Company Update

27 Juli 2022

KPIG IJ - MNC Sekuritas Equity Report July 27, 2022

New Portfolio Added; Strengthening its Position
1Q22: Revenue Maintained Double Digit Growth
• KPIG IJ booked a revenue in 1Q22 of IDR194.35bn (+24.86% YoY) driven by Hotel, Resort and Golf segments which rose +171.40% YoY followed by rising of Office Space Rental by +9.69% YoY.
• Gross profit increased to IDR59.59bn or grew +48.07% YoY (vs IDR40.24bn in 1Q21) and lifted the GPM to 30.66% (vs 25.85% in 1Q21) supported by the lower security and other services cost (-2.70% YoY).
• Operating profit surged +371.48% YoY to IDR12.01bn (vs IDR2.55bn in 1Q21) while GPM rose to 6.18% (vs 1.64% in 1Q21).
• Net profit recorded at IDR123.04bn or grew +537.39% YoY from net loss in 1Q21 of IDR28.13bn. this positive resulted was driven by higher Pre-Tax Income which grew +419.19% YoY due to the reduced finance cost by -5.31% YoY.
The 6th Star Hotel with Jakarta Landmark Views, Park Hyatt Jakarta
• KPIG is officially presented Park Hyatt Jakarta Hotel from The Park Hyatt brand in Indonesia. The hotel occupies the top 17 floors of the Park Tower (37 floors high), which is located at the MNC Center, Jakarta. The Park Tower landscape, which is located in the center of the Capital City, supported by strategic location access and a strong brand name, makes it a new landmark for the Capital City.
• The strategic location is one of the advantages of Park Hyatt, which is located close to the center of government (Independent Palace, Ministries, BUMN), lifestyle shopping and entertainment (Grand Indonesia Shopping Center) and business center (SCBD). It's only take 5 minutes to CBD Thamrin and Gambir Station.
• Park Hyatt Jakarta has 220 rooms including 36 suites. More than that, there is also a Presidential Suite with an area of 300 sqm with VIP Private entrance facilities. The interior design of the rooms with the concept of the beauty of the Indonesian rainforest, offers guests peace of mind amidst the bustle and hustle of the capital, in line with the Park Hyatt brand concept. Facilities of this 6th star hotel include Fitness Center, SPA and Pool facilities located on the 34th and 35th floors.
• Visitors will be facilitated by a wide choice of restaurants and bars. On the 22nd floor, there is a Dining Room that serve heavy dishes for visitors with a live-cooking atmosphere. Meanwhile, on the 23rd floor there is a Conservatory with live-music. Furthermore, the top 2 floors will be occupied by KITA Bar (36 & 37), the main restaurant with authentic Japanese cuisine and a rooftop with the view of the capital city of Jakarta, equipped with a live set from a DJ.
• Park Hyatt Jakarta has 10 function rooms with a capacity of up to 750 people, that can be used for gatherings, weddings, and other large events. As supporting facilities, each function room is equipped with an open kitchen and a bar in the lobby. The multipurpose room is divided into 4 floors, where the Ballroom is located on the 2nd & 3rd floors, Salons on the 22nd floor and the Observatory on the 36th floor.
Awaiting for Tourism Special Economic Zone (SEZ) MNC Lido City
• Currently, SEZ MNC Lido City is developing commercial, tourist destinations and integrated resorts covering an area of 3,000 hectares, namely: 1) MNC World Lido which will become the first world-class theme park in Indonesia with advanced technology; 2) International Golf Club Lido featuring 18-hole PGA standard golf course; 3) Transit Oriented Development; 4) Lido Music & Arts Center; 5) Movieland; 6) Lido World Garden; 7) Techno Park and Data Center, International circuits, various hotels, retail and dining; & 8) universities and office areas will be built soon.
• In addition, KPIG is also partnering with the Agricultural Research and Development Agency (Balitbangtan) of the Ministry of Agriculture for collaborative research and innovation in agricultural development, including endemic crops.
• By obtaining the Tourism SEZ status, businesses in SEZ MNC Lido City area (Cigombong, Bogor, West Java) will receive incentives in the form of Value Added Tax (VAT) exemption, Luxury Goods Sales Tax (PPnBM), Corporate Income Tax, Excise and Import Duties, as well as various benefits for investors related to traffic of goods, employment, immigration, land, and spatial planning, business permits, and/or other facilities and relaxation.
• After the completion, SEZ MNC Lido City is expected to be the host 6-7mn visitors in the next 5 years, further develop MSMEs and the creative economy, as well as increasing local government revenues.
Valuation and Recommendation: NOT RATED
PT MNC Sekuritas is affiliated with PT MNC Land Tbk. Therefore, MNC Sekuritas Institutional Research Team does not recommend anything related to the prospect of the Company - NOT RATED.
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