Riset Alam Sutera Realty Oleh Kim Eng Sekuritas

Property | 26 November 2010

BUY Alam Sutera Realty
Suburban living with best access to
Initiating coverage Jakarta convenience

Analyst We initiate coverage on Alam Sutera Realty (ASRI) with a BUY
Rahmi Marina
rmarina@kimeng.co.id
recommendation. Due to the improved surrounding facilities, the
(62 21) 2557 1128 uptrends of sales volume and pricing are projected to continue in 2011. At
our TP of Rp385/share, ASRI will trade at a 35%‐discount to its estimated

NAV (14.7x 2011F PER) and 30% above current share price.
Price (Rp) Rp295
Target (Rp) Rp385 Mortgage‐driven demand supports volume growth: Low interest
IDX Index 3702
rates, accompanied by flourishing mortgages, have been the main
driver for rising property demand, especially in the landed residential
sector. We expect the take‐up area (20ha/annum) to provide a stable
Historical Chart earnings flow to the company, despite the low recurring income.

(Rp)
350 Volume (mil. shares) Close
(Million shares)
1,000.0

300
900.0
800.0
Better access unlocks opportunity for higher selling price: Despite its
250
700.0
600.0 slow progress, the Serpong–Cengkareng toll road will likely be open in
500.0
200 400.0 2Q12. As most of its resident commutes to metropolitan Jakarta, this
300.0
150 200.0
100.0
alternative road will further increase ASRI’s appeal compared to
100
25-Nov-09 19-Jan-10 8-Mar-10 26-Apr-10 14-Jun-10 30-Jul-10 24-Sep-10 10-Nov-10
0.0

nearby peers and should translate into higher marketing sales. The
Serpong–Balaraja toll road that is still in the land‐clearing process will
Performance 1m 3m 6m also provide alternative access to ASRI’s site in Pasar Kemis upon its
Absolute (%) 15.7 53.6 112.2
projected completion in 2014.
Relative (%) 14.1 35.7 65.0

Risk to our valuation: The lack of large‐scale infrastructure projects in
Stock Information greater Jakarta in the near future and delays in current ones could halt

Ticker code ASRI land price increase. High inflation, with its subsequent effect on
Market cap (US$m) 588 economic growth and interest rates, could also undermine the
52‐week high (Rp) 320 property business.
52‐week low (Rp) 102
Shares issued (m) 17,863
6m avg d.vol (US$m) 2.7

Free float (%) 51.2 Year End Dec 31 2008 2009 2010F 2011F 2012F
INDONESIA
Major shareholders (%) Sales (Rp b) 435 404 858 1,314 1,535

PT Tangerang Fajar Industrial Estate Pre‐tax (Rp b) 79 118 331 542 651
(16.7) Net profit (Rp b) 59 94 281 468 566
PT Selaras Ciptamanunggal (11.9) EPS (Rp) 3 5 16 26 32
Others (20.2) EPS growth (%) 137.3 58.8 188.9 66.3 20.9

Key Indicators
PER (x) 85.9 54.1 18.7 11.3 9.3
EV/EBITDA (x) 30.8 17.2 6.8 4.8 4.6
ROE (%) 10.8 Yield (%) 0.2 0.4 1.3 2.4 2.9
Net gearing (%) Net cash
NTA (Rp b) 4,122
Interest cover (x)
27.9
SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Alam Sutera Realty 26 November 2010

Mortgage‐driven demand supports volume growth
Indonesia’s property market is performing well, buoyed by a strong domestic
economy. The projected CAGR of 1.7% for the urban population in the next five
years and rising GDP‐per‐capita are several drivers that support solid property
demand. Mild inflation has kept the interest rate at 6.5% since August 2009,
which has further pushed down the mortgage rate.
Figure 1: Banking credit disbursement to national property

Housing loans
represent 58.8% of
total property
lending.

