Industry
According to bps
in august 2014, the monthly average expenditure per capita for housing and
household facility in 2013 slightly increased about 7 % compared to 2012. The
demand for housing is still stable and the real estate industry continues to
grow larger. As the result of this, several company related to real estate
industry earns higher income, for example agung podomoro land, ciputra surya
and pakuwon jati.
Regulation: Low Loan to value ratio and high interest rate
In the early of
January, central bank announces its rate still stays at 7.75 %, the interest
rate for home financing is predicted as the same rate. In addition the bank
credit in September 2014 declines compared to September 2013. Despite high
interest rate and tight loan to value, the demand of real estate product and
property rent still advances.
Colliers International Asia real estate forecast of 2014 has a prediction that the office rent will increase 30 % up compared to 2013. The growth of office rent in 2013 was higher than 2014, it was at 37%. The decline in supply of office space was caused by lower exchange rate rupiah to us dollars.
Loan to value
regulation was revised with several points which tend to prevent investor to do
speculation in property investment. It charges lower loan to value ratio that
could force investor to spend more cash from own source.
Based data from
central bank in 4q2013, among of the projects of real estate companies are
financed by their internal cash. Bank loan is only financed 29 % of total
project. Higher interest rate of bank may not affect too much in the
sector.
In conclusion, real estate industry still
has good prospect as the demand of real estate is growing.
PWON – PAKUWON JATI
Share holder
The biggest share holder is public with 47
% of total share, the second and third consecutively is Burgami investment
limited and Pakuwon Arthaniaga.
Key driver
The key
successor of revenue growth in 2013 is kota kasablanka mall project. The
revenue in 2013 increased about 39 % compared to last year. According to annual
report revenue contribution of shopping mall and office rent are about 42 % of
total revenue. The second biggest contributor is hotel segment with 41 % of
total revenue in 2013.
The space rental
of office space and shopping mall are the main contributor, the company seems
concerning in development of superblock which provide shopping mall and office
in particular area.
The property
portfolio are kota kasablanka mall, tunjungan plaza I, tunjungan plaza
III,tunjungan plaza IV, east coast center, Gandaria city mall, tunjungan plaza
V and etc.
The company has
gross margin at 63.5 % of total revenue in 2013, it is better than gross margin
in 2012 which is at 62.2 % of total revenue. It is higher than 5 years average
gross margin which is at 48 %.
The company has
surplus of its cash flow from operation, in 2013 the cash to sales ratio is at
70.2 % which is higher than cash to sales ratio in 2012 which is 60.7 %.
In 2013 the
company is able to improve cash cycle which means the company could run the
business more effective.
In addition, the
company is capitalizing borrowing cost in project of kota kasablanka mall and
tunjungan plaza v.
Recent project
Accordance to
annual report land & building under developments are Grand Island, Edu
City, Palm beach, TP 5 and etc. The future project is tunjungan plaza vI at
east java which will be started in 2015. And Kota kasablanka mall will be
finish in 2015.
Forecast
It
is used the 5 years average growth industry which is on 21 % revenue growth
(source : reuters). The same net additional of fixed asset, cash cycle, gross
margin and etc with 2013 is implemented for 3 years forecast.
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