PTPP bangun apartemen di Australia

Emiten pelat merah PT PP (Persero) Tbk (PTPP) sepertinya bakal semakin ekspansif. Melalui anak usahanya, yakni PT PP Properti, perseroan sudah memegang  kontrak pembangunan apartemen di Australia. PT PP Properti akan membangun apartemen Multiplex dan Pindan di negeri kangguru tersebut. Proyek tersebut terdiri dari 12 tower apartemen dan terdiri dari 250 unit kamar. “Nilai proyeknya sekitar Rp 1,1 triliun,” imbuh…

Kinerja emiten konstruksi pelat merah PTPP kian mendekati target order book hingga akhir tahun

Kinerja emiten konstruksi pelat merah PT PP Tbk (PTPP) kian mendekati target order book hingga akhir tahun. Perseroan memperoleh total kontrak atau order book Rp37 triliun. nilai tersebut berasal dari carry over tahun lalu sebesar Rp21,93 triliun

PTPP Q3-14 Analyst Meeting

PT PP Tbk (PTPP) catatkan kenaikan laba bersih 33% di Q3-14 sebesar Rp 290,17 miliar dari periode Q3-13 sebesar Rp 218,35 miliar. Perolehan kontrak baru tahun ini diprediksi bisa mencapai nilai Rp 22 triliun & laba bersih diperkirakan sebesar Rp 520 miliar. Pencapaian ini selain ditopang banyaknya proyek yang diperoleh, juga berasal dari efisiensi dan efektivitas dari proyek dan operasional. PTPP…

PTPP menganggarkan belanja modal tahun 2015 sebesar Rp1,8 triliun

PTPP menganggarkan belanja modal tahun 2015 sebesar Rp1,8 triliun, naik 286% dibandingkan dengan alokasi tahun ini Rp466 miliar. Dari total belanja modal 2015, sebesar Rp800 miliar dialokasikan untuk proyek properti. Selain itu, PTPP juga membidik proyek lain terutama di sektor pembangkit, jalan tol, pelabuhan, dan proyek lainnya. PTPP juga menargetkan kontrak baru 2015 sebesar Rp27,5 triliun, tumbuh 25% dibandingkan target…

3 SOE contractors aim 2015 new contract worth IDR80.57t

Three SOE contractors have announced rough guideline for 2015 with PT Pembangunan Perumahan (PTPP) and Waskita Karya (WSKT) aim to secure 25% growth yoy to IDR27.5t and IDR23.37t respectively. More than 50% of the new contracts projected will come from government projects. Meanwhile, Wijaya Karya (WIKA) expect new contract to reach IDR29.7t new contract (+32% yoy). While Adhi Karya (ADHI)…

Indonesia fuel price UP!

Indonesia government has raised domestic fuel price by IDR2,000/lt, or at the lower end of expectation of IDR2000-3000/lt price hike as global oil price has declined in the past few weeks. Effective from 18 Nov 2014, the gasoline price will be at IDR8,500/lt (+31%) and diesel price will be at IDR7,500/lt (+36%). We believe the price hike is positive for…

When the market sulks ..

.. that is a great opportunity to start shopping in our opinion. The new cabinet announcement disappointed the stock market, and the 9M14 results are largely uninspiring. Yet we believe Jokowi has established a solid foundation for a new Indonesia that would do wonders to equity values. Key catalysts for a multi-year bull run are (a) raising the subsidized fuel…

Emiten yang sudah mengeluarkan laporan kuartal 3 dan Target Price (RHB-OSK)

Berikut adalah beberapa emiten dalam coverage RHB-OSK Research yang sudah mengeluarkan laporan kuartal 3 mereka. Company Code Result Rating Target Price Semen Indonesia SMGR Indofood Sukses’ 9M14 earnings jumped 58% YoY to IDR3trn, driven by higher agribusiness and Minzhong’s earnings, in line with our/street estimates. 3Q14 earnings slipped 14% QoQ to IDR764bn as expected, weighed by slower earnings from agribusiness…

