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Company Reports

22 November 2024

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SMRA: BUY, TP at 800 – 9M24 Results

Strength

Mall revenue (64% of recurring income) rose +24.6% YoY to IDR 515bn, driven by the opening of Summarecon Mall Bandung in 1Q24, contributing to +19.2% YoY growth in 3Q24 recurring revenue (43% of SMRA’s top-line) to IDR 810bn

 

Weakness

Housing sales (43% of SMRA’s top-line) plunged -39.0% YoY to IDR 804bn as consumers frontloaded purchases in 2Q24, anticipating VAT incentives would end by July 2024, resulting in -11.7% YoY decline in 3Q24 revenue to IDR 1.9tn

 

Opportunity

Summarecon Mall Bekasi phase 2, expected to open in 4Q25, will expand NLA from 58,000 sqm to 100,744 sqm, potentially boosting top-line growth by c.8–11% in 2026F; this potential rate cuts and market underperformance may improve price sentiment

 

Threat
SMRA’s top-performing clusters (Bekasi: 172% of target in 9M24; Karawang: 124%) with the lowest ASP at IDR 1.7bn indicate low purchasing power, and with no rate cut expected this year, further market underperformance may follow

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SMRA 3Q24 results

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SMRA 3Q24 results

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