Sinarmas Land (SML): Unrated report by CLSA on the company, citing that at a 51% discount to RNAV, Sinarmas Land is a cheap proxy to the rising Indonesia property market through it stakes in BSDE IJ and DUTI IJ which accounts for 56% of valuations.
House believes valuation gap can narrow further versus peers given SML’s strong net cash balance sheet, offering acquisition opportunities while overseas investments have also delivered a proven track record.
CLSA has a fair value can range from $0.93 to $1.16/share.
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