A first move by Ministry of Public Works and Housing – Water dams development

11 dams to be built in 2015. Mr. Basuki Hadimuljono, the new Public Works and Housing minister, revealed its first plan in water dams development. His Ministry plans to develop 11 water dams, where 5 dams’ contract will be signed by end of this year and the rest of the contract will be signed next year. Total project value for…

PTPP: 3Q14: Improvement on higher revenue; Cut to HOLD on valuation

§ Earnings up 91% y-y: PTPP recorded 3Q14 net profit of IDR143bn (115% of our 3Q14 estimate), up 91% y-y, accompanied by a higher net margin of 4.5% from 2.4% in 3Q13. In 9M14, PTPP booked net profit of IDR290bn, up 32% y-y, as accounts receivable impairments declined 29% y-y to IDR45bn. The 9M14 results accounted for 58% of our…

PTPP: think that Jokowi’s administration is very serious on executing the transportation initiatives by putting Mr. Ignatius Jonan at the Transportation Minister post

We think that Jokowi’s administration is very serious on executing the transportation initiatives by putting Mr. Ignatius Jonan at the Transportation Minister post. He has a proven track record of transforming PTKAI and executed the US$1bn, 727km Surabaya – Jakarta double track this year. This is positive for the sector and PTPP (BUY, TP Rp2,800, Current Price Rp2,500) is our…

Marketing takeaways construction sector

· We had the pleasure to meet with investors in SG and HK last week and came home with a sense that investors were largely in agreement with our view that the positive structural story for the bright outlook in the infrastructure sector remains unchanged. We note, however, it will not be a smooth ride for Jokowi in the short…

JSMR mempertimbangkan untuk menyerap saham PT Hutama Karya (Persero) dalam investasi proyek pembangunan jalan tol

Perusahaan pengelola jalan tol PT Jasa Marga Tbk (JSMR) mempertimbangkan untuk menyerap saham PT Hutama Karya (Persero) dalam investasi proyek pembangunan jalan tol. Pihaknya masih menunggu surat resmi dari Hutama Karya terkait pengunduran diri sebagai investor dal Menurutnya, pembangunan proyek tol sepanjang 61,8 km itu dikerjakan oleh konsorsium BUMN. JSMR memiliki saham sebesar 55% dari total investasi sebesar Rp6 triliun….

PTPP membukukan kontrak baru hingga 3Q14 sebesar Rp12T

PT Pembangunan Perumahan (PTPP) membukukan kontrak baru hingga 3Q14 sebesar Rp12T . Perseroan optimistis dapat meraih target kontrak baru sebesar Rp24T. Untuk belanja modal (capex) telah terserap Rp160M dari total anggaran Rp446M. Tahun ini, PTPP membidik perolehan laba bersih mencapai Rp560 miliar hingga Rp600 miliar. Hingga 2018, perseroan memproyeksikan laba bersih dapat mencapai Rp1,7 triliun.

PTPP berencana membangun dua hotel baru di daerah Bengkulu dan Surabaya

PT Pembangunan Perumahan (PTPP) berencana membangun dua hotel baru di daerah Bengkulu dan Surabaya. Perseroan akan menggunakan tanahnya sendiri sehingga hanya investasi sekitar Rp80-100M.

PTPP /WIKA : Bergabung dengan Wika & Pelindo Bangun Pelabuhan

PT PP (Persero) Tbk (PTPP) berencana membentuk anak usaha dengan PT Pelindo I dan PT Waskita Karya Tbk (WIKA). Perusahaan tersebut, akan berada di Bandara Kuala Namu, Medan, Sumatera Utara. Direktur Utama PTPP Bambang Triwibowo menjelaskan, anak usaha tersebut berencana untuk membangun pelabuhan. Saat ini, pelabuhan tersebut sudah masuk dalam tahap penyesuaian izin-izin terkait. “Kita bersama-sama buat pelabuhan, kita kemarin…

Prabowo’s dominance: Negative political development with PDI-P powerless in the House

Negative political development with PDI-P powerless in the House In the first plenary meeting of new parliament members, all key positions in the House were dominated by Prabowo’s Red and White coalition (exhibit 1). Setya Novanto (Golkar) was elected as House Chairman along with four deputies comprised of Fadli Zon (Gerindra), Agus Hermanto (Demokrat), Fahri Hamzah (PKS) and Taufik Kurniawan….

