IPO REVIEW
26 July 2013PT Puradelta Lestari Tbk
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PT Puradelta Lestari Tbk
Exh. 1: IPO Summary
Source: Initial Prospectus
Exh. 2: Board of Commissioners and Directors
Source: Initial Prospectus
Exh. 3: Shareholders’ Composition
Source: Initial Prospectus
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%
PT Puradelta Lestari Tbk
Exh. 4: Income Statement
Source: Initial Prospectus
Exh. 5: Balance Sheet
Source: Initial Prospectus
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
Fiscal Year End 2010 2011 2012 2013E 2014F
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
,
PT Puradelta Lestari Tbk
Exh. 6: Key Ratio
Source: Initial Prospectus
RESEARCH
Bagus Hananto bagus.hananto@ocap.co.id (62-21) 3190-1777 ext. 219
Grace Ekarto grace.ekarto@ocap.co.id (62-21) 3190-1777 ext. 220
INVESTMENT BANKING
Rahmat Sugiono Halim rahmat.sugiono@ocap.co.id (62-21) 3190-1777 ext. 222
EQUITY SALES
Dick Hermanto dick.hermanto@ocap.co.id (62-21) 3162-063
Maria Fransisca maria.fransisca@ocap.co.id (62-21) 3162-062
Agi Susanti agi.susanti@ocap.co.id (62-21) 3162-075
Siti Qobtiah tia@ocap.co.id (62-21) 3162-065
Supardi supardi@ocap.co.id (62-21) 3162-025
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Fiscal Year End 2010 2011 2012 2013E 2014F
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%