Sinarmas Land ($0.485): RHB highlighted the Indonesian property developer as deeply undervalued and is poise to ride on the cyclical recovery of the Indonesian real estate market.
- Current market cap is only slightly above market value of stake in key subsidiary Bumi Serpong Damai
- Other assets including industrial estate Kota Deltamas, and recently acquired London office properties comes for free
- RHB maintains Buy with TP of $0.95 (96% upside)
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