Summarecon Agung Tbk. (SMRA) - Fr Credit Suisse
PT raised to Rp2,060, maintain BUY. Our TP is based on 30% discount to our revised NAV. We increased our NAV by 28% to Rp2,935/share to reflect the latest appraisal. The stock had run up before the announcement, but the higher NAV has returned valuation to its historical trading band, and our revised TP still offers 20% upside from current levels. The firm acquisition of the 200ha south Jakarta landbank could be a near-term catalyst.
NAV doubles to Rp3,140/share
Good earnings visibility in 2012
Maintain BUY; TP raised to Rp2,060
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