OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE
OSO Equity Research PT Summarecon Agung, Tbk Monday, 21 March 2016
Current Price 18 Mar 2016 Target Price Upside (Downside)
IDR 1,700 IDR 2,000 18.1 %
BUY Stock Information Ticker Code SMRA GICS Sector Property & Real Estate Market Cap (IDR billion) 24,597. 52-Week High (IDR) 2,000 52-Week Low (IDR) 950 Shares Issued (billion) 14.43 Major Shareholders (%) PT Semarop Agung PT Sinarmegah Jayasentosa Mellon Bank NA S/A APG JP Morgan Chase &Co Vanguard Group BlackRock Fil LTD Others (< 5%) Total
Price Performance
Source: Bloomberg
Riska Afriani (
[email protected])
25.43 % 6.60 % 5.61 % 1.98 % 1.70% 1.14% 1.03% 56.51 % 100.00 %
The Indonesia Property Outlook Properti di Indonesia bisa dikatakan berkembang dari tahun ke tahun. Pengecualian pada tahun 2014 karena indeks harga properti komersial pada saat itu mengalami stuck. Namun pada awal tahun 2015 harga indeks harga properti komersial bisa kembali naik dan tumbuh dengan angka yang cukup signifikan, yaitu dengan rata-rata 26.22% pada periode 2014-2015. Kenaikan ini bisa disebabkan oleh kebijakan pemerintah untuk konsentrasi pada konstruksi dan pembangunan di wilayah Indonesia. Sehingga harga indeks harga properti komersial bisa ikut terangkat dan kembali tumbuh pada tahun 2015. Oleh karena itu, Sektor properti komersial masih bisa dibilang attractive karena pemerintah masih fokus pada bidang konstruksi pada tahun 2016 ini. Selain itu, keputusan Bank Indonesia pada tahun ini yang sudah memangkas BI rate sebesar 75 basis point menjadi 6.75% juga akan menjadi sentimen positif sebagai pemacu pergerakan sektor properti. Financial Performance Pendapatan perseroan 3Q-2015 naik sebesar 15.5% YoY menjadi Rp 4.50 triliun, Peningkatan tersebut didorong oleh kenaikan dari penjualan Apartemen sebesar Rp 1.18 triliun (26.30% dari total pendapatan. Selain itu, penjualan rumah tapak juga meningkat sebesar 7.6% (YoY) menjadi Rp 1.17 triliun (26.1% dari total pendapatan). Laba kotor perseroan naik sebesar 17.3% (YoY) menjadi Rp 2.3 triliun. Namun kenaikan beban keuangan yang sangat tinggi sebesar 76.2% (YoY) atau sebesar Rp 340.4 miliar membuat laba bersih perseroan turun sebesar 3.7% (YoY), menjadi Rp 971 .4 miliar. Recommendation and Valuation Saham SMRA kami perkirakan akan bergerak stagnan seiring dengan target marketing sales perseroan yang tahun ini cenderung flat, hanya Rp 4.5 triliun atau meningkat 4.6% dari tahun sebelumnya. Namun dalam jangka panjang, kami perkirakan SMRA masih akan terus mengalami pertumbuhan. Oleh sebab itu, kami merekomendasikan BELI dengan nilai wajar (fair value) Rp 2000 per saham. Rp (Mn)
PT OSO Securities Cyber 2 Tower, Jl. H.R. Rasuna Said Blok X-5 No. 13 Setiabudi Jakarta 12950 Tel. : 021 2991 5300 Fax : 021 2902 1497
Revenue Gross Profit Operating Profit Net Profit GPM OPM NPM
2013 A
4,093,789 2,150,503 1,347,138 1,102,177 52.53% 32.91% 26.92%
2014 A
5,333,593 2,788,051 1,859,038 1,398,294 52.27% 34.86% 26.22%
Source : Financial Summary & Oso Estimates
2015F
4,373,546 1,949,167 1,244,609 935,985 44.57% 28.46% 21.40%
2016F
4,574,730 2,139,015 1,435,819 1,118,620 46.76% 31.39% 24.45%
2017F
5,260,939 2,459,867 1,658,080 1,307,261 46.76% 31.52% 24.85%
2018F
6,050,080 2,828,847 1,914,592 1,544,538 46.76% 31.65% 25.53%
