Tuesday, March 6, 2012
Modernland (MDLN.IJ, BUY) - Starting the engine of growth
– Modernland plans to introduce three new projects around Greater Jakarta Area from 2012-2014; the total estimated value is Rp750b.
– The company currently has a 735-ha landbank. Going forward, the company plans to develop its existing 228 ha of raw land to be the next crown jewel development, namely Kota Modern Extension.
– We derive our TP of Rp590 from a 44%-discount to our estimated NAV of Rp1,063 per share. Our TP translates into a PBV of 2.3x that is on par with the industry average.
source: KIMENG dated 1 March 2012
– The company currently has a 735-ha landbank. Going forward, the company plans to develop its existing 228 ha of raw land to be the next crown jewel development, namely Kota Modern Extension.
– We derive our TP of Rp590 from a 44%-discount to our estimated NAV of Rp1,063 per share. Our TP translates into a PBV of 2.3x that is on par with the industry average.
source: KIMENG dated 1 March 2012
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