Source: Bank Indonesia
Clearly, the lower mortgage rate has given a greater impetus for people to apply
for the loan facility. This is shown by a shift in the home buyers’ and real‐estate
investors’ preferred mode of funding their purchase. In 3Q10, mortgages
constituted ~73% of the payment scheme, compared to ~67% in 3Q09. We
believe the trend will be positive for the upcoming opening of the Pasar Kemis
site (further west in the Serpong area), which targets the middle‐low income
consumers.
Figure 2: Residential property financing
The trend is consistent (%) 9M09 FY09 3M10 6M10 9M10
with the decline in Mortgage 67.2 72.3 74.0 75.2 73.0
mortgage rate Cash installment 16.7 19.0 18.1 17.7 17.8
Other 16.1 8.7 7.9 7.1 9.2
Core competency in residential
Established in 1994, Alam Sutera (ASRI)’s main site is located in Serpong, 15km
away from West Jakarta. The company has developed more than 24 clusters in
the area with a green‐living concept. Each cluster covers 8ha‐23ha of land that
can accommodate 200‐300 houses. In early November, ASRI offered 40 housing
units and 13 parcels of land as an extension of the Sutra Jelita cluster. To date,
the company managed to sell 38 housing units and four parcels of land. Following
this success, ASRI launched another cluster extension in late November.

2

Figure 3: ASRI landbank

Source: Company data
Through the development license covering over 1,100ha in Serpong, ASRI has
acquired ~800ha of land and sold ~450ha; there is still an undeveloped landbank
of ~349ha in the area. Assuming that ASRI will be following its plan of selling
~20ha of land annually (without acquiring additional land in the area), the
Serpong landbank will last for another 18 years.

Due to the limited landbank, ASRI‘s strategy is to offer only limited land sales of
20ha/annum. This will enable it to obtain maximum benefits from the projected
increase in land price. We assume a land price increase of 20% in 2011F, which is
conservative, compared to ASRI’s historical performance over the last two years.
During this period, the selling prices of the residential and commercial sectors
increased at the CAGRs of 59% and 61%, respectively.
Figure 4: Land Price & Marketing Sales 2007‐2009
2007 2008 2009 1H10
Land Price (Rp'000/sqm)
Residential 1,300 2,500 3,300 3,800
Commercial 1,700 3,000 4,400 6,000
Marketing Sales (Rp b) 589 492 1,023 1,018
The next growth focus for ASRI will be the landbank (~589ha) in Pasar Kemis,
which the company had acquired recently. It is located 11km to the west of ASRI
Serpong. The company is still looking for opportunities to gradually expand the
area up to 1,100ha, for which it has already gotten a development license.
According to the management, the total acquired land has reached ~700ha as of
November, and the license can be further extended up to 1,300ha.

Although the target market for the Pasar Kemis site is the middle‐low income
customers, ASRI is likely to develop the site with the same concept that is usually
3

provided for the middle and high income classes. This, we believe, will be a good
selling point for the developer. The first stage of the Pasar Kemis township is
expected to be launched in mid‐2011.

A mix of pre‐sales method and strong internal financing
Of the undeveloped landbank (~349ha) in Serpong, 70% has been allocated for
commercial purposes and the remaining 30% for housing. A bigger portion of
sales for commercial purposes, as compared to housing sales, will provide ASRI
with a higher margin of nearly 10%: Although total costs for both types of
developments are flat at Rp1.1m/sqm, the selling price of the commercial
development is higher than that of the residential.
Figure 5: Future plan
20‐storey apartment building (2 of 6) Groundbreaking in 2010
20‐storey office tower Groundbreaking in 2010
Mall Alam Sutera Completed in late 2011
BCA main branch office Open in mid 2011
Four‐star hotel Groundbreaking in 4Q11
Binus University Open in mid 2013
ASRI has set aside capex of Rp500b for 2011 to complete the development of
Mall Alam Sutera (Rp250b) that sits on a landbank of 8ha, build an office tower
(Rp120b) and other infrastructures (Rp130b). With a gross floor area of
100,000sqm, an average monthly rental fee of Rp110,000/sqm and an occupancy
rate of 60%, Mall Alam Sutera should add Rp80b to ASRI’s recurring income upon
full operation. The conservative price assumption is based on the relatively
unchanged supply in leased and strata‐title retail outlets in Banten (Tangerang,
Serpong and Cilegon).
4