OSO Equity Research
OSO SECURITIES
PT Summarecon Agung, Tbk
MEMBER OF INDONESIA STOCK EXCHANGE
Monday, 21 March 2016 Figure I : The Development Of Commercial Property Price Index Keterangan
Indeks Harga Properti Komersial Perkantoran Ritel Apartemen Hotel Lahan Industri Convention Hall Warehouse Complex Source : Bank Indonesia
2013 I
II
2014 III
IV
I
II
2015 III
IV
I
II
III
IV
123.9
129.91
139.09
144.2
144.74
132.84
140.37
139.76
172.85
175.77
176.89
177.65
116.23 103.02 111.75 105.64 131.44
121.87 109.81 121.22 108.54 136.97
130.03 113.68 130.86 109.62 147.28
139.75 124.04 134.47 117.37 151.43
140.02 127.46 128.32 119.03 152.59
142.45 128.99 127.96 127.02 153.03 99.81 99.96
144.29 132.12 129 126.59 163.78 100.03 99.94
146.37 139.57 128.86 145.44 159.46 100.16 105.1
153.05 149.92 140.31 111.22 203.88 102.87 123.47
165.13 150.89 143.38 113.07 206.84 105.13 128.58
165.69 154.21 144.65 153.72 207.55 104.96 132.73
165.86 154.84 144.03 149.47 208.83 113.45 133.63
Indeks harga properti komersial dari tahun 2013 sampai tahun 2015 pelan-pelan mulai mengalami uptrend. Ada beberapa sektor yang mempengaruhi Indeks harga properti komersial, yaitu perkantoran, ritel, apartemen, Hotel, lahan industri, convention hall, dan warehouse complex. Perkembangan yang didapat dari year on year basis dari tahun 2013 ke 2014 kurang signifikan, hanya 4.23% dari rata-rata yang didapat dari kuartal I sampai IV. Bisa dibilang sektor properti pada tahun 2014 stagnan karena hanya tumbuh sedikit dibandingkan dengan tahun sebelumnya dan juga lemahnya permintaan akibat perekonomian yang melambat. Tetapi, dari tahun 2014 ke tahun 2015 Indeks harga properti komersial tumbuh dengan cukup signifikan, dengan angka 26.22% untuk year on year (yoy). Angka ini bisa didapat karena harga lahan industri yang meningkat sangat signifikan. Harga lahan industri pada kuartal I 2013 dan kuartal IV 2015 mempunyai perbedaan yang cukup jauh, yaitu tumbuh sebesar 58.88%. Sedangkan sektor Hotel sempat mengalami penurunan yang cukup drastis pada kuartal I 2015. Tetapi mereka berhasil rebound pada Kuartal III 2015 sehingga masih mempunyai ratarata pertumbuhan year on year yang positif (1.66%). Sektor apartemen juga mengalami penurunan pada awal tahun 2014 dan stuck. Akan tetapi mereka bisa kembali tumbuh pada awal 2015.
Figure II : The Developments of Commercial Property Price Index in Jabodetabek Keterangan JABODETABEK Perkantoran Perkantoran Sewa Perkantoran Jual Ritel Ritel Sewa Ritel Jual Apartemen Apartemen Sewa Apartemen Jual Hotel Lahan Industri Convention Hall Warehouse Complex
Source : Bank Indonesia
I 123.27 116.23 97.08 116.91 102.31 112.2 102.14 113.14 102.47 113.15 108.5 130.65
2013 II 128.6 121.87 112.05 122.23 108.96 116.46 108.83 124.32 103.18 124.33 109.09 135.07
III 137.82 130.04 120.11 130.4 112.53 116.92 112.45 134.23 104.89 134.25 109.18 145.51
IV 142.36 139.75 144.92 139.54 122.9 119.85 122.95 137.5 109.47 137.51 106.96 148.81
I 143 140.02 144.92 139.83 126.52 123.34 126.57 127.7 115.88 127.7 114.61 150.4
2014 II 130.66 142.46 142.95 142.44 127.47 124.74 127.51 126.6 147.29 126.59 127.7 151.66 99.81 94.96
III 138.12 144.3 145.05 144.28 130.72 128.78 130.75 127.64 157.76 127.63 126.97 162.43 100.03 99.94
IV 137.42 146.38 150.35 146.23 138.86 126.19 139.04 127.19 172.85 127.16 153.55 157.4 100.16 105.1
