Alam Sutera Gains to Record as Macquarie Raises Price Estimate

PT Alam Sutera Realty advanced to a record in Jakarta trading after Macquarie Group Ltd. (MQG) upgraded its share-price estimate by 18 percent to 560 rupiah in a note yesterday, saying earnings will almost double next year and the company is the cheapest among housing stocks.

Alam Sutera, an Indonesian property developer, jumped 13 percent to 485 rupiah as of 2:35 p.m. local time, set for the highest close since its December 2007 trading debut.

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