Figure 6: Commercial property in Banten
Banten 2009 2010
Tangerang, Cilegon, Serang Q1 Q2 Q3 Q4 Q1 Q2 Q3
Shopping Centre (Retail)
Rent
Stocks (sqm) 215,675 226,175 226,175 226,175 226,175 226,175 226,175
Occupancy rates/Lease (%) 91.57 90.41 91.65 91.96 92.45 92.84 93.28
Rental rates (Rp/sqm/month) 356,517 372,236 338,649 371,102 370,344 370,032 371,671
Sales
Stocks (sqm) 524,670 524,670 524,670 524,670 524,670 524,670 524,670
Selling rates (%) 78.69 78.81 78.82 78.88 78.96 79.01 79.14
Selling prices (Rp/sqm) 34,820,004 34,878,565 34,878,565 34,878,565 35,333,895 35,734,913 35,901,511
Hotels (3,4,5 stars)
Stocks (room) 1,798 1,948 1,948 1,948 2,104 2,104 2,104
Occupancy rates/Lease (%) 53.11 54.21 56.66 58.54 56.50 61.14 63.82
Room rates (Rp/night) 742,219 710,365 704,157 706,711 671,538 669,263 697,914
Industrial Estates
Stocks (ha) 5,388 5,388 5,388 5,388 5,388 5,388 5,388
Selling rates (%) 69.75 69.83 69.96 70.06 70.09 70.12 70.15
Selling prices (Rp/sqm) 630,972 618,676 613,369 610,834 607,592 606,560 615,704
Initial capex for developing the infrastructure at Pasar Kemis are estimated at
Rp100b‐200b. The investment is to be financed internally. Supported by retained
earnings estimated at ~74%, ASRI is sitting on a huge pile of cash. As with
Serpong, pre‐selling will be used as part of its financing source for the residential
projects in Pasar Kemis.

Better access unlocks opportunity for higher selling price
Most of ASRI’s residents commute to Jakarta on daily basis. Therefore, the
completion of three toll road strips in 2Q12 will give alternative access and a
shortened travel time to ASRI’s main site in Serpong compared to nearby peers.
This advantage is significant as the commute to Jakarta during rush hour is
fraught with severe traffic problems. ASRI will also be able to attract business to
open their branches at its site. These toll strips are the Kebon Jeruk‐Ulujami
(7km) – the final stage of Jakarta Outer Ring Road (JORR) I and the complete
Serpong–Kunciran–Cengkareng strips (26.4km) – the west part of what will be
JORR II. The latter will place ASRI at a strategic intersection with the Jakarta–
Merak toll road.
5

Figure 7: Inbound traffic to Jakarta

Development of
alternative roads
should relieve the
highly‐congested
main road.

Source: SITRAMP 2004
Figure 8: ASRI location

The Kebon Jeruk–
Ulujami strip will
mark the completion
of JORR 1 whose
construction began
in 1990.

Closer access to the main road will drive higher marketing sales, which is
evidenced by ASRI’s 2H09 financial performance. We saw a steep increase in
marketing sales upon the opening of a new toll exit at Serpong. The uptrend
continued in 1H10 with the opening of the Kebon Jerunk–Penjaringan toll road
(9.7km) on February 2010.
6

Figure 9: Marketing sales
Marketing Sales (Rp m) 2009 2010
January 9,995 163,122
February 15,612 142,555
March 92,748 152,655
April 35,157 158,442
May 40,638 180,026
June 80,229 221,273
July 91,300 163,941
August 111,014 119,180
September 173,119 76,562
October 185,361
November 68,264
December 119,385
Upon its expected completion in 2014, the Serpong–Balaraja toll road will also
benefit ASRI. It will serve as an alternative route to reach ASRI’s landbank in
Pasar Kemis, which already has better access to the Jakarta‐Merak toll road than
Ciputra Development’s Citra Raya.

Valuation
Within two years, after its IPO in December 2007, ASRI’s marketing sales
doubled to Rp1t in 2009. We believe that ASRI’s marketing sales will be ahead
of the management’s guidance. Its recent upgrade of its 2010 marketing sales
target to Rp1.5t is in line with our positive view.

