PT Puradelta Lestari IPO Review
IPO REVIEW
26 July 2013
PT Puradelta Lestari Tbk
&
*
-
3
5
5 <
# -
"
%
9
52
%
!
"
" # $%
+ %
-
&'(
%)
5
-
*!
+,
-
.
/ 0
"
•
-
•
!
- !
!
1
-
-
•
(
4 5
•
"
•
-(
(
1 6
7+
2
-
-
-
!
9
-
/+ 5
5
!
5
-
5
"
5 )
-%
!
!
7++ 52
5
4
!
-5 8
:4
4
-
!
5
!:
5
!
!
-
!
-
-
•
3(
2
9
4
<
% "
-% ;
9
%
5
6
5
*
&
&
*
5
5
5
- -
%
;
5
!
&
.
5
*%
- !
/+:7+>
5
:
5
!
.
- !
%
•
5
-
•
- 5
2
5
-
-
%
•
=
!
•
"
!
5
!
•
•
=
;
!
5
!
5
!
6
52
5(
!
5 -
5
-
%<
9
!
-
!
!
-
%
(
1
52
!
- 5
%
-
.
-
-
5
!
-
+>
"
!%
+ 0,, 7)7 +++
% ?
-
!
-
&/+>
# /+7:/77
&$
&$+>*
.
*
/++
# ++
@ =
A
/+ &/+>**
5
&@=A*
&@=
7+%,:$+%/>%
!
&/+>*%
" ?
PT Puradelta Lestari Tbk
Exh. 1: IPO Summary
Schedule
Public expose
Management roadshow & bookbuild
Effective statement from OJK
Public offering period
Allotment
Settlement
IDX listing
Lead domestic underwriters
Share Issue
Nominal
Offering price
Target IPO proceeds
24th July 2013
25th July - 1st August 2013
15th August 2013
16th - 20th August 2013
22nd August 2013
23rd August 2013
26th August 2013
Macquarie, Sinarmas Sekuritas
10,844,575,000 new shares (20% of enlarged capital)
Rp100
Rp205-255 per share
Rp2.22-2.77tn
Source: Initial Prospectus
Exh. 2: Board of Commissioners and Directors
Board of Commissioners
President Commissioner
Vice President Commissioner
Vice President Commissioner
Commissioner
Independent Commissioner
Independent Commissioner
Board of Directors
President Director
Vice President Director
Director
Unaffiliated Director/Corporate Secretary
Muktar Widjaja
Franky Oesman Widjaja
Kazuo Shimura
Hironori Tateiri
Teddy Pawitra
Susiyati B. Hirawan
Teky Mailoa
Shinji Yoneda
Hermawan Wijaya
Tondy Suwanto
Source: Initial Prospectus
Exh. 3: Shareholders’ Composition
Post - IPO shareholding structure
Sinarmas land
Sojitz
Public
AFP International Capital Pte Ltd
Jermina Limited
PT Sumber Arusmulia
Sojitz Corporation
Fame Bridge Investments Ltd
36.8%
2.2%
1.0%
20.0%
20.0%
20.0%
Source: Initial Prospectus
/
PT Puradelta Lestari Tbk
Exh. 4: Income Statement
Fiscal Year End
Income Statement (Rp million)
Sales
COGS
Gross Profit
Operating Expenses
Income from Operations
Other Income
Pre-tax Income
Taxes
Income before Effect of Restructuring Transactions
among Entities under Common Control
Proforma Adjustments
Net Income
2010
2011
2012
2013E
2014F
419,355
450,631
(31,276)
29,475
(60,751)
(6,845)
(67,596)
21,024
151,081
90,075
61,006
44,795
16,211
7,028
23,239
7,562
1,350,581
883,382
467,199
96,963
370,236
41,882
412,118
67,901
1,580,000
678,000
902,000
142,200
759,800
59,401
819,201
163,840
2,230,000
990,000
1,240,000
200,700
1,039,300
188,682
1,227,982
245,596
(88,620)
