Reuters: Hot Stocks: STOCKS NEWS INDONESIA-CLSA cuts Bumi Serpong Damai target price

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STOCKS NEWS INDONESIA-CLSA cuts Bumi Serpong Damai target price Sep 18th 2012, 05:39 Tue Sep 18, 2012 1:39am EDT CLSA Asia-Pacific Markets cut its target price on shares of Indonesian property developer PT Bumi Serpong Damai Tbk to 1,400 rupiah from 1,800 because of uncertainty over its purchase of an industrial estate and expectations of lower profits in the next two years due to interest payments on a recent bond issue. The profit forecast was cut by 2-5 percent, CLSA analyst Sarina Lesmina wrote in a note on Tuesday. But CLSA maintained its 'buy' rating on the stock, saying Bumi Serpong's shares trade at below replacement value. Bumi Serpong's operational performance is good but the company's share price performance has been weak in the past quarter because of uncertainty over its acquisition of Deltamas industrial estate, which is awaiting approval from the estate's operator, Japan's Sojitz. Sojitz holds a 25 percent stake. Deltamas has a 2,200 hectare land bank. The estate, expandable to 3,000 hectares, was started around 10 years ago with mostly Chinese companies as tenants. The property company's shares were down 1.92 percent at 1,020 rupiah, while the broader index was down 0.47 percent. 1130 (0430 GMT) (Reporting by Andjarsari Paramaditha) Link this Share this Digg this Email Reprints

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