NEWS 1 October 2014

·         RIGS Akan Ekspansi ke Thailand dan Malaysia ·         PGAS Bangun SPBG di Jawa Timur ·         TBLA Siapkan Pembayaran Bunga Obligasi Rp26,25 Miliar ·         HEXA Siapkan Capex USD16 Juta ·         UNTR Proyeksikan Capex 2015 Sebesar USD300 Juta ·         PTPP Lunasi MTN Total Senilai Rp530 Miliar ·         Dividen INKP Rp25/saham dan TKIM Rp10/saham, cum 17 Oktober 2014 ·         SIAP tunda akuisisi…

MBAP melalui anak usahanya PT Baradinamika Muda menandatangani kontrak EPC Muara Bengalun dengan PTPP senilai Rp123M

PT Mitrabara Adiperdana (MBAP) melalui anak usahanya PT Baradinamika Muda menandatangani kontrak EPC Muara Bengalun dengan PT PP (PTPP) senilai Rp123M. Pembangunan fasilitas infrastruktur untuk mendukung rencana peningkatan kapasitas produksi yang akan dilakukan oleh perseroan.

Asian Games 2018: the game changer

Asian Games 2018 in Indonesia: Jakarta, Palembang and Bandung… The past weekend saw several Indonesian government officials including the national sports committee (KONI) and Vice Governor of Jakarta, Basuki Purnama, making a trip to Incheon, Korea to witness the opening games of Asian Games 2014. At the same time, Indonesia has been formally assigned to host Asian Games 2018, with…

Construction sector: Temporary headwinds from fuel hike

Temporary adverse impact of fuel-subsidy removal on share prices is imminent, but structural reform of higher allocation for infrastructure budget will be positive for sector, raising the government’s capacity to increase its infrastructure budget 1.5x-2x from the current USD17b. Negative sentiment will likely emerge as seen in the past with average share-price correction of 30%-40% following the fuel-price increase announcement…

Indonesia Investor Summit 2014: Day 2: 16 companies

Day 2: 16 companies On the second day of the Indonesian Stock Exchange’s Investor Summit 2014, our research analysts attended all presentations made by the 16 companies (exhibit 3). We list some of the salient and interesting points from the companies’ presentations below: § London Sumatra (LSIP): Benny Tjoeng, the CEO of LSIP, stated that they plan to increase their…

PTPP tengah menjajaki pinjaman senilai Rp420 miliar

Untuk mengembangkan bisnisnya, PT Pembangunan Perumahan Tbk (PTPP) tengah menjajaki pinjaman senilai Rp420 miliar. Pinjaman bertenor 3 tahun itu berasal dari bank pelat merah untuk menggarap tol Kualanamu-Tebing Tinggi.

PTPP pada 2015 akan ekspansi bisnis properti hingga ke Australia dengan membangun kawasan residensial dan komersial di Perth dengan nilai investasi Rp1,6-1,7T

PT PP (PTPP) pada 2015 akan ekspansi bisnis properti hingga ke Australia dengan membangun kawasan residensial dan komersial di Perth dengan nilai investasi Rp1,6-1,7T. Rencananya akan dibentuk joint venture dimana perseroan sebagai mayoritas 85-90%. Dari domestik, perseroan mendapat proyek pengerjaan ruas tol Medan-Tebing Tinggi yang merupakan proyek konsorsium BUMN dengan total nilai Rp4T.