13,099
(75,521)
15,677
2,112
17,789
344,217
15,501
359,718
655,361
655,361
982,386
982,386
Source: Initial Prospectus
Exh. 5: Balance Sheet
Fiscal Year End
Balance Sheet (Rp million)
2010
2011
2012
2013E
2014F
Cash & Cash Equivalents
Real Estate Inventories
Advances
Prepaid Expenses
Prepaid Taxes
Property and Equipment - net
Other Assets
Total Assets
87,359
7,120,898
4,327
439
6,401
24,668
1,246
7,245,338
919,498
7,346,291
51,758
542
49,323
25,040
1,162
8,393,614
1,231,739
6,675,079
88,381
771
49,474
34,807
1,206
8,081,457
3,805,031
5,340,063
88,381
771
18,762
618,474
1,205
9,872,687
4,302,305
5,073,060
88,381
771
30,277
548,891
1,191
10,044,876
Loans
Medium-term Notes
Taxes Payable
Accrued Expenses
Sales Advances
Other Advances Received and Security Deposit
Long-term Employee Benefits Liability
Other Payable
Total Liabilities
2,903,816
80,000
7,287
9,339
105,749
3,596
4,769
1,318
3,115,874
3,059,746
67,966
9,406
1,036,599
66,723
6,713
1,320
4,248,473
2,428,711
65,458
24,866
1,033,650
29,901
8,192
1,321
3,592,099
1,743,723
65,458
24,866
340,000
29,901
8,192
1,320
2,213,460
1,058,735
65,458
24,866
411,400
29,901
8,192
1,320
1,599,872
Capital Stock
Additional Paid in Capital
Proforma Capital
Retained Earnings
Non-Controlling Interest
Total Equity
2,170,000 2,170,000 4,337,830 6,837,830
345
345
(116,095) (116,095)
2,068,987 2,066,875
(111,939)
(94,148) 265,451
935,320
2,071
2,069
2,172
2,172
4,129,464 4,145,141 4,489,358 7,659,227
Source: Initial Prospectus
6,837,830
(116,095)
1,721,097
2,172
8,445,004
PT Puradelta Lestari Tbk
Exh. 6: Key Ratio
Fiscal Year End
Key Ratio
Sales Growth
Net Income Growth
Operating Profit Margin
Net Margin
Dvidend Payout Ratio
ROE
ROA
2010
2011
2012
2013E
2014F
n/a
n/a
-14.5%
-18.0%
-1.8%
-1.0%
-64.0%
-123.6%
10.7%
11.8%
0.4%
0.2%
793.9%
1922.1%
27.4%
26.6%
8.0%
4.5%
17.0%
82.2%
48.1%
41.5%
8.6%
6.6%
41.1%
49.9%
46.6%
44.1%
30.0%
11.6%
9.8%
Source: Initial Prospectus
RESEARCH
Bagus Hananto
[email protected]
(62-21) 3190-1777 ext. 219
Grace Ekarto
[email protected]
(62-21) 3190-1777 ext. 220
[email protected]
(62-21) 3190-1777 ext. 222
Dick Hermanto
[email protected]
(62-21) 3162-063
Maria Fransisca
[email protected]
(62-21) 3162-062
Agi Susanti
[email protected]
(62-21) 3162-075
Siti Qobtiah
[email protected]
(62-21) 3162-065
Supardi
[email protected]
(62-21) 3162-025
INVESTMENT BANKING
Rahmat Sugiono Halim
EQUITY SALES
"
# $
!
3
3
- B 7:+,
9% "
3
@ % 0+
9
+ +"
% &$/:/ *
+: ))) &
-*
; % &$/:/ *
+: $ $
%
!
5
?@"C (
& '
"
(
- &" C*%
"
5
5% @
!
5
%
5
%@
5
?@"C (
?@"C (
.
5
!
?@"C (
-
!
5
!
5
5
!
?@"C (
%
5
?@"C (
5
5
%
-
!
&$/:/ *
!
+: )))
%
&$/:/ *
5!
