CLSA Asia Pacific Markets raised the target price on PT Alam Sutera Tbk to 1,000 rupiah from 750 rupiah while maintaining its 'buy' rating, saying the company will finalise acquisition of up to 170 hectares of land in Serpong, which should be enough to allow developments for 11 years.
Shares of the real-estate developer were up 2.56 percent at 810 rupiah, while the broader index was slightly up 0.2 percent.
Alam Sutera will continue its launches in Serpong township, the latest being done at around $1,130 per square meter, a 28 percent rise in the average selling price from last year, the research house said in a note on Friday.
"ASRI will also launch some commercial plots and targeted 1.5 trillion rupiah ($154.76 million) sales from this, while it will also sell apartments, targeted to fetch 200 billion," the note said.
($1 = 9,692.5 rupiah)
1118 (0418 GMT) (Reporting by Andjarsari Paramaditha; Editing by Sunil Nair)