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Kamis, 31 Maret 2011

Corporate Result Flash Summarecon Agung - Bahana

4Q10 performance
§ SMRA reported 4Q10 top line which were higher than our and consensus estimates, although bottom line came in line with expectations (exhibit 5).
§ 4Q10 operating profit reached IDR104b, 2.7% lower q-q as the result of higher G&A expenses (new marketing office in Bekasi) and higher 4Q10 COGS from infrastructure development in Bekasi.
§ Despite lower 4Q10 net profit of IDR62b (-13% q-q), 2010 net profit reached IDR233b (+39% y-y), translating to 13.8% net margin, just slightly lower than 2009 net margin of 14%.

Outlook
SMRA has the capability to increase the asset value of its township development and maintain its high selling prices. After having finished developing Kelapa Gading in 2011, SMRA plans to continue its township development in Serpong and Bekasi as well as to open new township development in Bandung to support revenue growth in the coming years.

Recommendation and valuation
We retain our BUY recommendation for SMRA on the back of solid fundamentals with minimal net gearing of just 10% coupled with significant amount of marketing sales amounting to IDR3.4t in the last 2 years. Currently, the share is trading at 39% discount to NAV with 31% upside potential to our TP of IDR1,450. BUY.
Posted by Saham Pilihan at 14.45

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