Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 04 Agustus 2011

Pembangunan Perumahan: 1H11 net profit up by 78%yoy, above ours (17.7%) and consensus’ (16.7%) FY11F estimates (PTPP, Rp620, Buy, TP: Rp780) - Mandiri

􀂄 PTPP deserves to be put on investors buy screen, given the recent news about Bank Mandiri and Pelindo II signing MoU for US$1.28bn loan. PTPP has extensive experience in building ports throughout Indonesia, and it should be the front runner to win new contracts should port building activities in Indonesia picks up.
􀂄 1H11 net profit up by 78%yoy, accounting for 17.7% of our forecast and 16.7% of consensus. Such achievement is ahead of forecast given the backloaded nature of contract award and realization. Last year in 2010, 1H net profit accounted for 12.5% of full year forecast.
􀂄 PTPP booked 1H11 revenue of Rp1.7tn (+23.7%yoy, +64.1%qoq) translating to 27.1% and 27.5% of ours and consensus’ FY11F estimates.
􀂄 By end of Jun’11 new contract obtained reached Rp5.0tn translating to 31.3% of FY target. PTPP is targeting FY11F new contract to reach Rp16.0tn (+83.9%yoy), while carry over contract is targeted to reach Rp6.0tn (+140.0%yoy). PTPP is targeting FY11F revenue to reach Rp8.4tn (+90.9%yoy).
􀂄 We only assume Rp10trillion worth of new contracts (+16.9%yoy) for PTPP this year, to arrive at our revenue estimate of Rp6.2tn (+40.3%yoy). We have a buy recommendation on PTPP, which trades at PER11F of 11.8-10.3x.

Tidak ada komentar:

Poskan Komentar