FR CGS-CIMB (YU) : Summarecon Agung | PDF
2019 presales target seems fair, though still highly reliant on Serpong; upside is from deleveraging
SMRA IJ / SMRA.JK | HOLD - Maintained | Rp1,000.00 tp:Rp1,150.00
Mkt.Cap:US$1,027.00m | Avg.Daily Vol:US$1.13m | Free Float:57.50%
Property Devt & Invt
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Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN

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■ After missing its 2018 target, SMRA has set a 2019 presales target of Rp4tr (+18% yoy/flat from initial 2018 target). Serpong will remain the driver (50%).
■ We think SMRA’s target is achievable given: 1) the improving currency outlook, 2) expectations of a peaceful election, and 3) an infra spillover.
■ Maintain Hold in the absence of catalysts. Key upside risks will be better presales and successful deleveraging.
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