I 172.71 153.06 150.5 153.15 148.55 132.39 148.78 135.67 167.23 135.66 114.93 206.32 102.87 123.47
2015 II 174.61 165.14 157.17 165.41 149.37 132.59 149.6 137.09 192.35 137.06 121.33 207.85 105.13 128.58
III 175.6 165.7 157.51 165.96 152.88 135.37 153.13 138 207.09 137.96 166.21 208.3 104.96 132.73
IV 175.59 165.87 160.23 166.05 153.59 134.79 153.85 136.45 205.8 136.41 162.84 208.38 113.45 133.63
OSO Equity Research
OSO SECURITIES
PT Summarecon Agung, Tbk
MEMBER OF INDONESIA STOCK EXCHANGE
Monday, 21 March 2016 Properti di Jabodetabek mengalami stagnansi pada tahun 2013-2014, namun pada awal tahun 2015 properti mulai naik dengan angka yang cukup signifikan. Di daerah Jabodetabek semua sektor mempunyai pertumbuhan year on year yang positif. Perkantoran dan Ritel berkembang dengan seiringnya waktu. Sektor apartemen sempat mengalami penurunan pada awal 2014, dapat dilihat dari table bahwa banyak orang sekarang lebih memilih untuk sewa apartemen daripada membelinya. Sejak tahun 2013 Harga apartemen jual selalu diatas apartemen sewa. Kemudian pada kuartal II tahun 2014 terjadi reversal, dimana harga apartemen sewa mulai naik dan melewati apartemen jual. Sektor hotel di Jabodetabek juga sempat mengalami penurunan yang cukup signifikan pada Kuartal I 2015 sebanyak -25.15%. Pelan-pelan mereka bisa rebound pada Kuartal II dan akhirnya harga naik sebanyak 37%. Lahan Industri di Jabodetabek juga memberikan dampak yang positif pada properti karena pada awal tahun 2015 hargany naik sebanyak 31.08% dibanding kuartal IV 2014. Conventian Hall dan Warehouse Complex baru mempunyai data pada Kuartal II 2014. Warehouse complex tumbuh lebih signifikan dibanding dengan Conventian Hall yang tumbuh secara perlahan. Figure III : The Developments of Commercial Property Price Index in Banten Keterangan BANTEN Ritel Ritel sewa Ritel Jual Apartemen Apartemen Jual Hotel Lahan Industri Source : Bank Indonesia
I 131.88 109.4 109.35 109.4 110.65 110.65 93.07 137.77
2013 II 143.86 116.86 113.31 116.95 109.94 109.94 103.16 151.23
III 153.16 120.38 116.71 120.47 124.26 124.26 105.51 160.79
IV 162.19 128 117.88 128.24 129.14 129.14 110.08 170.36
I 161.93 128.46 111.14 128.85 146.18 146.18 104.64 168.81
2014 II 160.13 130.39 112.73 130.79 147.27 147.27 100.33 166.3
III 169.01 133.11 114.55 133.54 148.65 148.65 95.47 177.06
IV 169.25 133.82 115.17 134.25 150.27 150.27 106.09 177.06
I 180.6 154.7 116.08 155.48 174.88 174.88 75.45 185.34
2015 II 195.07 155.71 117.67 156.73 185.06 185.06 70.71 202.09
III 197.12 155.75 119.19 156.74 186.91 186.91 121.03 204.48
IV 206.6 155.64 119.34 156.69 189.13 189.13 126.79 215.8
Properti di daerah Banten juga mengalami pertumbuhan dari tahun 2013 sampai 2015. Data untuk daerah Banten hanya ada sektor Ritel, Apartemen, Hotel, dan Lahan Industri. Secara keseluruhan, Ritel mengalami pertumbuhan secara bertahap, kenaikan ini disebabkan oleh perkembangan di ritel jual karena ritel sewa hanya berkembang sekitar 4%. Apartemen di Banten juga berkembang dengan cukup signifikan dari tahun ke tahun. Sedangkan hotel di Banten mengalami penurunan pada awal tahun 2015 dan baru bisa membaik pada Kuartal III 2015. Lahan Industri di Banten juga berkembang secara bertahap dan mempunyai perkembangan year on year yang positif 17.17% pada periode 2014-2015 SMRA Will Release 185 New Units This Year Tahun ini perseroan akan meluncurkan 185 unit produk baru di tiga proyek superblok yang dimilikanya. Produk yang akan dirilis tersebut terdiri dari proyek residential dan proyek komersial, yang terdiri dari 104 unit rumah tapak yang akan diluncurkan di Summarecon Bandung dan beroperasi pada awal April tahun ini dengan harga mulai dari Rp 1.9 miliar per unit dan 81
OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE
OSO Equity Research PT Summarecon Agung, Tbk Monday, 21 March 2016
unit ruko yang akan di beroperasi di Summarcon mall bekasi dan Summarecon mall serpong. Capex 2016 Amounted To Rp 2.7 Trillion Tahun ini perseroan menganggarkan belanja modal sebesar Rp 2.7 triliun. Saat ini perseroan memililki Rp 1.05 triliun untuk capex. Sebesar Rp 500 miliar berasal dari hasil penerbitan obligasi pada bulan November 2015 dan pinjaman dari Bank BCA sebesar Rp 550 miliar. Recommendation & Valuation Kami merekomendasikan BELI untuk saham SMRA. Berdasarkan perhitungan dengan menggunakan metode Discounted Cashflow Model (DCF), dengan asumsi risk free rate 6.75% (BI Rate) dan terminal growth sebesar 10% serta WACC sebesar 12.9%, maka diperoleh harga wajar atau fair value dari saham SMRA sebesar Rp 2.000. WACC Constant Growth Terminal Growth
12.9% 10%
Free Cash Flow to the Firm (FCFF) - Two Stages (Rp Mn) EBIT Tax After Tax Cash Flow
2015F 1,244,609 (165,174) 1,079,435
2016F 2017F 1,435,819 1,658,080 (167,150) (178,263) 1,268,669 1,479,817
2018F 1,914,592 (171,615) 1,742,977
Depreciation & amortization Minority interest Change in working capital Net capital expenditure Free cash flows for the firm
56,683 (808,207) (2,318,050) (1,990,138)
67,190 131,045 270,422 1,444,185 (1,557,826) (1,938,490) 48,454 1,116,557
166,710
Year Discount factor PV of free cash flows
0 1.0 (1,990,138)
1 0.9 42,925
Value of the firm in high growth Value of FCF in terminal growth Value of firm Cash Value of equity # of shares (mn)
(1,070,951) 33,448,672 32,377,720 1,692,885 34,070,605 14,427
Stage 1 Stage 2
Value of equity/share (Rp) Margin of Safety Target price (Rp) Current price (Rp) 20 Maret 2016
2,362 15% 2,007 1,700
Upside (Downside) potential
18.1%
Source : Company & Oso Estimates
2 0.8 876,262
1,104,689 (2,409,030) 605,346 3 0.7 420,856
OSO Equity Research
OSO SECURITIES
PT Summarecon Agung, Tbk
MEMBER OF INDONESIA STOCK EXCHANGE
Monday, 21 March 2016 FINANCIAL PERFORMANCE & PROJECTION PT. Summarecon Agung, Tbk Balance Sheet IDR(Mn) C ash Receivables Other Receivables Due from Related Parties Inventories
2013A
2015F
2016F
2017F
2018F
2.544.845
2014A 1.695.077
1.692.885
3.919.274
6.475.942
8.787.193
178.708
76.412
418.111
437.344
502.946
578.388
31.681
9.102
8.747
9.149
10.522
12.100
-
-
-
-
-
-
3.058.266
3.103.252
4.885.493
4.918.719
4.967.420
5.029.873
Prepaid Taxes and Expenses
385.715
258.946
218.677
228.736
263.047
302.504
Advances
255.538
322.544
437.355
457.473
526.094
605.008
1.207
375
437
457
526
605
87
46
53
61
Other C urrent Financial Assets Other C urrent Non-Financial Assets Total Current Asset Others Non-C urrent Receivable Due from Related Parties Land for Development
-
-
6.455.960
5.465.707
7.661.793
9.971.200
12.746.549
15.315.732 18.150
347
347
13.121
13.724
