Analisa Saham SSIA
WHY we should BUY SSIA ???
CLSA on 2 May 2017 wrote report on SSIA which is very interesting and all catalysts are still on track.
Below is the points of key catalyst why we should by SSIA :
CLSA (KZ)
Jonathan points out three key catalysts for SSIA share price going forward:
1) Share buyback
SSIA plans to conduct an 18 months buyback program starting 5 May 2017. If approved by shareholders on 5 May 2017, the company plans to allocate up to Rp440bn (US$33m) to buy back up to 435m shares (9.25% of its shares) at a maximum of Rp1,000/share.
2) Cikopo – Palimanan (Cipali) toll divestment (US$192m vs. MCap of US$258m)
In early 2017, SSIA announced the sale its Cikopo-Palimanan (Cikopo) toll road to Astra International (ASII)’s subsidiary Astratel.
Through this transaction SSIA will receive a total of Rp2.55tn (US$192m), which ASII will pay in two stages – 15% was paid this past Feb while the remaining will be paid in Jan 18. The proceeds will be used for land acquisition in Subang industrial estate.
3) Integration of Subang Estate and Patimban Port
SSIA currently owns 600ha of land bank in Subang with the target to acquire 400ha more this year. On land sales projection, we expect SSIA to book 20ha in 17CL (in-line with the Co’s guidance), from a low base of 10ha in 2016.
Jonathan believes further upside upside of this Subang story is the upcoming Patimban port, which is expected to become the 2nd largest port after Tanjung Priok. The distance from Subang to Patimban port is relatively close (~25-30km).
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