Fr DBS Vickers:: Research:
* Property Sector: Housing growing population
*** Good revenue visibility into 2012
*** Catalyst: Asset revaluation with upside bias
*** Exciting times ahead, but watch out for bumps along the way
*** Top Picks: Bumi Serpong Damai and Summarecon
* BSDE: A league of its own
*** One of largest landowner in Greater Jakarta
*** Diversified revenue base, with ~25% recurring
*** Strong balance sheet
*** Initiate coverage with Buy rating and Rp1,500TP
* APLN: Awaiting the next big acquisition
*** Proxy to Jakarta ’s high-rise living as residents flock back to live in the city due to worsening traffic jams
*** Valuation is cheap, but needs to make regular acquisitions to drive post-2013 earnings
*** Initiate coverage with Hold rating and Rp375 TP
* SMRA: Initial coverage; Oldie but goodie
*** Strong branding and reputation
*** Good land management ensures efficient utilisation
*** Years of experience an edge over competitors
*** Initiate coverage with Buy rating and Rp1,610 TP
* BMRI: Robust loan growth offsets weaker NIM
*** FY11 net profit of Rp12.2tr (+33% y-o-y) was in line
*** Loan grew 28% but NIM weakened slightly due to exposure to recap bonds
*** Maintain Buy and Rp7,200 TP
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