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…

Four state-owned constructions have bagged new contracts worth total of Rp 12.3tn in 1Q14

Four state-owned constructions have bagged new contracts worth total of Rp 12.3tn in 1Q14. The largest recorded by WIKA Rp 4.8tn, PTPP worth Rp 3.5tn, WSKT Rp 2.8tn, and ADHI Rp 1.2tn.

Mitsui is reportedly pulling out from Rp22.7tn Kalibaru project

Mitsui is reportedly pulling out from Rp22.7tn Kalibaru project. Mitsui, salah satu konglomerasi terbesar di Jepang, sebelumnya berlaku sebagai operator tahap pertama proyek Terminal Kalibaru, atau New Tanjung Priok. PT Pembangunan Perumahan Tbk (PTPP) menjadi kontraktor utama dari proyek itu. Belum ada konfirmasi dari perusahaan terkait potensi penundaan proyek. Kementerian Perhubungan dan Kementerian BUMN dilaporkan sedang mencari investor baru untuk…

PTPP plan to add more exposure to private projects

PTPP plan to add more exposure to private projects. The company targets the split between private and government to be 60%:40%. The company has put up new rule to only accept project above Rp100bn to increase its profitability.

Three SOE banks prepare Rp7t (US$609m) lending to fund Rp10tn (US$869m) construction of a 500kV electricity transmission along the East coast of Sumatra

Three SOE banks prepare Rp7t (US$609m) lending to fund Rp10tn (US$869m) construction of a 500kV electricity transmission along the East coast of Sumatra. The 5 major SOE contractors (ADHI, WIKA, PTPP, WSKT and Hutama Karya) will construct the project and lending will be disbursed under a syndicate of banks Mandiri, BNI and BRI. The project is structured such that it…

Key snapshots from PTPP CEO, Bambang Triwibowo

Pada minggu ketiga Maret, PT Pembangunan Perumahan Tbk (PTPP) telah mengamankan kontrak baru senilai Rp3,55 triliun (atau 14% dari target kontrak baru FY2014). Beberapa kontrak baru terbesar adalah Mall Sawangan, Depok (Rp896 miliar), Coal Terminal Kutai, Kalimantan Timur (Rp776 miliar) dan Wang Residence Citicon, Jakarta (Rp400 miliar). PTPP berencana menggenjot bisnis propertinya pada awal 2015. Dalam beberapa bulan ke depan,…

Sepertinya, emiten konstruksi pelat merah tengah berlomba-lomba mengantarkan anak usahanya melantai di bursa saham

Sepertinya, emiten konstruksi pelat merah tengah berlomba-lomba mengantarkan anak usahanya melantai di bursa saham. Kini, giliran anak usaha PT Pembangunan Perumahan Tbk (PTPP), yakni PT PP Properti yang dipersiapkan menggelar initial public offering (IPO) dengan target kuartal I/2015.

PTPP will distribute dividend of Rp 21/share, the total dividend distributed Rp 126.2bn

PTPP will distribute dividend of Rp 21/share, the total dividend distributed Rp 126.2bn. This amount is equivalent to 30% of net income in 2013 of Rp 420bn. This dividend will be paid in May14, there are no details on the dividend date. On the share price of Rp 1,830, the dividend yield is of 1.14%. Meanwhile, PTPP plans to sell…

The defining moment

We held a conference call with Mr. Eep Saefulloh Fatah, founder of PolMark Indonesia, on his view with regards to the upcoming parliamentary and presidential elections. He believes that the election will be conducted peacefully and will not be much of a policy risk. While the market seems to share Mr. Fatah’s enthusiasm, the rally is susceptible to correction. Our…

PTPP has received a new contract valued at Rp 2.7tn

PTPP has received a new contract valued at Rp 2.7tn, equivalent to 11.3% of the total target of new contracts in 2014 amounted to Rp 24tn by mid-Mar14. PTPP incorporated by a consortium of PP-Odira-ADCOMP has completed the development of compressed natural gas storage plant in Muara Tawar, Bekasi. Working capital or capex is targeted Rp 446bn in 2014, up…

PTPP plan with a proposed dividend payout ratio of 20-30% of earnings in 2013

PTPP plan with a proposed dividend payout ratio of 20-30% of earnings in 2013. The dividend equivalent to Rp 17.4 to 26.1/share, or a yield of 1.04 to 1.56% on the share price of Rp 1,665/share. The dividend should obtain prior approval role in the AGM on 28 Mar14.

SOE consortium will invest Rp60tr (US$5bn) to build electricity system in Sumatra

SOE consortium will invest Rp60tr (US$5bn) to build electricity system in Sumatra. The SOE includes PLN, Wijaya Karya (WIKA), PTPP (PTPP), Hutama Karya, and Adhi Karya (ADHI). The push for new electricity system comes as there is a deficit in Sumatra. The funding will come from SOE banks not state budget.

