ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

Pembangunan Perumahan (Persero) / Equity Bottom-Up

Pembangunan Perumahan (Persero) (PTPP IJ)

<ul><li><a href="https://www.smartkarma.com/entities/19840" target="_blank" data-smartkarma-citation="entities:19840:1">Pembangunan Perumahan (Persero) Tbk Pt (PTPP IJ)</a> is a solid contractor, notably with higher margins than rival SOEs.</li><li>Despite challenges in the country's infrastructure build out, PTPP managed to deliver a 20% CAGR in top line over 2012-16 period.</li><li>Negative free cash flows are somewhat offset by IPO of subsidiaries strategy.</li><li>PTPP trades at an inexpensive 10.5x 2018 PE, vs Indo market's 15.1x.</li></ul>

Pembangunan Perumahan (Persero) Tbk Pt (PTPP IJ) is a solid contractor, notably with higher margins than rival SOEs.Despite challenges in the country's infrastructure build out, PTPP managed to deliver a 20% CAGR in top line over 2012-16 period.Negative free cash flows are somewhat offset by IPO of subsidiaries strategy.PTPP trades at an inexpensive 10.5x 2018 PE, vs Indo market's 15.1x.

PT PP Persero: A Less Flashy But Solid Contractor