Summarecon Agung

Stock Quote Summarecon Agung - SMRA:

Business Summary

Summarecon Agung’s business is divided in three segments:

• Property Development
• Property Investment and Management
• Leisure, Hospitality and Others

Property Development

The core business of Summarecon is property development. This business segment involves that development of property products for sale, such as residential houses, apartments, residential land plots and commercial shop-lots. These property projects also include supporting facilities such as education, sports & recreation facilities, places of worship, healthcare facilities and malls. Summarecon is currently developing three townships: Summarecon Kelapa Gading, Summarecon Serpong and Summarecon Bekasi.

Property Investment and Management

Summarecon develops property which is retained and leased to third parties, particularly retail shopping malls. This structure provides a good source for recurring income. In each township there is an area designated as a central business district and includes a shopping mall. Summarecon currently owns a total of 380,000 m² of retail space. This involves 300,000 m² of retail space in Sentra Kelapa Gading (North Jakarta) and Sentra Gading Serpong, and another 80,000 m² in Sentra Bekasi.

Leisure, Hospitality and Others

Property projects within the Leisure and Hospitality business segment are important amenities that contribute to the development of a successful township. This includes world class sports facilities (golf courses, swimming pools, fitness centers), restaurants, recreational centers, resorts, hotels and more.

Revenue per Business Segment:

Business Segment	2011	2012	2013	2014	2015
Property Development	1,660,046	2,502,231	2,884,256	4,205,553	3,977,367
Property Investment & Management	573,629	786,259	886,680	1,117,125	1,241,908
Leisure & Hospitality and Others	125,656	174,673	322,854	434,306	404,285
Total Revenue	2,359,331	3,463,163	4,093,789	5,756,984	5,623,561

^{in IDR million
Source: Summarecon Agung, Annual Report 2015}

Summarecon Agung's Financial Highlights:

	2010	2011	2012	2013	2014	2015
Net Revenues	1,701	2,359	3,463	4,549	5,757	5,624
Gross Profit	753	1,047	1,592	2,441	3,057	2,907
Net Income	233	392	798	1,110	1,364	877
Operating Income	399	564	1,011	1,382	2,096	1,791
Total Assets	6,140	8,099	10,879	14,255	15,873	18,758
Total Liabilities	3,982	5,622	7,064	9,257	9,456	11,229
Earnings per Share¹	35	57	57	76	96	59
Cash Dividend per Share¹	10	23	43	23	20

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Summarecon Agung, Annual Report 2015}

Forecast Future Financial Highlights of Summarecon Agung:

	2018	2019	2020F	2021F
Net Sales	5,661.0	5,942.0	5,269.0	5,216.0
EBITDA	1,842.0	1,858.0	1,399.0	1,389.0
Net Income	449.0	515.0	155.0	179.0
P/E Ratio (x)	32.2	28.0	93.0	80.7
P/B Ratio (x)	2.1	2.0	1.9	1.9

^{in billion IDR rupiah, except stated otherwise
Source: Danareksa Sekuritas (10/09/2020)}