Pembangunan Jaya Ancol

Stock Quote Pembangunan Jaya Ancol - PJAA:

Business Summary

Pembangunan Jaya Ancol is engaged in three business segments:

Recreation: the company manages a 552 hectare-sized area in North Jakarta encompassing three theme parks - Dunia Fantasi (Dufan), Atlantis Water Adventure, and Ocean Dream Samudera. In 2014 it introduced the indoor Dunia Fantasi concept (with events such as Ice Age and Hello Kitty Adventure). Revenue from the recreation business accounts for around 66 percent of the company's total revenue.

Property Development: the company is engaged in the property sector through several residential clusters, namely Marina Coast, D’Cove, Coastavilla, Puri Marina Ancol Town House, Northland Apartment, and Jaya Ancol Seafront.

Trade & Services: the company manages an art & handicraft center and a culinary area (with well-known restaurants such as Talaga Sampireun, Jimbaran, Bandar Djakarta, and Segarra). It also owns the Candi Bentar Convention Hall and Ecovention building.

Perhaps Dufan (fantasy world) is the company's most well-known attraction, located in North Jakarta. In 2014, Dufan attracted 2.06 million visitors, up from 1.91 million in the preceding year.

Starting from mid-2015, Seaworld Ancol reopened, but this time Pembangunan Jaya Ancol manages the attraction (not a third-party), implying that revenue from this attraction will rise significantly.

Strengths & Opportunities:

• Due to its proximity to the sea, the company can expand through land reclamation
• Jakarta has a large and young population with relatively high per capita GDP
• There are few recreational areas available in Jakarta; Ancol is Jakarta's top tourist destination

Weaknesses & Threats:

• The company is only focused on the Ancol area
• Increased competition from other property developers in North Jakarta's coastal area

Bonds Highlights:

Pembangunan Jaya Ancol's Financial Highlights:

	2010	2011	2012	2013	2014	2015	2016F	2017F
Net Sales	921.9	933.0	1,053.7	1,241.6	1,101.4	1,131.5	1,244.0	1,406.0
Gross Profit	386.6	420.3	457.1	493.3	499.3	540.2	572.0	655.0
Net Income	141.8	161.9	178.2	192.2	236.5	290.9	324.0	366.0
EBITDA	275.6	306.1	374.2	424.9	397.1	541.2
Income before Tax	186.8	208.6	239.2	262.0	284.1	378.6	461.0	520.0
Total Assets	1,569.2	1,737.0	2,388.3	2,627.1	2,910.9	3,130.2	3,486.0	3,903.0
Total Liabilities	491.2	557.8	1,078.2	1,182.1	1,316.1	1,341.6
Earnings per Share¹	89	101	111	120	148	182	203	229
Dividend per Share¹	41.5	45.0	49.5	53.4	65
P/E Ratio (x)				9.1	12.1	11.1	9.5	8.4
P/BV (x)				1.2	1.8	1.8	1.5	1.3

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Pembangunan Jaya Ancol Annual Report 2015 & Pefindo (06/05/2016)}

Stock Performance Pembangunan Jaya Ancol (PJAA) versus Jakarta Composite Index (JKSE):*

^{* normalized stocks, 1 January 2015 = 100}