15.783
65.231
177
875
915
1.052
2.858.350
4.322.192
5.347.631
5.454.584
5.400.038
Investments in Associates
284.282
Advances
356.442
Fixed Assets
-
-
927.496
874.709
914.946
1.052.188
5.346.037 1.210.016
351.832
366.762
395.698
436.900
482.456
600.050
3.149.236
4.043.019
5.231.397
6.649.473
8.331.218
10.323.383
Deferred Tax Asset - Net
11.834
14.495
16.669
19.169
22.045
25.351
Other Non-C urrent Financial Assets
57.867
95.196
142.794
214.191
321.287
481.931
Investment Properties
Other Non-C urrent Non-Financial Assets
67.756
144.088
208.928
85.746
102.071
132.248
Total Non Current Asset
7.203.177
9.913.772
12.231.821
13.789.648
15.728.137
18.137.167
Total Asset
13.659.137
15.379.479
19.893.614
23.760.847
28.474.686
33.452.899
Bank Loans
74.996
289.308
650.942
976.414
1.464.620
2.196.930
Payable
63.235
64.656
72.731
73.071
84.032
96.637
Other C urrent Financial Liabilities
127.135
139.740
148.701
150.966
173.611
199.653
Accrued Expenses
400.213
405.627
1.710.057
1.029.553
1.590.256
1.595.189
43.162
32.833
90.846
55.218
78.467
66.117
365.424
573.768
426.421
446.036
512.942
589.883
Taxes Payable Due to Related Parties Advance Received
3.508.217
1.975.981
1.876.251
2.553.541
2.964.514
3.393.124
Unearned Income
287.979
290.531
242.732
253.897
291.982
335.779
C urrent portion of long-term liabilities
169.149
216.712
158.783
192.128
232.474
281.294
2.588
3.419
5.205
5.284
6.076
6.988
155
24
-
-
-
5.042.251
3.992.598
5.382.668
5.736.108
7.398.974
8.761.594
2.257.164
3.876.437
4.904.288
5.622.023
6.456.993
7.430.013
Short-Term Employee Benefits Liabilities Other short-term Financial Liabilities Total Current Liabilities Long-term liabilities - net of current portion Due to Related Parties Long-Term Employee Benefits Liabilities
34
-
-
-
-
-
-
94.588
104.446
126.395
113.225
130.208
149.739
Advance received
1.553.837
1.324.563
2.624.128
4.117.257
4.734.845
5.445.072
Unearned Income
8.667
40.049
87.471
91.495
105.219
121.002
Deferred tax liabilities
1.157
1.068
(1.828)
(1.856)
(2.135)
-
-
-
-
-
Derivative liabilities Other Non C urrent Financial Liabilities
22.526
16.742
Total Non Current Liabilities
3.937.973
5.363.305
Total Liabilities
8.980.224
9.355.903
1.442.678
1.442.678
22.996
C apital Stock Additional Paid in C apital Differences arising from transaction Retained Earnings Total Equity Non-C ontrolling Interest Total Liabilities & Equity
Company & Oso Estimates
16.357
(2.455) -
16.606
19.097
21.962
7.756.811
9.958.749
11.444.227
13.165.333
13.139.479
15.694.856
18.843.202
21.926.927
1.442.678
1.442.678
1.442.678
1.442.678
22.996
22.996
22.996
22.996
22.996
1.984
1.511
1.511
1.511
1.511
1.511
2.963.203
4.029.681
5.030.968
6.227.632
7.626.097
9.278.393
4.657.667
5.992.636
6.754.135
8.065.991
9.631.484
11.525.971
226.805
495.769
255.982
371.173
538.201
780.392
13.659.137
15.379.479
19.893.614
23.760.847
28.474.686
33.452.899
Source :
OSO Equity Research
OSO SECURITIES
PT Summarecon Agung, Tbk
MEMBER OF INDONESIA STOCK EXCHANGE
Monday, 21 March 2016
Income Statement IDR(Mn)
2013A
2014A
2015F
2016F
2017F
2018F
Sales
4,093,789
5,333,593
4,373,546
4,574,730
5,260,939
6,050,080
COGS
(1,943,287)
(2,545,542)
(2,424,380)
(2,435,715)
(2,801,072)
(3,221,233)
Gross Profit
2,150,503
2,788,051
1,949,167
2,139,015
2,459,867
2,828,847
Other Income
