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Kamis, 14 April 2011

Elnusa (HOLD) - Aiming for improvement - Kim Eng

Elnusa’s FY10 net profit declined by 86% y/y to Rp64b, while revenue was up by 15% y/y to Rp4,211b. We had anticipated the lower FY10 net profit. Management expects FY11 revenue to grow by 31% y/y to Rp5.5t, supported by capex of US$100m. It also expects margin recovery, when Elnusa changes its business model from a Joint Operating Scheme to a JV in Marine Seismic, in which the company owns a 51%-stake. We set the new TP at Rp330 (pegging the stock at 16.8x 2011 P/E). Our TP is close to the current price. Hence we maintain our HOLD recommendation.
Posted by Saham Pilihan at 08.21

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