Credit Suisse: Bekasi Fajar Industrial Estate (BEST, Not Rated): Targets 30% Earnings Growth in 2012 BEST is targeting to book 30% earnings growth in 2012, supported by the sale of 80 ha of industrial land worth Rp1.03 tn (US$112 mn). At present, BEST total land bank in Cikarang, Greater Jakarta stands at 816 ha, where 71% of the total is ready to be sold. BEST will use its IPO proceeds of Rp300 bn (US$33 mn) to expand its industrial land area through subsidiary PT Bekasa Matra Industrial Estate. Sales commentary: BEST’s location in Cikarang is a growing industrial area in Greater Jakarta. Last year, BEST sold its land at an average price of US$80 per sqm, and the figure is estimated to jump by ~70% this year to US$135-140 per sqm.
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