This positive trend in marketing sales should translate to a share price increase.
We derive our Rp385 target price from NAV at a 35%‐discount. It implies upside
potential of 30% from current market price and will put the valuation of ASRI at
14.7x 2011F PER.
7

Figure 10: Valuation
Undeveloped Price Market value
Landbank area (sqm) Utilization (Rp'000/sqm) (Rp bn)
Serpong
Residential 850,000 60% 4,045 2,063
Commercial 2,440,000 60% 5,249 7,685
Pasar Kemis 5,890,000 60% 99 350
Cianjur 790,000 60% 60 29
Cibitung 1,330,000 60% 364 291
Tanjung Pinang 750,000 60% 40 18
10,435
Gross Floor Area Monthly rent
Recurring income (sqm) (Rp'000/sqm)
Mall 100,000 0% 110 0
Forever Bliss 1 18,000 31% 58 4
Forever Bliss 2 50,000 31% 78 14
Office 0
18

Total market value 10,453
Less: Debt 429
Add: Cash 541
Net Asset Value 10,565

NAV/share 591
Discount rate 35%
Target Price 384
Source: Company data, KE estimates
Risks to our valuation
A lack of large‐scale infrastructure projects in greater Jakarta in the near future
and delays in current ones could halt land price increase. High inflation, with its
consequent effect on economic growth and interest rates, could also undermine
the property business.

8

Profit and loss Cash flow
YE Dec (Rp b) 2008 2009 2010F 2011F 2012F YE Dec (Rp b) 2008 2009 2010F 2011F 2012F
Sales 435 404 858 1,314 1,535 Operating cash flow 172 192 991 528 629
Cost of goods sold 324 242 463 668 733 Net Profit 59 94 281 468 566
Gross Profit 111 162 396 646 802 Depreciation & amortisation 2 2 11 20 27
Operating expenses 56 51 90 136 186 Change in working capital 48 (65) (7) 0 0
Operating Profit 55 111 306 510 616 Others 64 161 706 41 36
Net interest 5 1 10 16 21 Investment cash flow (200) (223) (430) (460) (403)
Interest income 23 27 25 26 28 Net capex (23) (18) (350) (330) (300)
Interest expense (18) (26) (15) (10) (7) Chg in other non curr assets (190) (212) (23) (127) (98)
Pretax income 79 118 331 542 651 Others 13 7 (57) (2) (5)
Income taxes 21 24 49 73 86 Cash flow after invt. (27) (31) 562 68 226
Minority Interest (0) (0) (0) (0) (0) Financing cash flow (11) 145 (186) (334) (223)
Net profit 59 94 281 468 566 Change in equity 0 81 0 0 0
EBITDA 57 112 317 530 643 Cash dividend paid 0 (2) (56) (94) (113)
EPS 3 5 16 26 32 Net change in debt (9) 80 (135) (240) (110)
Source: Company data, Kim Eng estimates Change in other LT liab. (2) (13) 5 0 0
Net cash flow (39) 115 375 (265) 3

