We visited the Pantai Indah Kapuk 2 (PIK 2) Waterfront City recently, the location of the maiden joint venture project by Matrix Concepts Holdings (MCH) in Jakarta, with target completion by end-2023. To recap, MCH first mooted the project back in 2018 when it invested to develop an initial 3.6-hectare plot of land in PIK 2, which is developed by PT Fin Centerindo Satu, a joint-venture company between MCH (30% stake) and PT Bangun Kosambi Sukses(40% stake); controlled by the Agung Sedayu Group and the Salim Group, and PT Fin Centerindo Dua (30% stake), who are well-established conglomerates in Indonesia. We came away impressed with the masterplan of PIK2, which is touted as the first metropolis by the sea in Indonesia. The master developer, we understand, has already invested in completing the infrastructure of the 5000-ha development, which is well connected by highways and public transport infrastructure, demonstrating its confidence in PIK2, continuing on from the success of PIK1. All told, we maintain our Outperform call, and a book-value based target price (TP) of RM1.80.
Source: PublicInvest Research - 15 Nov 2023
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Created by PublicInvest | Jul 02, 2024