Panin Sekuritas 17 September 2014

IHSG kemarin ditutup melemah meski sempat menguat pada pembukaan. Melemahnya indeks didorong oleh berlanjutnya  aksi jual investor asing serta terus melemahnya nilai tukar rupiah.  Bursa regional Asia dibuka menguat menyusul laporan Bank sentral China mengucurkan stimulus untuk mendukung pertumbuhan ekonomi.  The People’s Bank of Chinamenyediakan dana 500M Yuan atau sekitar USD81,4M kepada 5 bank besar sebagai langkah untuk mendukung pertumbuhan…

Pejagan – Pemalang toll road acquisition

WSKT mengakuisisi 100% PT Pejagan Pemalang Toll Road (PPTR) dari Group MNC. Dalam transaksi senilai Rp300 miliar itu, MNC memiliki call option senilai Rp450 miliar untuk 3 tahun ke depan (17 Agustus) yang setara dengan return tahunan 14% (di luar keuntungan konstruksi). WSKT akan menyediakan seluruh pendanaan untuk proyek tersebut. Perseroan juga berencana menerbitkan obligasi senilai Rp500 miliar-Rp1 triliun tahun…

PTPP precast unit eyeing seaport projects

PTPP menargektkan produksi beton pracetak sebanyak 228.000 ton tahun ini, yang akan diproduksi oleh pabrik Cilegon dan Sadang. Pabrik Sadang memiliki kapasitas sebanyak 160.000 ton per tahun. Tahun depan, PTPP akan menambah kapasitas pabrik Bakauheni dan Pasuruan. Unit bisnis itu menargetkan kontrak baru senilai Rp1,05 triliun tahun ini, di mana per Juli realisasinya sudah 50% dari target.

Indonesia Construction: Infrastructure infusion

Sector re-rating on accelerated infrastructure growth Following a relatively smooth transfer of power to Jokowi in the making, we are upgrading the 2015-16F performances of the state-owned construction companies under our coverage on the back of accelerated infrastructure-related growth. Additionally, we see upside to the government’s lower 2015F infrastructure budget proposal of IDR169tn (2014 budget: IDR207tn) on the back of…

21.4km, US$300mn Depok – Antasari toll road concession may be signed end of this month

Pemegang konsesi jalan tol Depok-Antasari adalah PT Citra Marga Nusaphala Persada Tbk (CMNP), PT Waskita Karya Tbk (WSKT), PT Pembangunan Perumahan Tbk (PTPP) dan PT Hutama Karya. Konstruksi kemungkinan akan dilakukan bagi anggota pemegang konsesi, kecuali CMNP. Akuisisi lahan tahap pertama telah mencapai 65% target dan groundbreaking sudah dilakukan sejak Mei 2014. Angka traffic diprediksi mencapai 47.000 per hari.

State – owned companies, JSMR-WSKT-PTPP, seek debt Rp 4tn to build Kuala Namu – Tebing Tinggi toll road along 60 km

State – owned companies, JSMR–WSKT–PTPP, seek debt Rp 4tn to build Kuala Namu – Tebing Tinggi toll road along 60 km. JSMR will hold majority portion 60% -65%; WSKT by 15%; the remaining 20% -25% will be divided between PTPP and Hutama Karya. JSMR needs a loan Rp 3.6tn – 3.9tn; WSKT Rp 900bn, and PTPP – Hutama Karya around…

Depok-Antasari Toll road will start construction

Depok-Antasari Toll road will start construction. The contractors include PTPP, WSKT, and Hutama Karya. The land acquisition progress already reaches 80%. The toll roads already get funding from BIR but the fund can only be disbursed if land acquisitions progress reaches 90%.

Road construction projects Medan-Kuala Namu – Tebing Tinggi toll will be started at the beginning of Sep14 where currently awaiting for approval by the Minister of Public Works

Road construction projects Medan-Kuala Namu – Tebing Tinggi toll will be started at the beginning of Sep14 where currently awaiting for approval by the Minister of Public Works. Consortium is consisting of PT Jasa Marga Tbk (JSMR); PT Waskita Karya Tbk (WSKT); PT Hutama Karya and PT Pembangunan Perumahan Tbk (PTPP). The consortium will work on Kuala Namu – Tebing…

PTPP has closed its acquisition of equipment rental company, Prima Jasa Aldodua

PTPP has closed its acquisition of equipment rental company, Prima Jasa Aldodua. The acquisition value is Rp44bn (US$3.8m). CEO of the company recently increases their 2014 net profit target to Rp600bn (US$52m) from Rp520bn (US$45m) previously, supported by Rp16tr (US$1.4bn) revenue.