Source: Company data, Kim Eng estimates

Balance sheet Key ratios
YE Dec (Rp b) 2008 2009 2010F 2011F 2012F YE Dec 2008 2009 2010F 2011F 2012F
Total assets 3,057 3,560 4,456 4,635 5,023 Growth (% y/y)
Current assets 1,919 2,433 2,829 2,703 2,843 Sales 41.4 (7.3) 112.6 53.1 16.8
Cash & ST Investment 323 431 862 600 607 OP 75.7 100.1 176.5 66.9 20.6
Inventories 1,533 1,842 1,779 1,911 2,034 EBITDA 75.4 97.4 182.0 67.3 21.3
Account receivable 15 25 23 23 23 NP 189.9 59.9 199.3 66.3 20.9
Others 48 135 164 169 178 EPS 137.3 58.8 188.9 66.3 20.9
Non current assets 1,138 1,127 1,626 1,932 2,180 Profitability (%)
Net land for developt 1,101 1,004 1,090 1,085 1,060 Gross margin 25.5 40.1 46.1 49.2 52.2
Others 37 124 536 847 1,120 Operating margin 12.7 27.4 35.6 38.8 40.1
Total liabilities 1,294 1,625 2,295 2,100 2,035 EBITDA margin 13.1 27.8 36.9 40.3 41.9
Current liabilities 100 59 86 86 86 Net Profit margin 13.5 23.3 32.8 35.6 36.8
Account payable 53 19 26 26 26 ROA 1.9 2.6 6.3 10.1 11.3
ST borrowings 0 0 0 0 0 ROE 3.4 4.9 13.1 18.5 19.0
Others 48 40 60 60 60 Stability
Long‐term liabilities 1,194 1,566 2,210 2,015 1,950 Gross debt/equity (%) 41.2 41.7 31.1 17.0 10.7
Long‐term debts 724 804 669 429 319 Net debt/equity (%) 22.8 19.4 Net cash Net cash Net cash
Others 470 762 1,541 1,586 1,631 Int. coverage (x) 3.2 4.3 20.9 54.6 89.1
Minority interest 8 8 8 8 8 Current ratio (x) 19.1 41.0 33.0 31.5 33.2
Shareholder's equity 1,755 1,927 2,153 2,527 2,979 Quick ratio (x) 3.8 10.0 12.3 9.2 9.4
Paid‐in capital 1,713 1,786 1,786 1,786 1,786 Gross debt (Rp b) 724 804 669 429 319
Reserve 76 167 392 767 1,219 Net debt (Rp b) 401 373 Net cash Net cash Net cash
Others (34) (26) (26) (26) (26) Per share data (Rp)
EPS 3 5 16 26 32
CFPS 10 11 56 30 35
BVPS 102 112 121 141 167
SPS 25 23 48 74 86
EBITDA/share 3 7 18 30 36
DPS 1 1 4 7 9

