LPCK, which owns a compact township with a robust industrial sector

LPCK, which owns a compact township with a robust industrial sector, is set to see an earnings CAGR of 31% for FY12F-FY15F. Strong industrial growth – with light industry companies serving as a proxy to Indonesia's robust investment growth – coupled with its better public facilities and upcoming toll road access, should ensure the company's sustainability and boost its future growth. We initiate coverage on the stock with a BUY at a IDR13,400 TP, which is a 30% discount to the company's NAV, implying 15.7-13.0x P/Es for FY13F-FY14F