2% YoY), around six percent higher than company’s new target of IDR15.6trn (25.5%YoY). Supported by its property business, private projects and plenty of government projects ahead, PTPP’s order book is set to grow by 29% CAGR between FY14 and FY17F.

• Summarecon Agung : New concept in Serpong and Bekasi. A week after the Bandung launch, Summarecon would launch a new residential concept in Serpong and Bekasi, Condovilla. Condovilla is a vertical home concept (low-rise apartment) where each block comprises a total of 20 units that are housed in a five storey complex. It is expected to launch 350 of such units called Rainbow Springs in Serpong and the same number of units in Bekasi (The Primrose). Each project has secured about 150 bookings for the first 100 units offered in Phase 1. Sales from both projects are expected to generate about IDR1.4trn, assuming a 100% take up rate. 

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