Riset Saham, Selasa 4 Juni 2013

RISET FR CIMB 04 JUNI 2013


1.Weekly Realty Check   | PDF
Wrap on ASEAN and China
Author(s): Donald CHUA, Siew Ling TAN

Malaysia developers ended their 1Q reporting season with firm results, still driven by Iskandar, leading us to upgrade RNAVs for some stocks by 17-35%. Indonesia remains an Overweight despite rising policy concerns. Outside ASEAN, land kings appear to be back in China. We make no changes to our picks with ASEAN (Malaysia, Thailand and Indonesia) as our preferred region.

In Indonesia, the BI is reportedly looking to lower LTVs for second- or third-home purchases if the government does not lift the price of subsidised fuel. Our Indonesian property analyst Lydia Toisuta believes that higher LTVs could sway property investors towards developer cash instalments instead of mortgages. Overall mortgage penetration is low, at 4% of GDP. She advocates staying with stocks with more first- home buyer exposures – MTLA and CTRA.



2.AKR Corporindo   | Fuel booster
AKRA IJ / AKRA.JK | NEUTRAL - Maintained | Rp5,800.00 - Tgt. Rp5,900.00
Mkt.Cap: US$2,279.00m | Avg.Daily Vol: US$4.02m | Free Float: 40.30%
Chemicals - Others | Author(s): Erindra KRISNAWAN, Erisca WIRAATMADJA

The higher-than-expected subsidised fuel distribution quota and expanded distribution area will be positive for AKR’s earnings and growth. However, its current valuation suggests that the potential upside has been priced in. Its new property venture poses future risks. We raise our FY13-15 EPS estimates by 3-8% to factor in the higher fuel distribution volume. We also increase our SOP-based target price. However, we maintain our Neutral rating as AKRA’s positive earnings outlook is negated by its high-risk ventures into industrial property.