PTPP telah mengeluarkan laporan keuangan (belum audit) dengan penjualan pada semester I-2014 sebesar Rp4,6 triliun

PP (PTPP) telah mengeluarkan laporan keuangan (belum audit) dengan penjualan pada semester I-2014 sebesar Rp4,6 triliun, naik 10% dibandingkan dengan pendapatan pada semester I-2013 sebesar Rp4,2 triliun. Laba kotor pada semester I-2014 tercatat sebesar Rp537 miliar, meningkat 32% dibandingkan periode yang sama tahun sebelumnya sebesar Rp408 miliar. Marjin laba kotor perseroan pada semester I-2014 naik menjadi 12% dari 10% pada…

Kabar duka kembali datang dari dunia penerbangan Malaysia, setelah Kamis sebuah pesawat milik Malaysian Airline MH17 jenis B 777-200 ER diduga ditembak jatuh oleh pasukan Rusia atau Separatis Ukraine dan jatuh menewaskan 295 penumpang diperbatasan Ukraine-Rusia

Kabar duka kembali datang dari dunia penerbangan Malaysia, setelah Kamis sebuah pesawat milik Malaysian Airline MH17 jenis B 777-200 ER diduga ditembak jatuh oleh pasukan Rusia atau Separatis Ukraine dan jatuh menewaskan 295 penumpang diperbatasan Ukraine-Rusia dimana ditembak jatuhnya pesawat MH17 memunculkan ketegangan global geopolitik baru terlebih Amerika Serikat baru kembali menerapkan sanksi ekonomi baru atas Rusia dimana jatuhnya MH17…

PTPP and WSKT 1H14 new contract

PT Pembangunan Perumahan Tbk (PTPP) and PT Waskita Karya Tbk (WSKT) 1H14 new contract and PTPP revised. Investor Daily melaporkan bahwa PTPP dan WSKT membukukan kontrak baru, masing-masing sebesar Rp8,4 triliun dan Rp7 triliun. Dalam laporan berbeda, PTPP juga merevisi target laba setelah pajaknya (NPAT) dari Rp520 miliar menjadi Rp600 miliar (naik 15%). Menurut kami di Mandiri Sekuritas, PTPP dan…

Taking a leap of faith

The quick count indicates that Jokowi may have won the presidential election but Prabowo has not conceded. Uncertainty may prevail until the official results are announced, expected on 22 Jul. Our view is that the Jokowi win based on the quick count will stand. We expect the market to rally eventually, albeit cautiously at first. We raise our end-2014 index…

Key questions if the surveys are right and Jokowi wins

Key questions if the surveys are right and Jokowi wins: 1. How long the honeymoon rally will last? Our view: Three weeks in 2004 when SBY win the election for his first term. Then fundamentals take over. Rising commodity prices continue to push JCI higher to +41% in six months until the negative sentiment from domestic fuel price hike take…

PTPP: Well armoured

5M14 new contracts reached IDR6.63t (Unofficial 6M14: IDR8.4t), accounting for 30% (6M14: 40% of 12M14) of our full-year forecast of IDR22t. PTPP will be least affected by the recent government reduction in infrastructure spending, given it has the lowest exposure to government public work projects among other SOE contractors. This, coupled with PTPP having the strongest carry-over order book growth…

Rupiah is likely to weaken further and pose a risk to Indonesian macroeconomic stability if the election outcome does not satisfy investors

Rupiah is likely to weaken further and pose a risk to Indonesian macroeconomic stability if the election outcome does not satisfy investors. We expect exporters/USD earners and companies with very defensive business to be more resilient under this scenario. Investors that look to hedge against risk of depreciating IDR should BUY into PGAS, AALI, LSIP, BWPT, INCO, BRMS, and TINS….

