Riset, Senin 3 Juni 3013

*REMINDER RALS FR NOMURA (FG)
TP 1,800

HIDDEN GOLD IN RAMAYANA? A recent report by our Indonesia strategist, Wilianto Ie, noted that some companies in Indonesia possess hidden value from their long-held property assets. We see that Ramayana (RALS IJ, Buy) is one of the companies that owns several properties with meaningful value to its market cap. It owns 27 out of its total 114 stores or 216k sqm out of its 975k sqm total gross selling spaces, which implies more than USD100mn value based on our estimate (vs. Ramayana current market cap: USD10.7bn). We estimate value of IDR5mn/sqm for the land and building owned by the company.

We note that the breakdown valuation of Ramayana at 13x P/E FY13F (ex- supermarket, cash, and property assets) still looks attractive compared with 33x P/E FY13F of its peer retailers, despite its consistent operating performance throughout the cycle in the last two decades, with its department store EBIT margin at 9.6% for 2012 and an average 10.5% for the last five years (vs 11.1% and 8.3% for peers). Quick Note - Ramayana (RALS IJ, Buy) - Hidden gold

1.ASEAN Strategy: Weekly Key Calls   | Pressure on S-REITs this week
Author(s): Chiou Yi CHANG,

S-REITs spreads continue to face pressure from rising bond yields; 2012’s outperformance is unlikely to be repeated. Still, we estimate that unless the UST 10-yr spikes beyond 3% by year-end, the sector is unlikely to see a sharp fallout in light of the tepid global growth environment and given sharply rising rates expectations are tempered by a nascent US consumer and housing recovery.

ASEAN: Five key calls
We remain positive on Indonesia’s investment uptrend. In two sector reports this week, our analysts have highlighted strong contract growth, upside in government projects, and earnings and margin expansion, as well as the uptrend in capital values and rental rates for the continued optimism on contractors and property. Top picks include PTPP, ASRI and CTRP. Astra remains a favourite as the signing of the LCGC bill will catalyse the stock’s rerating, in our view. Elsewhere, we remain positive on consumer names, with Del Monte expected to gain from its planned dual listing and exposure to the Philippines’ strong growth. Stores expansion and higher gross margins should continue to lift Siam Global’s outlook.



2.2.Mitra Adi Perkasa   | Affordable luxuries by GL
MAPI IJ / MAPI.JK | NEUTRAL - Downgrade | Rp8,900.00 - Tgt. Rp9,000.00
Mkt.Cap: US$1506m | Avg.Daily Vol: US$3.27m | Free Float: 44.00%
Retail | Author(s): Erwan TEGUH, Linda LAUWIRA



3.3.Surya Citra Media   | Stay tuned
SCMA IJ / SCMA.JK | OUTPERFORM - Maintained | Rp2,925.00 - Tgt. Rp3,300.00
Mkt.Cap: US$4361m | Avg.Daily Vol: US$1.07m | Free Float: 19.40%
Media - Integrated | Author(s): Irenne ACHMAD,