Financials PT Alam Sutera Realty Tbk

Equities

ASRI

ID1000108400

Real Estate Development & Operations

End-of-day quote INDONESIA S.E. Other stock markets 18:00:00 2024-06-06 EDT			5-day change	1st Jan Change
137 ^IDR	0.00%		+1.48%	-16.46%

04-30	PT Alam Sutera Realty Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-27	PT Alam Sutera Realty Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,676,560	4,755,158	3,183,205	3,143,906	3,222,504	2,691,969	-
Enterprise Value (EV) ¹	4,683,212	4,762,216	3,189,351	3,148,250	3,222,504	2,691,969	2,691,969
P/E ratio	4.62 x	-4.63 x	21.9 x	2.89 x	5.1 x	7.51 x	6.83 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	1.35 x	3.36 x	1.12 x	0.7 x	0.81 x	0.73 x	0.72 x
EV / Revenue	1.35 x	3.36 x	1.12 x	0.7 x	0.81 x	0.73 x	0.72 x
EV / EBITDA	2.61 x	17.1 x	2.46 x	1.33 x	1.76 x	1.53 x	1.48 x
EV / FCF	3,989,138 x	25,669,834 x	-	-	-	-	-
FCF Yield	0%	0%	-	-	-	-	-
Price to Book	0.45 x	0.51 x	0.34 x	0.3 x	0.29 x	0.24 x	0.23 x
Nbr of stocks (in thousands)	19,649,412	19,649,412	19,649,412	19,649,412	19,649,412	19,649,412	-
Reference price ²	238.0	242.0	162.0	160.0	164.0	137.0	137.0
Announcement Date	20-04-24	21-04-05	22-04-05	23-04-11	24-03-27	-	-

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,476	1,413	2,847	4,494	3,956	3,664	3,726
EBITDA ¹	1,795	277.7	1,294	2,360	1,834	1,757	1,817
EBIT ¹	1,692	172.8	1,110	2,140	1,667	1,560	1,478
Operating Margin	48.68%	12.23%	38.98%	47.62%	42.14%	42.58%	39.65%
Earnings before Tax (EBT) ¹	1,111	-960	158.5	1,106	667.9	425	433
Net income ¹	1,012	-1,028	145.7	1,086	632.3	358.5	394.5
Net margin	29.11%	-72.72%	5.12%	24.17%	15.98%	9.78%	10.59%
EPS ²	51.48	-52.30	7.410	55.27	32.18	18.25	20.05
Free Cash Flow	1,172,323	185,243	-	-	-	-	-
FCF margin	33,729.35%	13,107.57%	-	-	-	-	-
FCF Conversion (EBITDA)	65,319.04%	66,699.39%	-	-	-	-	-
FCF Conversion (Net income)	115,884.82%	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	20-04-24	21-04-05	22-04-05	23-04-11	24-03-27	-	-

¹IDR in Billions²IDR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales	-	-	-	-	-	695.1	-	-
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-
EPS ¹	14.48	6.960	4.080	-5.630	49.86	1.530	6.980	2.180
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	22-04-05	22-05-20	22-08-25	22-11-03	23-04-11	23-04-28	23-08-02	23-11-01

¹IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	6,652	7,058	6,146	4,344	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.707 x	25.41 x	4.749 x	1.841 x	-	-	-
Free Cash Flow	1,172,323	185,243	-	-	-	-	-
ROE (net income / shareholders' equity)	10.2%	-11%	1.56%	10.9%	5.67%	3.2%	3%
ROA (Net income/ Total Assets)	4.73%	-4.77%	0.68%	4.91%	2.84%	1.6%	1.7%
Assets ¹	21,392	21,561	21,580	22,116	22,267	22,406	23,206
Book Value Per Share ²	532.0	473.0	480.0	536.0	568.0	578.0	597.0
Cash Flow per Share	86.00	17.00	82.10	-	-	-	-
Capex ¹	518	149	158	451	367	1,038	1,032
Capex / Sales	14.91%	10.55%	5.55%	10.04%	9.28%	28.33%	27.7%
Announcement Date	20-04-24	21-04-05	22-04-05	23-04-11	24-03-27	-	-

¹IDR in Billions²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for PT Alam Sutera Realty Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

137 IDR

Average target price

210 IDR

Spread / Average Target

+53.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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PT ALAM SUTERA REALTY TBK	-16.46%	166M
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SUN HUNG KAI PROPERTIES LIMITED	-12.85%	26.29B
DLF LIMITED	+16.11%	24.58B
MITSUBISHI ESTATE CO., LTD.	+35.64%	21.4B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.63%	21.13B
EMAAR PROPERTIES	-6.57%	17.81B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+5.25%	16.85B
MACROTECH DEVELOPERS LIMITED	+40.04%	16.55B

Other Real Estate Development & Operations