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Senin, 18 Juli 2011

Adhi Karya: New project obtained in 1H11 reached Rp4.1tn translating to 33% of FY target (ADHI, Rp740, Neutral, TP; Rp950) - Mandiri

􀂄 New contract obtained in 1H11 has reached Rp4.1tn (+103.0%yoy) or translating to 32.8% of FY target. ADHI is targeting of FY11F new contract of Rp12.5tn (+54.3%yoy), while carry over contract of Rp6.9tn (+27.8%yoy). Hence, FY order book to reach Rp19.4tn (+43.7%yoy). The increase of the new contract obtained in 1H11 due to the project delayed on 2010. Around 80% of ADHI’s projects are governments.
􀂄 ADHI is targeting revenue FY11F to reach Rp9.1tn (+59.6%yoy), and net income Rp208bn (+10.0%yoy). Meanwhile, we are forecasting new contracts of Rp11.8tn (+45.6%yoy) generating revenue of Rp8.3tn (+45.6%yoy). Furthermore, we expect net profit FY11F to reach Rp200bn (+5.8%yoy) given net margin at 2.4%.
􀂄 We have Neutral recommendation on ADHI, is traded at PER11F of 6.5x.

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