Stocks to Watch

Property developer Agung Podomoro Land (APLN) is among the worst performing stocks year to date, losing 36.6%. It fell 2% to Rp147 on Thursday (Sep 27) with the selling sentiment prompted by media report that APLN’s reclamation project in north Jakarta had been stopped.

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First Half Results

Market participants might continue to respond first half results of companies listed on Indonesia Stock Exchange (IDX). Property giant Pakuwon Jati (PWON) reported a strong 31.4% growth in net profit, while Intiland Development posted 41% jump in sales revenues.

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Corporate Actions & Results

Property developer Bumi Serpong Damai (BSDE), member of Sinarmas Land Group, targets its recurring income to contribute 25% revenue within the next five years. BSDE plans to acquire and build office towers and new shopping malls. BSDE’s current recurring income contributes 17-20% revenues. It started the year with acquisition of 13 floors of office tower at Bakrie Tower for around US$36 million. This is the second acquisition by BSDE in three months because late last year it purchased Sinarmas MSIG Tower (68,525 sqm of NLA) for Rp954 billion.

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