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For $BEST offers good entry point, for the following reasons:
• Nice and simple industrial estate company. Indonesia is in the midst of investment boom, from domestic and foreign. BEST is simplest (and probably nicest) compared to its peers. In $KIJA, we have to worry about its Tanjung Lesung leisure business. In $LPCK, we have to worry about land allocation between residential and industrial. In $SSIA, we have to worry about its ailing hotel operation.
• Earnings to surge. Nine months net profit grew by 257% YoY. Marketing backlog was at 86ha at US$99/sqm. According to one report, some 190ha more sales are in the pipeline with most recent selling price at US$170/sm. The analyst assumes sales of 100ha per year with selling price peaking at US$220/sqm, to show surging profit picture of Rp119bn/403bn/975bn for 2011/2012/2013F. That puts the stock on 7x P/E for 2013.
• Sitting on largest ready to sell land area. Net sellable land is at around 610ha, and the company continues to add to the land inventory with money from IPO.
• Stock is lagging to sister company $ASRI, the star property stock performer in Indonesia. Expect spill-over of positive sentiment with BEST and ASRI playing catch up to one another (to the upside off course). Heard that US$70mn block of BEST stock went to high profile foreign institutions a few days ago, bringing-in new support and fresh excitement to the share price.


dont believe about $SSIA , since the hotel business only contribute about 2 - 5 percent from their business, regarding $LPCK has very integrated infrastructure that $BEST dont have such as Gas pipe infrastructure, Rail road


In $LPCK... why land allocation between residential and industrial caused a worry ?