Analisa Saham DMAS | 29 Januari 2019

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Rosy industrial land sales outlook; DMAS is on track to record strongest sales since 2015-16
DMAS IJ / DMAS.JK | ADD - Maintained | Rp210.00 tp:Rp260.00
Mkt.Cap:US$714.30m | Avg.Daily Vol:US$0.45m | Free Float:17.70%
Property Devt & Invt
Author(s): Timothy HANDERSON +62 (21) 30061724, Leonardo TUKIMAN

Industrial land sales outlook for 2019 seems significantly more upbeat. We think DMAS still has the best sales pipeline and feasibility among IE players.

With a pipeline of 150-170ha, it remains on track to achieve 100ha sales this year (stronger even compared to 2015-16, when it hit its peak valuation). 

Reiterate Add as we think the current valuation is undemanding. DMAS currently offers 10x 2019 P/E, trading 20/60% below its replacement/NAV.