?@"C (
5
5 -
+: $ $%
,
26 July 2013
PT Puradelta Lestari Tbk
&
*
-
3
5
5 <
# -
"
%
9
52
%
!
"
" # $%
+ %
-
&'(
%)
5
-
*!
+,
-
.
/ 0
"
•
-
•
!
- !
!
1
-
-
•
(
4 5
•
"
•
-(
(
1 6
7+
2
-
-
-
!
9
-
/+ 5
5
!
5
-
5
"
5 )
-%
!
!
7++ 52
5
4
!
-5 8
:4
4
-
!
5
!:
5
!
!
-
!
-
-
•
3(
2
9
4
<
% "
-% ;
9
%
5
6
5
*
&
&
*
5
5
5
- -
%
;
5
!
&
.
5
*%
- !
/+:7+>
5
:
5
!
.
- !
%
•
5
-
•
- 5
2
5
-
-
%
•
=
!
•
"
!
5
!
•
•
=
;
!
5
!
5
!
6
52
5(
!
5 -
5
-
%<
9
!
-
!
!
-
%
(
1
52
!
- 5
%
-
.
-
-
5
!
-
+>
"
!%
+ 0,, 7)7 +++
% ?
-
!
-
&/+>
# /+7:/77
&$
&$+>*
.
*
/++
# ++
@ =
A
/+ &/+>**
5
&@=A*
&@=
7+%,:$+%/>%
!
&/+>*%
" ?
PT Puradelta Lestari Tbk
Exh. 1: IPO Summary
Schedule
Public expose
Management roadshow & bookbuild
Effective statement from OJK
Public offering period
Allotment
Settlement
IDX listing
Lead domestic underwriters
Share Issue
Nominal
Offering price
Target IPO proceeds
24th July 2013
25th July - 1st August 2013
15th August 2013
16th - 20th August 2013
22nd August 2013
23rd August 2013
26th August 2013
Macquarie, Sinarmas Sekuritas
10,844,575,000 new shares (20% of enlarged capital)
Rp100
Rp205-255 per share
Rp2.22-2.77tn
Source: Initial Prospectus
Exh. 2: Board of Commissioners and Directors
Board of Commissioners
President Commissioner
Vice President Commissioner
Vice President Commissioner
Commissioner
Independent Commissioner
Independent Commissioner
Board of Directors
President Director
Vice President Director
Director
Unaffiliated Director/Corporate Secretary
Muktar Widjaja
Franky Oesman Widjaja
Kazuo Shimura
Hironori Tateiri
Teddy Pawitra
Susiyati B. Hirawan
Teky Mailoa
Shinji Yoneda
Hermawan Wijaya
Tondy Suwanto
Source: Initial Prospectus
Exh. 3: Shareholders’ Composition
Post - IPO shareholding structure
Sinarmas land
Sojitz
Public
AFP International Capital Pte Ltd
Jermina Limited
PT Sumber Arusmulia
Sojitz Corporation
Fame Bridge Investments Ltd
36.8%
2.2%
1.0%
20.0%
20.0%
20.0%
Source: Initial Prospectus
/
PT Puradelta Lestari Tbk
Exh. 4: Income Statement
Fiscal Year End
Income Statement (Rp million)
Sales
COGS
Gross Profit
Operating Expenses
Income from Operations
Other Income
Pre-tax Income
Taxes
Income before Effect of Restructuring Transactions
among Entities under Common Control
Proforma Adjustments
Net Income
2010
2011
2012
2013E
2014F
419,355
450,631
(31,276)
29,475
(60,751)
(6,845)
(67,596)
21,024
151,081
90,075
61,006
44,795
16,211
7,028
23,239
7,562
1,350,581
883,382
467,199
96,963
370,236
41,882
412,118
67,901
1,580,000
678,000
902,000
142,200
759,800
59,401
819,201
163,840
2,230,000
990,000
1,240,000
200,700
1,039,300
188,682
1,227,982
245,596
(88,620)
13,099
(75,521)