9
ANALYSTS’ COVERAGE / RESEARCH OFFICES

SINGAPORE MALAYSIA PHILIPPINES
Stephanie WONG Head of Research YEW Chee Yoon Head of Research Ricardo PUIG Head of Research
Regional Head of Institutional Research +603 2141 1555 cheeyoon@kimengkl.com +63 2 849 8835 ricardo_puig@atr.com.ph
+65 6432 1451 swong@kimeng.com Strategy Strategy
Strategy Banks Property
Small & Mid Caps Telcos Telcos
Gregory YAP Property Laura DY‐LIACCO
+65 6432 1450 gyap@kimeng.com Conglomerates & others +63 2 849 8840 laura_dyliacco@atr.com.ph
Conglomerates LIEW Mee Kien Utilities
Technology & Manufacturing +603 2141 1555 meekien@kimengkl.com Conglomerates
Transport & Telcos Gaming Lovell SARREAL
Rohan SUPPIAH Media +63 2 849 8841 lovell_sarreal@atr.com.ph
+65 6432 1455 rohan@kimeng.com Power Consumer
Airlines Construction Media
Marine & Offshore Research Team Kenneth NERECINA
Pauline LEE +603 2141 1555 +63 2 849 8839 kenneth_nerecina@atr.com.ph
+65 6432 1453 paulinelee@kimeng.com Food & Beverage Conglomerates
Bank & Finance Manufacturing Cement
Consumer Plantations Ports/ Logistics
Retail Tobacco Katherine TAN
Wilson LIEW Technology +63 2 849 8843 kat_tan@atr.com.ph
+65 6432 1454 wilsonliew@kimeng.com Banks
Hotel & Resort INDONESIA Construction
Property & Construction Katarina SETIAWAN Head of Research
Anni KUM +6221 2557 1125 ksetiawan@kimeng.co.id REGIONAL
+65 6432 1470 annikum@kimeng.com Consumer Luz LORENZO Economist
Industrials Infra +63 2 849 8836 luz_lorenzo@atr.com.ph
REITs Shipping Economics
James KOH Strategy
+65 6432 1431 jameskoh@kimeng.com Telcos ONG Seng Yeow
Infrastructure Others +65 6432 1832 ongsengyeow@kimeng.com
Resources Ricardo SILAEN Regional Products & Planning
Eric ONG +6221 2557 1126 rsilaen@kimeng.co.id
+65 6432 1857 ericong@kimeng.com Auto
Marine & Offshore Energy TAIWAN
David LOOMIS Heavy Equipment Gary Chia
+65 6432 1417 dloomis@kimeng.com Property Head of Greater China Research
Special Situations Resources +886 2 3518 7900 gary.chia@yuanta.com
Rahmi MARINA Boris Markovich
HONG KONG / CHINA +6221 2557 1128 rmarina@kimeng.co.id COO, Greater China Research
Edward FUNG Head of Research Banking +852 3969 9518 boris.markovic@yuanta.com
+852 2268 0632 edwardfung@kimeng.com.hk Lucky ARIESANDI, CFA John Brebeck, CFA
Power +6221 2557 1127 lariesandi@kimeng.co.id Head of Taiwan Strategy
Construction Cement Head of Research, Taiwan
Norman ZHANG Construction +886 2 3518 7906 john.brebeck@yuanta.com
+852 2268 0631 normanzhang@kimeng.com.hk Pharmaceutical George Chang, CFA
Technology Retail Head of Upstream Tech
Mid‐caps Adi N. WICAKSONO +886 2 3518 7907 george.chang@yuanta.com
Ivan CHEUNG +6221 2557 1130 anwicaksono@kimeng.co.id Vincent Chen
+852 2268 0634 ivancheung@kimeng.com.hk Generalist Head of Downstream Tech
Property Arwani PRANADJAYA +886 2 3518 7903 vincent.chen@yuanta.com
Industrial +6221 2557 1129 apranadjaya@kimeng.co.id Dennis Chan – NB Supply Chain
Ivan LI Technical analyst +886 2 3518 7913 dennis.chan@yuanta.com
+852 2268 0641 ivanli@kimeng.com.hk Andrew C Chen – IC Backend
Banking & Finance VIETNAM +886 2 3518 7940 andrew.chen@yuanta.com
TAM Tsz Wang Nguyen Thi Ngan Tuyen Ellen Chiu – Taiwan Consumer
+852 2268 0636 tamtszwang@kimeng.com.hk +84 838 38 66 36 x 163 tuyen.nguyen@kimeng.com.vn +886 2 3518 7936 ellen.chiu@yuanta.com
Telcos Pharmaceutical Danny Ho – Taiwan Petrochemical
Green Energy Confectionary and Beverage +886 2 3518 7923 danny.ho@yuanta.com
Jacqueline KO Oil and Gas Min Li – Alternative Energy
+852 2268 0633 jacquelineko@kimeng.com.hk Ngo Bich Van +852 3969 9521 min.li@yuanta.com
Consumer Staples +84 838 38 66 36 x 164 van.ngo@kimeng.com.vn May Lin – Taiwan Telecom
Grace DAI Bank +886 2 3518 7942 may.lin@yuanta.com
+852 2268 0640 gracedai@kimeng.com.hk Insurance Tess Wang – Taiwan Financials
Metal Nguyen Quang Duy +886 2 3518 7901 tess.wang@yuanta.com
+84 838 38 66 36 x 162 duy.nguyenquang@kimeng.com.vn
INDIA Shipping
Jigar SHAH Head of Research Seafood
+91 22 6623 2601 jshah@kimeng.com Rubber
Oil & Gas Trinh Thi Ngoc Diep
Transportation +84 838 38 66 36 x 166 diep.trinh@kimeng.com.vn
Anubhav GUPTA Property
+91 22 6623 2605 agupta@kimeng.com Construction
Property
Capital goods THAILAND
Rohit LEDWANI Kanchan KHANIJOU
+91226623 2625 rohit@kimeng.co.in + 662 658 6300 x 4750 kanchan@kimeng.co.th
Banking and Financial services Banks
Nikhil AGARWAL Construction Materials
+91226623 2611 nikhil@kimeng.co.in Nathavut SHIVARUCHIWONG Recommendation definitions
Cement + 662 658 6300 x 4730 nathavut@kimeng.co.th
Metals Property
Our recommendation is based on the
Haripreet BATRA Shipping following expected price
+91226623 2606 haripreet@imeng.co.in
Software performance within 12 months:
Education
Ganesh RAM +15% and above: BUY
+91226623 2607 ganeshram@kimeng.co.in
Telecom ‐15% to +15%: HOLD
Media ‐15% or worse: SELL

10
APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES
AND
DISCLAIMERS

This report, and any electronic access to it, is restricted to and intended only for clients of PT Kim Eng Securities ("KES") or a related
entity to KES (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act
(“SFA”) and the Singapore Financial Advisers Act (“FAA”)) and who are allowed access thereto (each an "Authorised Person") and is
subject to the terms and disclaimers below.

IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW,
YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KES OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO
LONGER WISH TO RECEIVE SUCH REPORTS.

This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute
financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy
or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or
offerings of any securities, options, stocks or other investment vehicles.

The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive
it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information
herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision.
Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial
adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. 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 circumstances and objectives and should be confirmed by such investor with his advisers independently
before adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at
your own risk and without any recourse whatsoever to KES, its related and affiliate companies and/or their employees. You
understand that you are using this report AT YOUR OWN RISK.

This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Kim Eng
affiliated entity/entities operating and carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively
or individually, as the context requires, "Kim Eng") which has, vis‐à‐vis a relevant Authorised Person, approved of, and is solely
responsible in that jurisdiction for, the contents of this publication in that jurisdiction.

Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities
of companies mentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may
be issued by Kim Eng its related companies or associated/affiliated persons.

Kim Eng and its related and affiliated companies are involved in many businesses that may relate to companies mentioned in this
report. These businesses include market making and specialised trading, risk arbitrage and other proprietary trading, fund
management, investment services and corporate finance.

Except with respect the disclosures of interest made above, this report is based on public information. Kim Eng makes reasonable
effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The reader
should also note that unless otherwise stated, none of Kim Eng or any third‐party data providers make ANY warranties or
representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have
liability for any damages of any kind relating to such data.

Proprietary Rights to Content. The reader acknowledges and agrees that this report contains information, photographs, graphics,
text, images, logos, icons, typefaces, and/or other material (collectively “Content”) protected by copyrights, trademarks, or other
proprietary rights, and that these rights are valid and protected in all forms, media, and technologies existing now or hereinafter
developed. The Content is the property of Kim Eng or that of third party providers of content or licensors. The compilation
(meaning the collection, arrangement, and assembly) of all content on this report is the exclusive property of Kim Eng and is
protected by Singapore and international copyright laws. The reader may not copy, modify, remove, delete, augment, add to,
publish, transmit, participate in the transfer, license or sale of, create derivative works from, or in any way exploit any of the
Content, in whole or in part, except as specifically permitted herein. If no specific restrictions are stated, the reader may make one
copy of select portions of the Content, provided that the copy is made only for personal, information, and non‐commercial use and
that the reader does not alter or modify the Content in any way, and maintain any notices contained in the Content, such as all
copyright notices, trademark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as
permitted by the fair dealing privilege under copyright laws, the reader may not reproduce, or distribute in any way any Content
without obtaining permission of the owner of the copyright, trademark or other proprietary right. Any authorised/permitted
distribution is restricted to such distribution not being in violation of the copyright of Kim Eng only and does not in any way
represent an endorsement of the contents permitted or authorised to be distributed to third parties.

11

Additional information on mentioned securities is available on request.

Jurisdiction Specific Additional Disclaimers:

THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA,
AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR
PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE
FOREGOING LIMITATIONS.

THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA,
AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR
TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.

Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the
reader is receiving or accessing this report in or from other than Singapore.

As of 26 November 2010, PT Kim Eng Securities and the covering analyst do not have any interest in companies mentioned in the
report.

Analyst Certification:

The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject
securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the
specific recommendations or views expressed in the report.

© 2010 PT Kim Eng Securities All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced
or distributed in any manner without the prior written permission of PT Kim Eng Securities. PT Kim Eng Securities accepts no
liability whatsoever for the actions of third parties in this respect.

