Mandiri Sekuritas ID (10-Jan-2011) EXCL: FY10F revenue may exceed Rp16.6tn; PTPP: Targeting order book FY11F reach Rp22tn

XL Axiata: FY10F revenue may exceed Rp16.6tn (EXCL, Rp5,800, Buy, TP: Rp5,900)
􀂄 PT XL Axiata (EXCL) indicates that FY10F revenue may be around Rp16.6tn or up by more than 20% yoy, according to EXCL CEO Hasnul Suhaimi. This figure is inline with our FY10F forecast of Rp16.5tn. Subscribers base is at 40.1mn in YE10 or up by 27.7%yoy. For 2011, EXCL expect that revenue growth may not as strong as 2010 since cellular industry climate is getting more saturated. EXCL reveal that for
2011 they will not much engage in tariff promo. Revenue growth is expected around 9%-10%yoy for 2011. In addition, EXCL allocate capex around Rp4.5-5tn in 2011 to develop 3G network, WiMax, and new 1500-2000 BTS.
􀂄 We are currently reviewing our forecast on EXCL, currently traded at PER 10F and 11F 20.1x and 13.7x. Thus far, we maintain our Buy recommendation

Pembangunan Perumahan: is targeting order book FY11F reach Rp22tn (PTPP, Rp710, Not-rated)
􀂄 FY10F order book reached Rp11.3tn, consist of new contract Rp8.7tn and carry over Rp2.5tn.
􀂄 Revenue FY10F is expected to reach Rp4.4tn (+4.8% yoy) and net profit to reach Rp201bn (+23.3% yoy).
􀂄 Around 52% of PTPP’s revenue is government project related, 26% is state owned enterprises, and 22% is private owned enterprises. In the future PTPP will increase the portion of state owned enterprises related projects.
􀂄 In FY11F order book is targeted to reach Rp22tn, consist of new contract Rp16tn, carry over Rp6tn.
􀂄 We have no coverage on PTPP. Based on Bloomberg estimates, currently, it traded at PER11F 12.3x.