Summarecon Agung (SMRA.IJ) Lowering Our FY25F Pre-Sales By -11%
Management reiterates its long-term focus on existing projects and recurring assets monetization, also pushes pre-sales from Tangerang.
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Summarecon Agung - Soft Pre-Sales but Remains a Bargain in the Sector
We maintain our Buy rating with a lower TP of Rp800, as we assigned a higher disc. to RNAV to incorporate a weaker pre-sales outlook.
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Summarecon Agung - Inline 1H24 Pre-Sales
SMRA’s 1H24 pre-sales of Rp1.72tr only formed 34% of its FY24F target, yet we deem this expected as it aims to backload sales in 2H24.
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CrossASEAN Indonesia Strategy - Parting Clouds
The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...
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Property: Picking Quality Names to Ride the Rate Cut Sentiment (OVERWEIGHT)
Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.
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