12,583
26,552
42,446
53,385
67,143
Operating Expense
(808,943)
Other Expense
(947,938)
(754,830)
(868,055)
84,446 (998,263)
1
2
3
4
5
EBIT
1,354,143
1,866,665
1,248,112
1,437,572
1,658,959
1,915,035
EBITDA
1,403,790
1,926,599
1,301,261
1,503,380
1,714,763
1,981,782
Financial Income (Exp) - Net
-
(743,503)
(27,205)
(174,051)
(142,722)
(149,287)
(171,680)
(508)
(887)
(728)
(761)
(875)
Equity in Net Earning of Associates Profit Before Tax Tax Expense Income For The Year
1,326,431 (223,537) 1,102,894
Other Comprehensive Income
Total Comprehensive Income For The Year Income For Current Year Attributable To: Owner of the Parent Entity Source : Company & Oso Estimates
1,691,727 (296,582) 1,395,145
-
1,104,662 (165,174) 939,488
-
1,287,524 (167,150) 1,120,374
-
1,486,403 (178,263) 1,308,140
-
(197,432) (1,006) 1,716,596 (171,615) 1,544,981
-
-
1,102,894
1,395,145
939,488
1,120,374
1,308,140
1,544,981
1,102,894
1,395,145
939,488
1,120,374
1,308,140
1,544,981
Ratio 2013A
2014A
2015F
2016F
2017F
2018F
ROE
23.66%
23.33%
13.86%
13.87%
13.57%
13.40%
ROCE
15.63%
16.33%
8.58%
7.97%
7.87%
7.75%
8.07%
9.09%
4.70%
4.71%
4.59%
4.62%
Gross Profit
52.53%
52.27%
44.57%
46.76%
46.76%
46.76%
EBIT
32.91%
34.86%
28.46%
31.39%
31.52%
31.65%
EBITDA
34.29%
36.12%
29.75%
32.86%
32.59%
32.76%
Net Profit
26.92%
26.22%
21.40%
24.45%
24.85%
25.53%
(574.42)
(444.97)
(735.53)
(737.09)
(647.29)
(569.94)
ROA Margins
Operating Efficiency Inventory Days Receivables Days Cash Conv. Cycle
15.93 (558.49)
5.23 (439.74)
34.89 (700.64)
34.89 (702.19)
34.89 (612.40)
34.89 (535.04)
Financial Structure Current Ratio
1.28
1.37
1.42
1.74
1.72
Quick Ratio
0.67
0.59
0.52
0.88
1.05
1.17
1,413,708.77
1,473,109.60
2,279,124.68
4,235,091.83
5,347,574.43
6,554,137.20
Debt / Equity
1.93
1.57
1.95
1.95
1.96
1.90
Debt/EBITDA
6.41
4.87
10.10
10.44
10.99
11.06
Working Capital
1.75
Source : Company & Oso Estimates
Cash flow 2013A
2014A
2015F
2016F
2017F
2018F
ROE
23.66%
23.33%
13.86%
13.87%
13.57%
13.40%
ROCE
15.63%
16.33%
8.58%
7.97%
7.87%
7.75%
8.07%
9.09%
4.70%
4.71%
4.59%
4.62%
Gross Profit
52.53%
52.27%
44.57%
46.76%
46.76%
46.76%
EBIT
32.91%
34.86%
28.46%
31.39%
31.52%
31.65%
EBITDA
34.29%
36.12%
29.75%
32.86%
32.59%
32.76%
Net Profit
26.92%
26.22%
21.40%
24.45%
24.85%
25.53%
(574.42)
(444.97)
(735.53)
(737.09)
(647.29)
(569.94)
ROA Margins
Operating Efficiency Inventory Days Receivables Days Cash Conv. Cycle
15.93 (558.49)
5.23 (439.74)
34.89 (700.64)
34.89 (702.19)
34.89 (612.40)
34.89 (535.04)
Financial Structure Current Ratio
1.28
1.37
1.42
1.74
1.72
Quick Ratio
0.67
0.59
0.52
0.88
1.05
1.17
1,413,708.77
1,473,109.60
2,279,124.68
4,235,091.83
5,347,574.43
6,554,137.20
Debt / Equity
1.93
1.57
1.95
1.95
1.96
1.90
Debt/EBITDA
6.41
4.87
10.10
10.44
10.99
11.06
Working Capital
Source : Company & Oso Estimates
1.75
OSO Equity Research
OSO SECURITIES
PT Summarecon Agung, Tbk
MEMBER OF INDONESIA STOCK EXCHANGE
Monday, 21 March 2016 RESEARCH DEPARTMENT Supriyadi (
[email protected])
Head of Research
+62 21 2991 5300
Rifqiyati (
[email protected])
Research Analyst
+62 21 2991 5300
Riska Afriani (
[email protected])
Research Analyst
+62 21 2991 5300
Cyber 2 Tower, 22nd Floor Jl. HR. Rasuna Said Blok X-5 No. 13, Setiabudi Jakarta Selatan 12950
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