Perusahaan Aguan Mau IPO, Simak Prospek & Valuasi CBDK!

Summary

PT Bangun Kosambi Sukses Tbk (CBDK), a property and real estate company, is preparing for its Initial Public Offering (IPO) in January 2025. Offering shares between IDR 3,000 and IDR 4,060 per share, CBDK plans to raise IDR 1.7-2.3 trillion. The company, part of the Agung Sedayu Group, is focused on high-end developments in the Tangerang area, including a major convention center. Despite a strong track record and government incentives for the property sector, CBDK faces risks due to legal disputes involving its parent company. The IPO is expected to draw significant investor interest, despite higher-than-average valuation metrics.

Takeaways

• 😀 The IPO for PT Bangun Kosambi Sukses Tbk (CBDK) will occur in January 2025, with a share price range of IDR 3,000 to IDR 4,060 per share.
• 😀 CBDK aims to raise between IDR 1.7 trillion and IDR 2.3 trillion through the IPO, with an expected post-IPO market capitalization of IDR 17 trillion to IDR 23 trillion.
• 😀 The IPO share offer will consist of 5.67 million lots, which is about 10% of CBDK's total shares.
• 😀 The IPO offering period is set for January 3-9, 2025, with the shares listing on the Indonesia Stock Exchange on January 13, 2025.
• 😀 Funds raised from the IPO will primarily support PT Industrial Pameran Nusantara (IPN) to finance MICE (Meeting, Incentive, Conference, and Exhibition) facility development.
• 😀 CBDK operates mainly in the Tangerang area, particularly in PIK 2, and collaborates with Agung Sedayu and Salim Group in its projects.
• 😀 The company's financial performance has shown significant growth, though revenue fell by 22% in the first half of 2024.
• 😀 Residential homes dominate CBDK's sales, contributing the most to the company's revenue, followed by commercial properties and land sales.
• 😀 CBDK’s Price to Book Value (PBV) ratio is between 2.9 and 3.6, indicating that investors may be paying a premium over the company’s book value.
• 😀 Trimegah Sekuritas, the underwriter for CBDK’s IPO, has a strong track record with previous IPOs, suggesting the potential for a successful listing despite some legal challenges facing the Agung Sedayu Group.

Q & A

What is the IPO price range for PT Bangun Kosambi Sukses Tbk (CBDK)?

The IPO price range for PT Bangun Kosambi Sukses Tbk (CBDK) is between IDR 3,000 and IDR 4,060 per share.

When will the public offering for CBDK take place?

The public offering for CBDK will take place from January 3 to January 9, 2025.

What is the estimated amount CBDK aims to raise from the IPO?

CBDK aims to raise between IDR 1.7 trillion and IDR 2.3 trillion from the IPO.

What percentage of CBDK's shares will be offered to the public in the IPO?

CBDK will offer 10% of its total shares to the public, equivalent to 5.67 million lots.

How will CBDK use the funds raised from the IPO?

The funds raised will primarily be used to finance PT Industrial Pameran Nusantara (IPN), a subsidiary, for the construction of the Nusantara International Convention Exhibition (NICE) in PIK 2.

What is the expected market capitalization of CBDK after the IPO?

CBDK's market capitalization after the IPO is expected to be between IDR 17 trillion and IDR 23 trillion.

What type of properties does CBDK focus on in its business operations?

CBDK focuses on real estate and property development, particularly in the PIK 2 area of Tangerang, with various projects like residential homes, commercial properties, and a convention center.

How has CBDK's financial performance been in recent years?

CBDK has shown strong revenue growth, with a 358% increase in 2021-2022 and a 240% increase in 2022-2023. However, its revenue dropped by 22% in the first half of 2024 compared to the same period in 2023.

What are CBDK's key subsidiaries and their contribution to revenue?

CBDK's key subsidiary is Mega Andalan Sukses, which contributes about 48% of its revenue. Other subsidiaries include CGIC (Cahaya Gemilang Indah Cemerlang), CKI (Cahaya Kencana Indah), and ASG (Agung Surya Gemerlap).

How does CBDK's valuation compare to industry norms?

CBDK's price-to-book ratio (PBV) is between 2.9 and 3.6, which is higher than typical valuations in the property sector. Its price-to-earnings ratio (PER) ranges from 29.3 to 39.7, which is also higher than the average 14x PER seen in the sector.

What is the outlook for the property sector in Indonesia for 2025, and how does it affect CBDK?

The property sector in Indonesia is expected to grow at a stable rate of 1.5% to 2% in 2025, supported by government incentives such as VAT exemptions for housing. This positive outlook could benefit CBDK, particularly in the residential and commercial property markets.