PT Alam Sutera Realty Tbk (ASRI): A hidden Gem in Indonesia’s Property Market?
Shares of PT Alam sutera Realty tbk (ASRI) have emerged as the cheapest property stock on the Indonesia Stock Exchange (IDX), trading at a staggering 93% discount to its Net Asset Value (NAV). This discount is significantly higher than its competitors, which average around 70%. According to RHB Sekuritas, this undervaluation presents a unique prospect for investors, as the firm has assigned a high fair price to ASRI shares.
The company’s latest project, Alam Sutera 2, located within the Mandiri City development, has already proven to be a game-changer. Just four months after its launch, the project generated Rp 1.3 trillion in sales, solidifying its position as the company’s new growth engine. Situated just 5 km from Asri 1, the project’s first cluster, Silk Rasuna, was released in September 2024, followed by the second cluster, Koza, which contributed Rp 450 billion in sales. Combined, these clusters have driven the company’s total presales to Rp 3.1 trillion in 2024, marking a 72% increase year-on-year.
Looking ahead, Alam Sutera plans to launch Cluster 3 this year, targeting Rp 700 billion in presales, with the remaining two clusters expected to add another Rp 300 billion. Units in the project start at Rp 948 million,or Rp 20 million per square meter (m2). Strong demand has allowed the company to raise the Average Selling Price (ASP) for the ASRI 2 project by at least 10%.
RHB Sekuritas predicts that several upcoming projects will significantly boost the company’s income. Among these is the Elevee Apartments, which is expected to generate between Rp 800 billion and Rp 1 trillion in the fourth quarter of 2025.
Key Highlights of PT Alam Sutera Realty Tbk (ASRI)
| Metric | Details |
|————————–|—————————————————————————–|
| Stock Discount | 93% of NAV, higher than competitors’ 70% discount |
| Alam Sutera 2 Sales | Rp 1.3 trillion in four months |
| Total Presales (2024)| Rp 3.1 trillion, up 72% year-on-year |
| Upcoming Clusters | Cluster 3 (Rp 700 billion), remaining clusters (Rp 300 billion) |
| Unit Pricing | Starts at Rp 948 million or Rp 20 million per m2 |
| Elevee Apartments | Expected to generate Rp 800 billion to Rp 1 trillion in Q4 2025 |
With its robust project pipeline and strong financial performance, PT Alam Sutera Realty Tbk is poised for notable growth. Investors looking for undervalued opportunities in indonesia’s property sector may find ASRI shares an attractive proposition.
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Editor: Harso Kurniawan ([email protected])
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In the competitive landscape of Indonesia’s property sector, PT Alam Sutera Realty Tbk (ASRI) has emerged as a potential standout. With its shares trading at a notable discount compared to its Net Asset Value (NAV), and a robust project pipeline, ASRI is drawing attention from investors seeking undervalued opportunities. To delve deeper into this topic, Senior Editor of world-today-news.com, Robert Bennett, sat down with Dr. Andre Wijaya, a renowned property market analyst and expert in Indonesian real estate investments.
Understanding ASRI’s Undervaluation
Robert Bennett: Dr. Wijaya, ASRI shares are trading at a 93% discount to their NAV, which is substantially higher than the average discount of 70% among competitors. What does this mean for potential investors?
Dr. Andre Wijaya: This discrepancy is quite remarkable. A 93% discount indicates that the market is undervaluing ASRI’s assets, which could be due to various factors like market sentiment or a lack of awareness about the company’s potential. For investors, this presents a unique prospect to buy into a company at a fraction of its intrinsic value. If ASRI continues to perform well and the market corrects this mispricing, the upside could be substantial.
The Success of Alam Sutera 2
Robert Bennett: ASRI’s Alam Sutera 2 project has already generated Rp 1.3 trillion in sales within just four months. What makes this project so prosperous, and how does it contribute to the company’s growth?
Dr. Andre Wijaya: Alam Sutera 2 is strategically located within the Mandiri City development, just 5 km from Asri 1, which enhances its appeal. The project’s innovative design, coupled with its accessibility and amenities, has resonated well with buyers. Additionally, the release of clusters like silk Rasuna and Koza has driven significant sales, contributing to the company’s Rp 3.1 trillion in total presales for 2024. This momentum is expected to continue with the upcoming launch of Cluster 3 and othre clusters.
Future Prospects: Elevee Apartments and Beyond
Robert Bennett: Looking ahead, Elevee Apartments is projected to generate between Rp 800 billion and Rp 1 trillion in Q4 2025. What role do such projects play in ASRI’s overall strategy?
Dr. Andre Wijaya: Projects like Elevee Apartments are integral to ASRI’s growth strategy. They diversify the company’s portfolio and tap into the growing demand for high-quality residential spaces. The projected revenue from Elevee Apartments, combined with the strong performance of Alam Sutera 2, positions ASRI for sustained growth. Moreover, the company’s ability to increase the Average Selling Price (ASP) by at least 10% reflects strong market demand and pricing power.
Investment Potential in Indonesia’s property Sector
Robert Bennett: For investors considering the Indonesian property market,why
