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PT PURADELTA LESTARI Tbk. (DMAS) FY2020 Update Report

PT PURADELTA LESTARI Tbk. (DMAS)

 

COMPANY UPDATE

April 2021

 

BEYOND EXPECTATION

DMAS in FY2020 managed to maintaining its performances in the middle of COVID-19 pandemic, with revenue recorded at Rp2.63 T or surpassed FY2020 estimate by +61.7%, due to upbeat company marketing sales realization of Rp2,39 T or +19% higher than 2020 marketing sales target of Rp2 T.

 

SUPPORTED BY INDUSTRIAL AREA

In 2020, industrial land sales were still the backbone of the Company’ business and still dominated the Company’s overall sales by Rp2.48 T or 94.1%, while the other business segments, namely commercial, residential, hotel, and rental segments, contributed 3.0%, 2.0%, 0.5%, and 0.3% respectively to the total revenues in 2020. In 2020 DMAS sold 199.5 Ha of industrial land, with a total of 30 Ha was contributed by the warehouse industry. From those 30 Ha, roughly 25 Ha came from automotive-related companies within the supply chain in 2020 as a positive impact from the arrival of a large Korean automotive company that acquired 77.7 Ha of industrial area in GIIC in 2019. Furthermore, 20 Ha of marketing sales generated from land sales for data center locations, which came from local and overseas digital players. Demand for industrial land continued to grow with around 90 Ha already recorded by the end of 2020, which the Company will pursue in 2021.

 

GOING FORWARD

In 2021, DMAS will continuously pursue a land acquisition, especially for industrial land, given that the Company’s land reserves have continued to decline in line with high sales in recent years. In order to increase industrial land bank reserve in GIIC industrial estate for the coming years in line with increasing industrial land demand, DMAS is currently in the process of converting part of its residential land into industrial land. The conversion process is expected to be completed in 2021.

 

As of April 2021, DMAS notched around 75 Ha industrial land inquiries, from the data center, automotive, and other sectors being under negotiation. Furthermore in 1Q2021, DMAS had already recorded a marketing sales realization of Rp2.88 B, equal to 11.4% of the FY2021 marketing sales target of Rp2 T and mainly derived from the sale of 10.4 Ha of industrial land. Sales of industrial land mainly come from the data center sector, following the 20 Ha of industrial land sales in 2020 to data center customers.

 

BUY RECOMMENDATION WITH TP SET Rp325/SHARE (+35.4% UPSIDE)

We maintain our BUY recommendation with adjusted 12-month target price of Rp325/share (54% discount to RNAV at -2SD). TP reflects 12-month P/E and P/B of 7.1x and 1.9x, respectively. DMAS remains attractive given its massive land banks and still in a stable net cash position and does not have any loans. We also expect DMAS to remain debt-free at least for foreseeable future.

 

 

For Complete PDF version, please see the attached files.

 

DISCLAIMER

This research report is prepared by PT MINNA PADI INVESTAMA SEKURITAS Tbk. for information purposes only and is not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied)

 

 

Mon April 19Th, 2021

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