Rupiah pagi ini terus menguat

Rupiah pagi ini terus menguat. Jam 8.30wib tadi berada di Rp11.398, dan saat ini 8.50wib sudah berada di Rp11.365. Penguatan rupiah ini akan menjadi katalis positif utk pasar pada umumnya tetapi ada beberapa saham khususnya. Fokus terhadap saham-saham yang sensitif terhadap penguatan rupiah. Rupiah play : ADHI, ASRI, CPIN, ERAA, ICBP, GJTL, JPFA, KIJA, KLBF, MAPI, PTPP (Sesuai dengan report…

Indonesia Construction Sector – No stop sign

Today Maybank infrastructure analyst, Pandu Anugrah, issues a 85-page comprehensive infrastructure sector report. He initiates the sector with and OVERWEIGHT rating, and has BUY calls on five stocks. The top picks are based on the highest earnings visibility to the lowest: WIKA, PTPP, WSKT and ADHI. He also has a BUY call ACST for a small-cap idea. The positive stance…

Saham-saham yang kita miliki yang masih memiliki potensi (Fundamental View)

FUNDAMENTAL VIEW ADRO ITMG PTBA HRUM ASII INDF KLBF MAIN LPPF MDRN MYOR RALS ADHI JSMR PTPP TOTL MTLA SSIA SMRA

PTPP obtains new contracts worth Rp2.4tn to build Kutai Coal Terminal

PTPP obtains new contracts worth Rp2.4tn to build Kutai Coal Terminal. In the project, PTPP acts as the subcontractor, and Samsung C & T Corporation as the contractor. The project is located in Kutai, East Kalimantan, where it takes implementation period of 33 months. PTPP is targeting new contracts amounting to Rp24tn in 2014, growing 22.55% of the realization in…

PKPK cancel its plan in acquiring RITS

PKPK cancel its plan in acquiring RITS. Perdana Karya Perkasa (PTPP) has cancelled its conditional sales and purchase agreement (CSPA) to acquire RITS Ventures Limited shares. RITS Ventures owns 66.5% shares of Indowana Bara who has IUP of 5,000 ha in East Kalimantan.

PTPP consortium (with Samsung) won Kutai Coal Terminal contract with project value of US$200m

PTPP consortium (with Samsung) won Kutai Coal Terminal contract with project value of US$200m. The construction process will take 33 months. PTPP will be the subcontractor supporting Samsung in the project. The company has signed Rp930bn contract in January 2014.

PTPP meraih kontrak dengan perusahaan asing untuk pembangunan terminal batubara sebesar Rp2 triliun di Kuta Kartanegara (Kalimantan Timur) pada 2014

Pembangunan Perumahan (PTPP) meraih kontrak dengan perusahaan asing untuk pembangunan terminal batubara sebesar Rp2 triliun di Kuta Kartanegara (Kalimantan Timur) pada 2014. Perseroan menyatakan, penandatanganan kerja sama tersebut akan digelar hari ini (24/2). Proyek berupa pembangunan conveyor batubara tersebut diharapkan menjadi faktor pendorong untuk merealisasikan target kontrak baru sebesar Rp24 triliun pada 2014. Hingga akhir Januari 2014, perseroan telah mendapat…

PTPP menargetkan kenaikkan pendapatan sebesar 37,3% menjadi Rp16 triliun sepanjang 2014

Pembangunan Perumahan (PTPP) menargetkan kenaikkan pendapatan sebesar 37,3% menjadi Rp16 triliun sepanjang 2014. Laba bersih diprediksi naik hingga 23,8% menjadi Rp520 miliar. Target tersebut didasarkan atas ekspektasi kenaikkan kontrak baru tahun ini menjadi Rp24 triliun dan proyek carry over tahun lalu sebesar Rp21,93 triliun.

PTPP menargetkan kontrak baru sebesar Rp24 triliun pada 2014

Pembangunan Perumahan (PTPP) menargetkan kontrak baru sebesar Rp24 triliun pada 2014, naik 22,57% dibandingkan dengan target tahun 2013 sebesar Rp19,58 triliun. Perseroan menyatakan, target kontrak tersebut belum termasuk peralihan (carry over) tahun lalu sebesar Rp21,93 triliun. Dengan demikian, kontrak yang dihadapi (order book) pada 2014 mencapai Rp45,93 triliun, naik 29,56% dibandingkan dengan order book tahun 2013. Selanjutnya, target pendapatan usaha…

PTPP menargetkan kontrak baru tahun 2014 sebesar Rp 24 triliun

Pembangunan Perumahan (PTPP) menargetkan kontrak baru tahun 2014 sebesar Rp 24 triliun atau naik 22,55% YoY dari realisasi tahun 2013 sebesar Rp 19,58 triliun. Target perolehan kontrak tersebut belum termasuk peralihan (carry over) tahun 2013 sebesar Rp 21,93 triliun. Dengan demikian kontrak yang dihadapi (order book) tahun 2014 mencapai Rp 45,93 triliun. Perseroan menargetkan order book tahun 2014 naik 29,56%…

