SSIA
Sebenarnya target SSIA adalah Rp. 1290 sesuai info FA di bawah ini:
Surya Semesta Internusa (SSIA IJ; BUY; TP IDR 1,290):
Company update – On Solid Ground
Wednesday, February 29, 2012 1:24 PM
- SSIA’s unaudited net profit for FY11 soared 122% y-o-y to IDR257bn, beating our and consensus estimates
- The strongest growth post by its property business with FY11 property revenue climbed 286% y-o-y to IDR 908bn, raising the contribution of this highest margin business to 32% from 14% in FY10. As a result, SSIA’s net margin widened by 200bps to 9% in FY11.
- Outlook for industrial estates remains bright with SSIA President Director Mr Johannes Suriadjaja said the company expects to record additional industrial land sales of around 40-80ha to Astra Honda Motor (AHM).
- License for 2,000ha land in Bekasi has been obtained, whilst another 1,000ha in Karawang is still in discussion with 80% probability of it being given the licence.
- Maintain BUY, TP IDR 1,290.
Surya Semesta Internusa (SSIA IJ; BUY; TP IDR 1,290):
Corporate Newsflash - Riding on Thirst For Industrial Land
Wednesday, February 15, 2012 11:49 AM
- Toyota Motor Corp (Toyota) recently announced plans to invest JPY15bn to raise production capacity at its second plant in Karawang West Java
- Toyota’s move is positive for automotive component investors, adding that this year alone, 21 Japanese component makers have plans to increase their investments in Indonesia
- Assuming that each autoparts company needs 5ha of land to construct a new plant, the demand for industrial plots will rise by 105ha, thus enhancing the outlook for industrial estates.
- Based on a research by Colliers, total industrial sales for 2011 reached 1,238.73ha (+128% y-o-y)
- Industrial estate in Bekasi and Karawang is prefereable commanded more than 60% of the total number of transactions in 2011.
- We expect developers to continue adding new supply to the current cumulative supply of industrial land in the Greater Jakarta Area, which stood at more than 9,000ha as at 2011
- Among the three listed industrial estate companies, we like SSIA
- In all, we maintain our BUY call on SSIA, with a PE-derived Target Price of IDR1,290. Our TP implies a PEG of 0.06x (or a 92% discount to the broader market’s 0.8x) as well as an upside potential of 46.6%.
Sampai dengan hari ini, Sabtu 14 April 2012, sudah terjadi beberapa kali transaksi speculative-buy di bawah harga Rp. 970 sebagai garis resistansinya dan sell on strength saat terjadi break-out dan mencapai garis resistansi barunya di Rp. 1060. Buy-back pun dilakukan agar konsistensi ekuitas tetap terjaga.
Berikut beberapa tahap dalam akumulasi dan distribusi saham ini:
Due Date
|
B/S
|
Shares
|
Quantity
|
Price
|
QxP
|
Agent
|
12-Mar-12
|
B
|
SSIA
|
(5,000)
|
(890)
|
(4,450,000)
|
PT
|
21-Mar-12
|
B
|
SSIA
|
(5,000)
|
(890)
|
(4,450,000)
|
PT
|
28-Mar-12
|
B
|
SSIA
|
(5,000)
|
(900)
|
(4,500,000)
|
PT
|
28-Mar-12
|
B
|
SSIA
|
(5,000)
|
(920)
|
(4,600,000)
|
PT
|
4-Apr-12
|
B
|
SSIA
|
(5,000)
|
(1,030)
|
(5,150,000)
|
PT
|
|
|
|
(25,000)
|
(926)
|
(23,150,000)
|
|
Due Date
|
B/S
|
Shares
|
Quantity
|
Price
|
QxP
|
Agent
|
03-Apr-12
|
S
|
SSIA
|
5,000
|
990
|
+4,950,000
|
PT
|
03-Apr-12
|
S
|
SSIA
|
5,000
|
1,000
|
+5,000,000
|
PT
|
03-Apr-12
|
S
|
SSIA
|
5,000
|
1,020
|
+5,100,000
|
PT
|
09-Apr-12
|
S
|
SSIA
|
5,000
|
1,050
|
+5,250,000
|
PT
|
11-Apr-12
|
S
|
SSIA
|
5,000
|
1,100
|
+5,500,000
|
PT
|
|
|
|
25,000
|
1,032
|
+25,800,000
|
|
Margin dari trading di atas adalah sebesar 11%, namun terjadi kelebihan jual 10 lot yang perlu diantisipasi untuk akumulasi saham ini kembali agar minimal sama dengan jumlah lot di posting sebelumnya. Jumlah ekuitas yang masih tersisa adalah sebagai-berikut:
Due Date
|
B/S
|
Shares
|
Quantity
|
Price
|
Lots
|
Agent
|
13-Apr-12
|
12-Mar-12
|
B
|
SSIA
|
(10,000)
|
(880)
|
(20)
|
PT
|
1,070
|
16-Apr-12
|
B
|
SSIA
|
(2,500)
|
(1,080)
|
(5)
|
DW
|
1,070
|
16-Apr-12
|
B
|
SSIA
|
(2,500)
|
(1,070)
|
(5)
|
DW
|
1,070
|
Akumulasi akan tetap konsisten dilakukan selama FA-nya sehat dan tumbuh positif, namun tetap mengantisipasi perubahan situasi di market.
