Source : MCI Research, Bloomberg

Transkripsi

1 Revenue (IDR bn) Profit before income tax (IDR bn) Net income (IDR mn) EPS (IDR) BV (IDR) Revenue growth (%) EPS growth (%) Current ratio (X) Altman ZScore Debttoequity (X) ROE (%) PEG (X) P/E (X) P/BV (X) Source : MCI Research, Bloomberg 1, % 0.0% % , % 64.5% % , % 32.5% % , % 32.3% % , % 49.5% % FY19E 6, % 37.7% % JCI JAKPROP

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4 No Nama Proyek 1 CBD 2 Podomoro Golf View Cimanggis 3 Trans Studio Cibubur 4 Apartemen Puncah Dharmahusada 5 LRT Koridor 1 6 Gedung Mabes Polri 7 Apartemen Capitol Park 8 Puncak MERR 9 Apartemen Tamansari Iswara 10 Arandra Residence 11 Equestrian Park Pulomas 12 Hegamanah Residence 13 Telkom Manyar 14 Icon Apartemen Gresik 15 Tamansari Mahogany Karawang 16 Rancang Bangun Velodrome 17 Apartemen Bale Hinggil 18 Gedung Transmart 19 Tamansari Prospero Sidoarjo 20 Star Square 21 Apartemen B Residence 22 Proyek MRT 23 Thamrin Office Tower 24 Transmart Bogor 25 Sudirman Hill Residence 26 Asrama Siswa PKP Ciracas 27 Apartemen Grand ZamZam 28 Rusun Sewa Banten, Jabar, DKI 29 Transmart Sidoarjo 30 Metro Galazy *Nilai Kontrak dalam IDR bn Lokasi Bogor Cibubur Bekasi Bandung Gresik Karawang Mataram Manado Tangerang Bogor Depok Bekasi Pelanggang PT Surya Bumimegah Sejahtera APLN PT Trans Cibubur Properti PT Puncak Dharmahusada WIKA Mabes Polri PT Wikaraga Sapta Utama PT Puncak Dharmahusada WIKA PT Cempaka Sinergi Realty PT Pulomas Jaya PT Hegar Amanah Jaya Bersama Telkom Property PT Raya Bumi Nusantara Permai KSO Mahoni PT Propertindo PT Tlatah Gema Anugrah PT Trans Property KSO PT Mutiara Masyhur Sejahtera PT Artoda Karya Gemilang PT Maju Gemilang Serpong KSO TokyuWIKA PT Mapalus Mancacakti PT Budi Kencana Megah Jaya PT Mulia Guna Properindo Dev. Pemprov DKI KSO Griya Sarana Jaya Property Kementerian PUPR PT Chalidana Inti Permata PT Anugrah Duta Sejati Tahun Kontrak Nilai Kontrak* Perolehan Penyelesaian ,

5 No Proyek 1 Tamansari Tera 2 Tamansari Mahogany 3 Tamansari Prospero 4 Tamansari Urbano 5 Sarinah Hotel Braga *Nilai Kontrak dalam IDR bn Lokasi Bandung Karawang Bekasi Bandung Produk Apartemen Apartemen & Hotel Mixed Use Apartemen Hotel Investasi Unit 193 1,786 1,619 1, Skema Perseroan KSO KSO Perseroan BOT Perolehan Kontrak Baru % 120% 100% % % % % 0% 20% 34.7% 1 40% 0 60% New Contract (IDR tn) Growth (%YoYT) % 38.9% % Total Order Book 160% 145.0% FY19E FY19E New Contract (IDR tn) Carry Over (IDR tn) Order Book (IDR tn)

6 Market Capitalization (IDR tn) Total Revenue (IDR tn) FY17A M18 Net Income (IDR bn) Operating Profit (IDR bn)

7 Total Equity (IDR bn) Total Asset (IDR tn) , Gross Margin Operating Margin 20.0% 15.2% 18.4% 17.9% 18.0% 16.5% 16.0% 15.1% 13.1% 8.3% 15.6% 15.1% 14.6% 13.2% 17.7% 14.0% 13.1% 12.3% 12.0% 10.2% 9.6% 5.5% 11.7% 10.1% 9.5% 5.4% 3.2% 11.4% 9.9% 10.0% 8.0% Net Income Margin 8.6% 7.8% Return on Equity 9.4% 9.0% 8.4% 7.8% 7.5% 7.4% 6.4% 33.5% 36.1% 5.4% 17.5% 37.6% 42.5% 23.7% 21.8% 39.4% 25.1% 22.2% 3.8% 7.0% 6.4% 3.1%

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9 Pertumbuhan PDB Bangunan Pertumbuhan PDB Kesehatan & Pendidikan Percentage, YoY Percentage, YoY M17 9M17

10 Pertumbuhan PDB Makanan & Minuman Pertumbuhan PDB Restoran & Hotel Percentage, YoY Percentage, YoY M17 Total Revenue Net Income % % % 60% % % % 40% % 3 35% % % % 1 0 9M Revenue (IDR tn) Growth (%YoYT) FY19E 70% % 60% % 55% 49.5% 50% 45% % % 65% % 32.5% 32.3% 40% 35% 30% 25% Net Income (IDR bn) Growth (%YoYT) FY19E

