Extraordinary 4Q boosted FY08 performance.
FY08 net profit Rp81bn, down 27%YoY but almost triple of our estimate on the back of strong revenue generation.
FY08 revenue Rp6.6tn grew 33.5%YoY on the back of an extraordinary 4Q08 performance.
Approximately 45% of FY08 revenue booked in 4Q which was significantly higher than 36%-38% historical.
Revenue boost was provided from speedy construction of the Kanci-Pejagan tollroad (estimated contract value Rp2tn).
The company also allocated Rp147bn of provisions which include Rp100bn or 80% of aging receivables from the Monorail project.
Despite 5% provisions, receivables have not yet improved at Rp3tn or 166 days TO.
Thus we remain cautious for future earnings cut due to higher risk of aging receivables.
Our preferred contractor Wijaya Karya (WIKA IJ) has stronger balance sheet and currently trading at attractive 6.6x PE2010.
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