12

Singapore London New York Taiwan

Kim Eng Securities Pte Ltd Kim Eng Securities (London) Ltd Kim Eng Securities USA Inc Yuanta Securities Investment
th
Kim Eng Research Pte Ltd 6/F, 20 St. Dunstan’s Hill 406, East 50 Street Consulting Co.
9 Temasek Boulevard London EC3R 8HY, UK New York, NY 10022, U.S.A. 10/F, No 225, Nanking East Rd
#39‐00 Suntec Tower 2 Section 3
Singapore 038989 Tel: +44 20 7621 9298 Tel: +1 212 688 8886 Taipei 104, Taiwan
Dealers’ Tel: +44 20 7626 2828 Fax: +1 212 688 3500
Tel: +65 6336 9090 Fax: +44 20 7283 6674 Tel: +886 2 8770‐6078
Fax: +65 6339 6003 Thanh C NGUYEN (sales & trading) Fax: +886 2 2546‐0376
Giles WALSH (sales) tnguyen@kesusa.com
LAU Wai Kwok (sales) gwalsh@kimeng.co.uk Arthur LO (sales)
lauwk@kimeng.com Arthur.lo@yuanta.com.tw
Geoff HO (sales)
Stephanie WONG (research) gho@kimeng.co.uk Gary CHIA (research)
swong@kimeng.com Gary.chia@yuanta.com.tw
James JOHNSTONE (sales)
jjohnstone@kimeng.co.uk

Hong Kong Thailand Indonesia Malaysia
Kim Eng Securities (HK) Ltd Kim Eng Securities (Thailand) PT Kim Eng Securities Kim Eng Research Sdn Bhd
Level 30, Public Company Limited Plaza Bapindo 16/F, Kompleks Antarabangsa
th
Three Pacific Place, 999/9 The Offices at Central World, Citibank Tower 17 Floor Jalan Sultan Ismail
th st
1 Queen’s Road East, 20 ‐ 21 Floor, Jl Jend. Sudirman Kav. 54‐55 50250 Kuala Lumpur, Malaysia
Hong Kong Rama 1 Road, Pathumwan, Jakarta 12190, Indonesia
Bangkok 10330, Thailand Tel: +603 2141 1555
Tel: +852 2268 0800 Tel: +62 21 2557 1188 Fax: +603 2141 1045
Fax: +852 2877 0104 Tel: +66 2 658 6817 (sales) Fax: +62 21 2557 1189
Tel: +66 2 658 6801 (research) YEW Chee Yoon (research)
Ray LUK (sales) Kurnia SALIM (sales) cheeyoon@kimengkl.com
rluk@kimeng.com.hk Vikas KAWATRA (sales) ksalim@kimeng.co.id
vkawatra@kimeng.co.th
Edward FUNG (research) Katarina SETIAWAN (research)
edwardfung@kimeng.com.hk ksetiawan@kimeng.co.id

Philippines Vietnam India
ATR‐Kim Eng Securities Inc. Kim Eng Vietnam Securities Joint Stock Kim Eng Securities India Pvt Ltd
17/F, Tower One & Exchange Plaza Company 2nd Floor, The International,
Ayala Triangle, Ayala Avenue 1st Floor, 255 Tran Hung Dao St. Plot No.16, Maharishi Karve Road,
Makati City, Philippines 1200 District 1 Churchgate Station,
Ho Chi Minh City, Vietnam Mumbai City ‐ 400 020, India
Tel: +63 2 849 8888
Fax: +63 2 848 5738 Tel : +84 838 38 66 36 Tel: +91.22.6623.2600
Fax : +84 838 38 66 39 Fax: +91.22.6623.2604
Lorenzo ROXAS (sales)
lorenzo_roxas@atr.com.ph Mai Phan Lam Hoa (sales) Vikas KAWATRA (sales)
Hoa.maiphan@kimeng.com.vn vkawatra@kimeng.co.th
Ricardo PUIG (research)
ricardo_puig@atr.com.ph Jigar SHAH (research)
jigar@kimeng.co.in

South Asia Sales Trading North Asia Sales Trading North American Sales Trading
Connie TAN Eddie LAU (Night Desk)
connie@kimeng.com eddielau@kimeng.com.hk Brian LEE
Tel: +65 6333 5775 Tel: +852 2268 0800 blee@kesusa.com
US Toll Free: +1 866 406 7447 US Toll Free: +1 866 598 2267 Tel: +1 212 688 8886

Indonesia Equity Research Our Reports are available at Bloomberg, Thomson & Reuters www.kimengresearch.com.sg

Riset Alam Sutera Realty Oleh Kim Eng Sekuritas

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Riset Alam Sutera Realty Oleh Kim Eng Sekuritas

Uploaded by

Copyright:

Available Formats

Property | 26 November 2010

Major shareholders (%) Sales (Rp b) 435 404 858 1,314 1,535

Singapore London New York Taiwan

You might also like