SINGAPORE (Sept 15): RHB is maintaining its “buy” on Sinarmas Land with 91 cents target price, convinced that the township developer is the “best proxy” for exposure to Indonesia’s sector property sector.

Supported by a strong balance sheet, the developer is also growing its recurring income base via overseas acquisitions of prime office properties.

In a Thursday report, analyst Goh Han Peng cites supportive macroeconomic and monetary policies; cuts in property taxes, lower mortgage downpayments; benign inflation and the tax amnesty programme as factors that are likely to drive capital inflows into Indonesia’s property sector.

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