Riset Saham, Senin 27 Mei 2013

OSK - Lippo Cikarang (LPCK)
Lippo Cikarang (LPCK) mencatat laba bersih sebesar Rp407 Milyar, atau naik sebesar +57.9% dibandingkan periode yang sama tahun lalu. Beberapa waktu yang lalu kami melakukan site visit ke Lippo Cikarang (LPCK)  dan berikut adalah beberapa point yang kami dapat dari hasil kunjungan kami kesana.

Balance sheet yang sehat dengan zero debt
LPCK saat ini mempunyai lahan seluas 809 hektar dan merefleksikan NAV/saham nya Rp19.272
Akses keluar tol akan segera di buka dalam jangka waktu dekat ini
Terdapat Industrial estate dan residential area yang saling mendukung di LPCK

Summary: Dengan NAV yang sebesar Rp19,272/saham, saat ini LPCK diperdagangkan di harga yang cukup murah di Rp8800/lembar atau terdiskon 54% terhadap NAV. Sebagai perbandingan Bekasi Fajar (BEST) saat ini diperdagangkan di level 40% diskon terhadap NAV dan 11.1x PE13f. Dengan asumsi diskon 50% terhadap NAV, setidak nya LPCK dapat diperdagangkan di harga Rp9600/saham
RISET FR CIMB 27 MEI 2013 :

1.Construction   | Another rally building up
OVERWEIGHT - Maintained
Author(s): Lydia TOISUTA, Linda LAUWIRA

A regional independent surveyor has suggested that Indonesia’s construction sector is set for a blistering 39% growth in contracts for FY13, much faster than the 14% CAGR in 2011-13. This reinforces our belief that there are as many jobs available as contractors can execute. Any downside to earnings estimates is limited as cost overrun risk is low and multi-year contracts are bound for annual renegotiation. Meanwhile, there is upside potential in new contracts from both the private sector and, particularly, public sector, with the higher chance of a fuel subsidy cut. We keep our Overweight call, with PTPP as our top pick.

SECTOR COMPARISONS :

1.ADHI- NEUTRAL-TP 3,300
2.PTPP - OUTPERFORM-TP 1,800
3.TOTL - OUTPERFORM-TP 1,350
4.WIKA - OUTPERFORM-TP 2,850


VENTURING OUT OF CONSTRUCTION :
1.ADHI,
EXPANSION IN 2013F
-Precast Concrete : Capacity of 130,000mt.pa
-Public Transportation : monorail from satellite city to city centre
-Hospitality : Grand Dhika Hotel in Blok M

2.PTPP
EXPANSION IN 2013F
-Strategic Investment in Toll Roads : 6 inner city toll road
-Strategic Investment in Power Plants : Micro hydro power plant 10MW
-Hospitality : Hotel in Makassar and Bali
-Precast Concrete : Capacity of 270,000mt.pa

3.WIKA
EXPANSION IN 2013F
-Strategic Investment In Toll Roads : Surabaya-Mojokerto toll roads, Kuncirang-Cengkareng toll
roads, 6 inner city toll roads
-Strategic Investment In Power Plants : Geothermal power plant
-Strategic Investment In A Asphalt Business : Buton asphalt factory

(24 MEI 2013)