Jum'at 28 sept 2012

11:30 http://bisniskeuangan.kompas.com/read/2012/09/28/06510182/Kisruh.BUMI.Samin.Tan.Bakrie.Pecah.Kongsi


Pakuwon Jati (PWON IJ) and Agung Podomoro (APLN IJ) have the largest retail space vs listed peers, and will continue to grow into 2016.
Both companies generate the highest portion of their recurring income from malls vs their peers. However, PWON has the highest portion of recurring income (51%).
Post lengthy restructuring, PWON posted one of the highest ROA and ROE vs peers.
We initiate PWON with a BUY, TP:Rp325 (35% upside); 42% disc. to NAV (Rp412)  - see below
 clsa by sarinah