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Strength
Accelerating 2025F marketing sales growth of 8.4% YoY (2024F: 6.1%), driven by new project launches and acquisitions of new land banks by the likes of BSDE of c. 800-900 ha from SMDM and CTRA amounting to 165ha from EMDE
Opportunity
The government has extended VAT incentives for housing with 100% VAT exemption available until Jun-25 and 50% exemption until Dec-25, boosting pre-sales growth in 2025 and improving relative share price performances
Weakness
Margins may decline slightly in 2025F as weaker-than-expected purchasing power increases the mix of cheaper housing; Additionally, the 3mn housing program may compete with lower-end projects, such as CTRA’s Maja and Jonggol
Threat
Softer purchasing power and higher property prices could arise on IDR weakness and local interest rate staying high for longer driven by prolonged USD strength; negative property-related sentiments may cause underperformances for most of the counters
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
