Summarecon Agung Tbk (SMRA) booked IDR 1.8 trillion marketing sales in January to August 2017, down 7.8 percent from the same period last year. The acquisition is still as much as 52.7 percent of the company’s target throughout the year.
The sales of landed house and shop houses contributed the most to IDR 1.28 trillion or 71 percent of total marketing sales. Apartment sales, land sales, and office space contributed IDR 297 billion, IDR 185 billion and IDR 85 billion respectively.
BCA Sekuritas said the marketing sales realization in eight months is still below the historical average of the company’s achievement of 60 percent of the target. Sales in August 2017 were sustained by the launch of the Cynthia cluster in Bandung and the shophouses in Karawang.
“The company is planning to launch four other projects in the fourth quarter of 2017 as well as ongoing projects,” said BCA Sekuritas.
BCA Sekuritas recommended HOLD for SMRA with a target price of IDR 1,050. (*)