Summarecon Agung - Soft Pre-Sales but Remains a Bargain in the Sector
We maintain our Buy rating with a lower TP of Rp800, as we assigned a higher disc. to RNAV to incorporate a weaker pre-sales outlook.
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Summarecon Agung - Inline 1H24 Pre-Sales
SMRA’s 1H24 pre-sales of Rp1.72tr only formed 34% of its FY24F target, yet we deem this expected as it aims to backload sales in 2H24.
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Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts
We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.
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Property: Riding on the Rate Cut Sentiment (OVERWEIGHT)
Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.
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Property: KTA from Meeting with JLL
According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.
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