PTPP menganggarkan belanja modal (capital expenditure/capex) sebesar Rp446 miliar

Pembangunan Perumahan (PTPP) menganggarkan belanja modal (capital expenditure/capex) sebesar Rp446 miliar, naik 120,7% dari realisasi tahun sebelumnya sebesar Rp202 miliar. Sumber dana didapat dari cadangan modal dan sisa dana penawaran umum perdana (initial public offering/IPO). Dana capex akan digunakan perseroan untuk mengakuisisi perusahaan milik Yayasan Kesejahteraan Karyawan PP, yaitu PT Prima Jasa Aldodua yang bergerak dibidang alat berat. Perseroan juga…

PTPP targets Rp24trn new contracts in FY14

Pembangunan Perumahan (PTPP) targets Rp24trn new contracts in FY14 – This is an increase of 22.55%yoy from Rp19.58trn in 2013. Bambang Triwibowo, President Director of PTPP, said that the Rp24trn amount has not included a carry offer of 2013 contract value for about Rp21.93trn. PTPP budgets Rp446bn, +120.7%yoy, for 2014 capex. In 2015, PTPP subsidiary, PP Property plans to be…

PTPP’s FY13 earnings of IDR421b (+36% YoY) is higher than consensus forecast

PT Pembangunan Perumahan’s FY13 earnings of IDR421b (+36% YoY) is higher than consensus forecast – PT Pembangunan Perumahan‘s (PTPP) 4Q13 net profit came in at IDR202b up 170% QoQ (-0.8% YoY), translating to 2013 net profit of IDR421b (+36% YoY), higher than consensus estimate. Note that 4th quarter is a seasonally high quarter for contractors. – Operating profit in 2013…

PTPP seeks Rp24tr in new contracts PTPP seeks Rp24tr in new contracts

Pembangunan Perumahan (PTPP) has targeted new contracts of Rp24tr in 2014, up by 22.6% YoY compared to this year’s realization. Coupled with last year’s carryover of Rp21.9tr, total contracts should reach Rp45.9tr in 2014, for which the Company has targeted revenue of Rp16tr (up by 37.3% YoY), net profit of Rp520bn (up by 23.8% YoY), and a budgeted capex of…

PTPP: Another record-breaking year

PTPP’s FY13 earnings did not disappoint as they met our expectations, at 105% of our forecast, and beat consensus by a wide margin of 10%. Robust revenue growth and resilient gross margins in the face of rising dollar-denominated costs provide a brighter outlook for FY14. The company’s confidence in the future of the industry is reflected in the optimistic new…

PTPP shows strong confident that new contracts will grow 20% yoy in 2014

In our meeting with PTPP, management shows strong confident that new contracts will grow 20% yoy in 2014 (by Pandu Anugrah). Several key highlights from our meeting with PT Pembangunan Perumahan (PTPP) are: – New contract awards in 2014 is expected to grow 20% YoY to IDR24t, stemming from government projects (30%-35%), SOE projects (30%-35%), and private sector (30%). –…

PTPP membukukan laba bersih Rp 407 miliar

Pembangunan Perumahan (PTPP) membukukan laba bersih Rp 407 miliar (belum audit) pada 2013, tumbuh 31,46% dibandingkan dengan tahun 2012 sebesar Rp 309,6 miliar. Perseroan telah menaikkan target rencana kerja dan anggaran perusahaan (RKAP) laba bersih dari Rp 370 miliar menjadi Rp 407 miliar. Kenaikkan laba bersih ini disebabkan oleh meningkatnya pendapatan usaha perusahaan menjadi RP 12 triliun yang berasal dari…

Research 3Des13

Bursa Amerika ditutup melemah ditengah data manufaktur bulan November yang lebih baik dari perkiraan dan penurunan penjualan ritel pada Black Friday weekend. Index manufaktur AS November tercatat naik dari Okt 56.4 menjadi 57.3, lebih tinggi dari proyeksi sebesar 55.1. Angka ini merupakan yang tertinggi lebih dari 2 tahun terakhir. Ini menjadi indikator belanja bisnis akan menopang pertumbuhan ekonomi awal tahun…

Hingga Oktober, realisasi proyek baru emiten konstruksi berada di level 70% dari target setahun penuh

Hingga Oktober, realisasi proyek baru emiten konstruksi berada di level 70% dari target setahun penuh. Pencapaian itu lebih lambat dibandingkan dengan periode yang sama tahun lalu, kecuali PT Waskita Karya Tbk (WIKA) yang realisasinya sudah setara dengan pencapaian tahun sebelumnya. WIKA adalah perusahaan yang capaiannya terkuat, sedangkan PT Waskita Karya Tbk (WSKT) membukukan pencapaian terlemah dengan hanya 56% dari target…