Buy rating on Jababeka

JAKARTA (JP): Securities firm Socgen-Crosby has assigned a buy rating on Jababeka's shares as it forecast the industrial estate developer's earnings would grow by 22 percent in the next two years.

"The stock has been underperforming for so long, it deserves a rerating," Socgen-Crosby's representative in Jakarta said in a statement here yesterday.

The statement said that in the last three weeks the developer's stock price had climbed 23 percent from Rp 2,600 (US$1.1) to Rp 3,200.

It said that the developer's earnings grew by 38 percent in the last two years.

Last year, the industrial estate developer booked Rp 186.5 billion net profit, up 36 percent from that of 1995.

The securities company forecast the developer's earnings would reach Rp 233 billion this year. (bnt)