Monday 14 March 2016

Sinamars Land - RHB Invest 2016-03-15: Deeply Undervalued

Sinamars Land - RHB Invest 2016-03-15: Deeply UndervaluedSINARMAS LAND LIMITED A26.SI 

Sinamars Land - Deeply Undervalued 

  • Sinarmas Land is our Top Pick to ride on the cyclical recovery in Indonesia’s real estate market. 
  • We expect its FY16 recurring net profit to rebound by 29% YoY, on the back of higher marketing sales in its township projects in Greater Jakarta, as well as higher rental income. 
  • The stock, which has under-performed in the last year due to poor investor sentiment towards emerging markets, is deeply undervalued at current levels – its stake in BSD alone is equivalent to its current market capitalisation. Everything else comes free. 
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