PT Puradelta Lestari IPO Review

(1)

IPO REVIEW

26 July 2013

PT Puradelta Lestari Tbk

! " " # $%

- + %

•

• - ! - !

•

-• ( - - (

4 5 ( 1 6 2

7+

• " -

-• - !

- 9 :4

- - !

!

* % ;

&

. %

• 5 - 5

- 2 !%

• 5

-- %

• = - " !

!

• 5 5

! !

• = 5

-• ; 5

! !

- + 0,, 7)7 +++ ! +> % ? -

-! &$

& * - - 5 "

3 # - 5 < 9

-%

$% &'( %) * ! +,

-"

- ! ! 1

-- ( 2

- ! ! ! !

- 5 -5 8

- 5 !: 52

! - /+ 5 "

4 5 ) 9 % "

- 5 -% 4 -% ;

4 5 ! - ! < 9 %

5

& * 5

5 ! 5 /+:7+>

*% - ! 5 .

: 5

- ! 5 - % <

5

-! 6 - !

52 %

5 ( ( 1 52

! %

. -

-! &/+> - * # ++

# /+7:/77 @ = A &@=

&$+>* . /++ /+ &/+>* !

" % 52 5

-- . / 0

3( 7++

-5 52 5

% " 5

-% ; 6

&

5 5 5

-!

. - !

" 5

9

! !

-! - 5

(2)

/

Exh. 1: IPO Summary

Source: Initial Prospectus

Exh. 2: Board of Commissioners and Directors

Exh. 3: Shareholders’ Composition

Schedule

Public expose 24th July 2013

Management roadshow & bookbuild 25th July - 1st August 2013

Effective statement from OJK 15th August 2013

Public offering period 16th - 20th August 2013

Allotment 22nd August 2013

Settlement 23rd August 2013

IDX listing 26th August 2013

Lead domestic underwriters Macquarie, Sinarmas Sekuritas

Share Issue 10,844,575,000 new shares (20% of enlarged capital)

Nominal Rp100

Offering price Rp205-255 per share

Target IPO proceeds Rp2.22-2.77tn

Board of Commissioners

President Commissioner Muktar Widjaja

Vice President Commissioner Franky Oesman Widjaja

Vice President Commissioner Kazuo Shimura

Commissioner Hironori Tateiri

Independent Commissioner Teddy Pawitra

Independent Commissioner Susiyati B. Hirawan

Board of Directors

President Director Teky Mailoa

Vice President Director Shinji Yoneda

Director Hermawan Wijaya

Unaffiliated Director/Corporate Secretary Tondy Suwanto

Post - IPO shareholding structure

Sinarmas land AFP International Capital Pte Ltd 36.8%

Jermina Limited 2.2%

PT Sumber Arusmulia 1.0%

Sojitz Sojitz Corporation 20.0%

Fame Bridge Investments Ltd 20.0%

(3)

Exh. 4: Income Statement

Exh. 5: Balance Sheet

Fiscal Year End 2010 2011 2012 2013E 2014F

Income Statement (Rp million)

Sales 419,355 151,081 1,350,581 1,580,000 2,230,000

COGS 450,631 90,075 883,382 678,000 990,000

Gross Profit (31,276) 61,006 467,199 902,000 1,240,000

Operating Expenses 29,475 44,795 96,963 142,200 200,700

Income from Operations (60,751) 16,211 370,236 759,800 1,039,300

Other Income (6,845) 7,028 41,882 59,401 188,682

Pre-tax Income (67,596) 23,239 412,118 819,201 1,227,982

Taxes 21,024 7,562 67,901 163,840 245,596

Income before Effect of Restructuring Transactions

among Entities under Common Control (88,620) 15,677 344,217 655,361 982,386

Proforma Adjustments 13,099 2,112 15,501 -

-Net Income (75,521) 17,789 359,718 655,361 982,386

Balance Sheet (Rp million)

Cash & Cash Equivalents 87,359 919,498 1,231,739 3,805,031 4,302,305

Real Estate Inventories 7,120,898 7,346,291 6,675,079 5,340,063 5,073,060

Advances 4,327 51,758 88,381 88,381 88,381

Prepaid Expenses 439 542 771 771 771

Prepaid Taxes 6,401 49,323 49,474 18,762 30,277

Property and Equipment - net 24,668 25,040 34,807 618,474 548,891

Other Assets 1,246 1,162 1,206 1,205 1,191

Total Assets 7,245,338 8,393,614 8,081,457 9,872,687 10,044,876

Loans 2,903,816 3,059,746 2,428,711 1,743,723 1,058,735

Medium-term Notes 80,000 - - -

-Taxes Payable 7,287 67,966 65,458 65,458 65,458

Accrued Expenses 9,339 9,406 24,866 24,866 24,866

Sales Advances 105,749 1,036,599 1,033,650 340,000 411,400

Other Advances Received and Security Deposit 3,596 66,723 29,901 29,901 29,901

Long-term Employee Benefits Liability 4,769 6,713 8,192 8,192 8,192

Other Payable 1,318 1,320 1,321 1,320 1,320

Total Liabilities 3,115,874 4,248,473 3,592,099 2,213,460 1,599,872

Capital Stock 2,170,000 2,170,000 4,337,830 6,837,830 6,837,830

Additional Paid in Capital 345 345 (116,095) (116,095) (116,095)

Proforma Capital 2,068,987 2,066,875 - -

-Retained Earnings (111,939) (94,148) 265,451 935,320 1,721,097

Non-Controlling Interest 2,071 2,069 2,172 2,172 2,172

(4)

,

Exh. 6: Key Ratio

RESEARCH

Bagus Hananto [email protected] (62-21) 3190-1777 ext. 219

Grace Ekarto [email protected] (62-21) 3190-1777 ext. 220

INVESTMENT BANKING

Rahmat Sugiono Halim [email protected] (62-21) 3190-1777 ext. 222

EQUITY SALES

Dick Hermanto [email protected] (62-21) 3162-063

Maria Fransisca [email protected] (62-21) 3162-062

Agi Susanti [email protected] (62-21) 3162-075

Siti Qobtiah [email protected] (62-21) 3162-065

Supardi [email protected] (62-21) 3162-025

"

# $

!

3 3 - B 7:+, 9 % " 3 @ % 0+ 9 + + "

% &$/:/ * +: ))) & -* ; % &$/:/ * +: $ $

% & '

! 5 ?@"C ( " ( - &" C*% "

5

5% @ ! 5

%

5 ?@"C ( ! ! !

% @ ?@"C ( 5 5 ?@"C ( 5 5 !

5 . - 5 % ?@"C ( 5

5 5 % ?@"C ( 5

! - ! ! % 5

-?@"C ( &$/:/ * +: ))) &$/:/ * +: $ $%

Key Ratio

Sales Growth n/a -64.0% 793.9% 17.0% 41.1%

Net Income Growth n/a -123.6% 1922.1% 82.2% 49.9%

Operating Profit Margin -14.5% 10.7% 27.4% 48.1% 46.6%

Net Margin -18.0% 11.8% 26.6% 41.5% 44.1%

Dvidend Payout Ratio - - - - 30.0%

ROE -1.8% 0.4% 8.0% 8.6% 11.6%