TINS will attempt next year to diversify business by exploring property business in Sumatra and Borneo

TINS will attempt next year to diversify business by exploring property business in Sumatra and Borneo. TINS will work with state-owned companies in the construction and property business lines namely WIKA, ADHI, WSKT, and PTPP. Looking ahead, TINS will have four business lines consisting of tin main business lines, business lines of non tin (mineral and coal), property lines of…

PTPP will allocate Rp230bn (US$20m) capex to build 4 hotels this year

Pembangunan Perumahan (PTPP) will allocate Rp230bn (US$20m) capex to build 4 hotels this year. The aim of the move is to increase recurring income. The company will focus on three start hotel with Park Hotel and budget hotel with Pro Hotel. The 4 hotels will be located in Makassar, Lombok, Bali, and Semarang with target occupancy rate of 75-85%.

Infrastructure project in Sumatra

Infrastructure project in Sumatra. Four SOE banks BBRI, BMRI, BBNI and BBTN to fund infra project in eastern coast of Sumatra with BBNI as the leader for syndicated loans. The banks will fund the 1,120km electricity transmition project together with some other regional banks. The project itself is worth US$10tn and 70% of which will be funded by loans. PLN (state-owned…

What we like at the moment as news flow is still all about politics

In the last minutes, Golkar Party throw its support behind Prabowo Subianto, making Gerindra led coalition now control more parliament seats vs. PDI-P led coalition. This appears to be taken negatively by market, thus profit taking was seen in JCI after the announcement. While we are increasingly cautious in the near term, our concern is much less about Jokowi’s ability…

PTPP will complete the acquisition of heavy equipment company PT Prima Aldodua Services in Jun14

PTPP will complete the acquisition of heavy equipment company PT Prima Aldodua Services in Jun14. PTPP obtains new contracts amounting to Rp 5.1tn from the target contract worth Rp 24tn in 2014. The company revised its net profit target of 2014 to Rp 600bn from the previous target of Rp 520bn. Sales are expected to reach Rp 16tn with capex…

Indonesia construction marketing takeaways

We recently met with over 35 clients in KL, SG, and HK with most of the investors had only invested in WIKA given it has the largest market cap, better liquidity, and proven management track record. Our top pick remains on PTPP as it has the second highest earnings visibility in the constructions sector with an upside risk of potentially…

PTPP 3M14 result is in line with ours and consensus estimate

PTPP membukukan laba bersih kuartal I/2014 sebesar Rp61 miliar, naik 44,3% YoY. Capaian itu 18% di atas estimasi Mandiri Sekuritas dan 23% di atas estimasi konsensus pelaku pasar (laba bersih kuartal I/2013 berporsi 10,1% dari capaian setahun 2013). Target Mandiri Sekuritas itu 4,7% di atas target konsensus. Meskin margin kotor perusahaan naik (karena beragamnya segmen usaha), margin laba bersih perusahaan…

PTPP membukukan laba bersih kuartal I/2014 sebesar Rp61 miliar, naik 44,3% YoY

PTPP membukukan laba bersih kuartal I/2014 sebesar Rp61 miliar, naik 44,3% YoY. Capaian itu 18% di atas estimasi Mandiri Sekuritas dan 23% di atas estimasi konsensus pelaku pasar (laba bersih kuartal I/2013 berporsi 10,1% dari capaian setahun 2013). Target Mandiri Sekuritas itu 4,7% di atas target konsensus. Meskin margin kotor perusahaan naik (karena beragamnya segmen usaha), margin laba bersih perusahaan…

Indonesian construction: Diminished Jokowi effect

Three stocks go to HOLD, with ADHI as only Buy; TOTL now a REDUCE Following a worse-than-expected parliamentary election outcome and given possible weaker government formation, which is required to push through reforms and policies, we are downgrading most of our construction stocks (exhibit 1). At this stage of the cycle, we think the three biggest construction plays by market…