15,677
2,112
17,789
344,217
15,501
359,718
655,361
655,361
982,386
982,386
Source: Initial Prospectus
Exh. 5: Balance Sheet
Fiscal Year End
Balance Sheet (Rp million)
2010
2011
2012
2013E
2014F
Cash & Cash Equivalents
Real Estate Inventories
Advances
Prepaid Expenses
Prepaid Taxes
Property and Equipment - net
Other Assets
Total Assets
87,359
7,120,898
4,327
439
6,401
24,668
1,246
7,245,338
919,498
7,346,291
51,758
542
49,323
25,040
1,162
8,393,614
1,231,739
6,675,079
88,381
771
49,474
34,807
1,206
8,081,457
3,805,031
5,340,063
88,381
771
18,762
618,474
1,205
9,872,687
4,302,305
5,073,060
88,381
771
30,277
548,891
1,191
10,044,876
Loans
Medium-term Notes
Taxes Payable
Accrued Expenses
Sales Advances
Other Advances Received and Security Deposit
Long-term Employee Benefits Liability
Other Payable
Total Liabilities
2,903,816
80,000
7,287
9,339
105,749
3,596
4,769
1,318
3,115,874
3,059,746
67,966
9,406
1,036,599
66,723
6,713
1,320
4,248,473
2,428,711
65,458
24,866
1,033,650
29,901
8,192
1,321
3,592,099
1,743,723
65,458
24,866
340,000
29,901
8,192
1,320
2,213,460
1,058,735
65,458
24,866
411,400
29,901
8,192
1,320
1,599,872
Capital Stock
Additional Paid in Capital
Proforma Capital
Retained Earnings
Non-Controlling Interest
Total Equity
2,170,000 2,170,000 4,337,830 6,837,830
345
345
(116,095) (116,095)
2,068,987 2,066,875
(111,939)
(94,148) 265,451
935,320
2,071
2,069
2,172
2,172
4,129,464 4,145,141 4,489,358 7,659,227
Source: Initial Prospectus
6,837,830
(116,095)
1,721,097
2,172
8,445,004
PT Puradelta Lestari Tbk
Exh. 6: Key Ratio
Fiscal Year End
Key Ratio
Sales Growth
Net Income Growth
Operating Profit Margin
Net Margin
Dvidend Payout Ratio
ROE
ROA
2010
2011
2012
2013E
2014F
n/a
n/a
-14.5%
-18.0%
-1.8%
-1.0%
-64.0%
-123.6%
10.7%
11.8%
0.4%
0.2%
793.9%
1922.1%
27.4%
26.6%
8.0%
4.5%
17.0%
82.2%
48.1%
41.5%
8.6%
6.6%
41.1%
49.9%
46.6%
44.1%
30.0%
11.6%
9.8%
Source: Initial Prospectus
RESEARCH
Bagus Hananto
[email protected]
(62-21) 3190-1777 ext. 219
Grace Ekarto
[email protected]
(62-21) 3190-1777 ext. 220
[email protected]
(62-21) 3190-1777 ext. 222
Dick Hermanto
[email protected]
(62-21) 3162-063
Maria Fransisca
[email protected]
(62-21) 3162-062
Agi Susanti
[email protected]
(62-21) 3162-075
Siti Qobtiah
[email protected]
(62-21) 3162-065
Supardi
[email protected]
(62-21) 3162-025
INVESTMENT BANKING
Rahmat Sugiono Halim
EQUITY SALES
"
# $
!
3
3
- B 7:+,
9% "
3
@ % 0+
9
+ +"
% &$/:/ *
+: ))) &
-*
; % &$/:/ *
+: $ $
%
!
5
?@"C (
& '
"
(
- &" C*%
"
5
5% @
!
5
%
5
%@
5
?@"C (
?@"C (
.
5
!
?@"C (
-
!
5
!
5
5
!
?@"C (
%
5
?@"C (
5
5
%
-
!
&$/:/ *
!
+: )))
%
&$/:/ *
5!
?@"C (
5
5 -
+: $ $%
,