MTLA IJ / MTLA.JK | OUTPERFORM - N/A | Share Price Rp450 - Tgt. Rp650
Property Devt & Invt | - by Lydia TOISUTA
Firmly focused on the middle class and Greater Jakarta properties, Metland should ride Indonesia’s demographic wave. The imminent value-unlocking of its West Jakarta land bank could trigger windfall returns, boosting already tier-1 returns. Initiate with Outperform and DCF target price (WACC 10%) of Rp650. With a solid business, deep-pocketed shareholders, a robust balance sheet, and a tradition of dividend payments, Metland is closest to our ideal. Imminent value-unlocking is icing on already-superior ROCEs.
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