Is this just a Wayang Kulit or a Buried Gem?
I think there is more meat hidden in it with the stock trading at mulit-year low. Not only has the price hit a strong bottom support level at 40c, the dividend has gone up 4 times higher compared to the past 2 years, highest since 2006 when it was still the AFP Land, and it's only the interim, you know, that means we can still expect a final dividend this coming FY. PER ratio will be further lowered in FY with the disposal completion of Orchard Tower last year. 2 trading houses have a target price of 73c and 95c, taking a discount from their calculated RNAV.
According to RHB report in 2016, their stake in BSD project is already worth more than their current capitalisation, their Indonesia housing sales produced good results due to the price lock promotion in the last quarter. The project in Batam Nusava Bay seems to be progressing well. Plus, they have been investing aggressively in London properties, which will improve it's recurring earning base. Certainly, I think there is a higher possibility of further upside than downside. There has been talk about the company setting up a reit either in indonesia or Singapore for the past 2 years or so, but it never materialised, I think the market starts to get impatient and hence the low share price, of course there are also the currency and political risks with the upcoming election.
I have been buying up Sinarmas Land in the range of 40.5 to 42 cents since last year November, and the only thing I need to do is to wait for the wind to blow again to unearth the gem.