The first phase of Taman Melati Margonda sold within 10 months. Taman Melati Margonda is located near the University of Indonesia. It caters to students, with studio sized apartments and one bedroom apartments. The first phase, Taman Melati Margonda, has already fully sold and is almost finished construction. ADHI will deliver the units in March-April 2013. The first phase was 100% sold in 10 months.
Second phase of Taman Melati Margonda has been well-received. ADHI’s new project next to Taman Melati Margonda, Grand Taman Melati Margonda, is already 34% booked by customers. The booking fee is Rp3mn per unit. Grand Taman Melati Margonda caters to students, with studio sized apartments at 27sqm and two-bedroom apartments at 55sqm. Sale per sqm is around Rp13-14mn. The apartment tower has around 500 units. ADHI’s marketing agents said they expect Grand Taman Melati Margonda, launched in Dec-12, to be fully sold before the end of the year. According to the marketing sales agent, Grand Taman Melati Margonda is still awaiting a building license, it could possibly come within one or two months
Landed residential still waiting for project license. The first phase of Taman Dhika Cinere is already booked by customers, with booking fee of Rp2mn per unit. Total size of the project is 6.5ha. Land price is at Rp3-4mn, and the first phase is 86 units. The project is still awaiting project license. The project is launched in Dec-12
Pipeline of projects are still ample. Other projects that were launched in Dec-12 include Grand Dhika City Bekasi, which is a 7-tower mixeduse development projects and Taman Dhika Sidoarjo (landed residential). ADHI will also launch projects in Surabaya and Jatinangor.
2012 - Good results
Net profits reached Rp212 bn in FY12 (+16.2% yoy, +108.6% qoq), in line with the consensus. The solid growth at the bottom line came on the back of a 13.9% yoy increase in revenues to Rp7.6 tn as well as a 35.0% yoy surge in profits from the JO, better gross margins and improved cost efficiency which pushed up operating profits by 42.5% yoy to Rp792 bn. Overall, the FY12 revenues and earnings were 96% and 102% of the consensus, respectively. ADHI’s gross margin expanded 150bps in FY12 to 12.5% - its highest ever level. This owes, we believe, to a higher contribution from EPC and the realty and property segments which command margins of 12-15% for EPC and 25-35% for property and realty. The increase in investment property assets to Rp237 bn in FY12 from Rp25 bn in FY11 is also a reflection of the company’s move into realty and the property segment.
Net cash for the first time
ADHI has a healthier balance sheet with cash in hand of Rp949 bn as of December 2012. For the first time, ADHI is in a net cash position which, in our view, stems from the Rp750 bn bonds issuance in mid-2012 as well as ADHI’s better negotiations with suppliers to extend payments up to eight months. Going forward, with more projects coming in from 1Q13 to 3Q13 and in light of ADHI’s plans to issue another Rp750bn of bonds in 1Q13, we believe ADHI’s gearing will increase to 150-200% at most.
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