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Selasa, 26 April 2011

ADHI Boosted by cost escalation - CIMB

(ADHI IJ / ADHI.JK, OUTPERFORM - Maintained, Rp790 - Tgt. Rp1,180, Construction)
Maintain Outperform and target price of Rp1,180 for Adhi, still pegged at a 40% discount to our market target of 14x P/E. FY10 core earnings were Rp191bn (+50% yoy), forming 106% of our forecast and 110% of consensus. The numbers were slightly ahead as gross margins of 12.5% were 2% pts ahead of our forecast, thanks to cost escalation in 4Q10. This overwhelmed lower-than-expected revenue. Bad-debt expenses were lower than expected at Rp97bn due to a new accounting clause (PSAK 55) that recognises receivables at fair value. Balance-sheet risks have improved, though Rp256bn of bad debts have yet to be written off. No change to our FY11-12 earnings estimates while we introduce FY13 forecasts. Stock catalysts should come from a growing order book.
Posted by Saham Pilihan at 17.15

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