9, an indication of buoyant consumer confidence. 9 and the latter by 0. The y-o-y decline reflects the fact that lower land plot sales forex Aksi Harga booked in 4Q18 than in 4Q17. As a result, BSDE’s FY18 net profits reached IDR1.
Weak revenues recognition due to a lack of land plot sales. BSDE booked revenues of IDR 6. Expect a moderation in marketing sales. We expect BSDE to book marketing sales of IDR 5. 9 trillion in FY19F, lower than the management’s flat guidance of IDR 6. 0x FY19F Book Value, maintain BUY. 2x FY19F PBV, which we believe is fair given the book value of its land bank is priced at only IDR 300,000 per square meter.
The stock is currently trading at -1SD of its historical discount to RNAV implying 1. Encouraging news of new leases agreed with TOWR’s top two contributors improves the revenues visibility. Industry catalysts are strong, and we are confident that TOWR will meet its 3,000 new tenancies in FY19. FY18 full audited disclosure provides a minimum base.
The revenues base is cemented as we see limited downside risks ahead. TOWR surprises with more good news, to reignite stock momentum. TOWR is confident in deploying 3,000 new gross tenancy additions in FY19 since as many as 1,500 are already in the pipeline from FY18. 5,000 BTS, and ISAT provides guidance for increased capex spending y-o-y to improve its market position. Telcos’ strategic mindset is structurally changing which should drive growth for TOWR in two ways.
4G nationwide coverage by end-2019 although we think their network densities will differ. Improved valuation resonates with new master leases and better visibility. We reviewed our projections based on higher revenue prospects and new guidance on profitability. We also tracked established peers from developed and developing markets with similar settings, and see on average that valuations are at a much higher premium. We raise our TP to Rp960 which implies 10. Dunia online memudahkan trading saham menjadi lebih mudah dan danareksa berkomitmen untuk menjadi mitra anda untuk mendapatkan hasil maksimal.