11 Method DCF PER PBV PS Value (4,555) Weight 0% 30% 40% 30% Fair Value ASSUMPTION Cost of Debt (Gross) Tax Rate Cost of Debt (Net) Riskfree Rate Market Return Risk Premium Beta Cost of Equity Debt to Asset Ratio WACC Return on Assets Dividend Payout Ratio Retention Rate Terminal Growth Total % 0% 1.7% 6.0% 7.5% 1.6% % % 6.2% 21% % (14) (102) (95) (50,586) (50,869) (4,555) Operating Profit Income Tax Operating Profit After Tax +Depreciation Capital Expenditure Change Working Capital FCFF PV of FCFF Value of the Firm Cash Total Debt Value of Equity Fair Value per Share 2 3 FY19E Terminal ,066 1,007 (1,257) (60,851) (1,094) (49,397) Relative Valuation Price to Earning Price to Book Value Price to Sales

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13 Apendix 1Laporan Neraca (IDR bn) BALANCED SHEET FY19E Total Assets + Cash, Cash Equivalents & STI Cash & Cash Equivalents ST Investments Accounts & Notes Receiv ,174 1,777 + Accounts Receivable, Net ,174 1,777 + Notes Receivable, Net Inventories ,197 1,852 + Work In Process ,049 + Finished Goods Other Inventory Other ST Assets ,082 1,595 2,258 + Prepaid Expenses Misc ST Assets ,278 1,823 Total Current Assets 950 1,232 1,683 2,647 4,206 6,184 + Property, Plant & Equip, Net ,028 1,885 + Property, Plant & Equip ,121 2,082 Accumulated Depreciation LT Investments & Receivables Other LT Assets Total Intangible Assets Goodwill Other Intangible Assets Discontinued Operations Investments in Affiliates Misc LT Assets Total Noncurrent Assets ,199 2,057 Total Assets 1,012 1,350 2,029 3,284 5,406 8,240 Liabilities & Shareholders' Equity + Payables & Accruals ,672 2,756 + Accounts Payable ,369 + Accrued Taxes Other Payables & Accruals ,300 + ST Debt ,507 2,389 + ST Borrowings ,507 2,389 + ST Capital Leases Other ST Liabilities Misc ST Liabilities Total Current Liabilities ,800 3,213 5,177 + LT Debt LT Borrowings LT Capital Leases Other LT Liabilities ,071 1,638 + Pension Liabilities Misc LT Liabilities ,055 1,622 Total Noncurrent Liabilities ,071 1,638 Total Liabilities 816 1,063 1,384 2,382 4,284 6,815 + Preferred Equity and Hybrid Capital Share Capital & APIC Common Stock Treasury Stock Retained Earnings Other Equity (8) (6) (8) Equity Before Minority Interest ,122 1,425 + Minority/Non Controlling Interest Total Equity ,122 1,425 Total Liabilities & Equity 1,012 1,350 2,029 3,284 5,406 8,240 Book Value per Share (BVS) Source : Bloomberg, MCS Research

14 Apendix 2Laporan Laba Rugi & Analisa Ra o (IDR bn) INCOME STATEMENT FY19E Revenue 1,219 1,432 1,929 2,877 4,405 6,380 + Sales & Services Revenue 1,219 1,432 1,929 2,877 4,405 6,380 Cost of Revenue 1,099 1,269 1,693 2,491 3,790 5,488 + Cost of Goods & Services 1,095 1,265 1,684 2,471 3,741 5,384 + Depreciation & Amortization Gross Profit Operating Expenses Selling, General & Admin General & Administrative Depreciation & Amortization Other Operating Expense Operating Income (Loss) NonOperating (Income) Loss Interest Expense, Net (8) (5) Interest Expense Interest Income (5) (9) + Foreign Exch (Gain) Loss (0) (1) (1) (Income) Loss from Affiliates 0 (7) (25) Other NonOp (Income) Loss Pretax Income (Loss), Adjusted Abnormal Losses (Gains) Pretax Income (Loss), GAAP Income Tax Expense (Benefit) Income (Loss) from Cont Ops Net Extraordinary Losses (Gains) Discontinued Operations XO & Accounting Changes Income (Loss) Incl. MI Minority Interest Net Income, GAAP Preferred Dividends Other Adjustments Net Income Avail to Common, GAAP Earnings per Share (EPS) Revenue per Share (RPS) Sumber : Bloomberg, MCS Research RATIO FY19E LIQUIDITY Current ratio (X) Altman ZScore GROWTH Revenue growth (%) 17.5% 34.7% 49.1% 53.1% 44.8% Operating income growth (%) 33.6% 44.0% 61.3% 57.2% 43.4% Profit before income tax growth (%) 64.5% 32.5% 32.3% 49.5% 37.7% Net income growth (%) 64.5% 32.5% 32.3% 49.5% 37.7% PROFITABILITY Gross profit margin (%) 9.9% 11.4% 12.3% 13.4% 14.0% 14.0% Operating income margin (%) 8.3% 9.5% 10.1% 11.0% 11.3% 11.1% Net income margin (%) 5.4% 7.5% 7.4% 6.6% 6.4% 6.1% Return on equity (%) 33.5% 37.6% 22.2% 21.0% 25.2% 27.4% Return on assets (%) 6.5% 8.0% 7.1% 5.8% 5.2% 4.7% LEVERAGE Debttoequity (X) Debttoasset (X) VALUATION Price to earnings ratio (X) Price to book ratio (X) PEG ratio (X) Source : MCS Research

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