Bumi Serpong reported 9M09 net income of Rp203bn, up by 60% yoy thanks to improving margins and slightly better 3Q. The rise in net income occurred despite a 10%yoy drop in revenues (due to higher house & lot developments this year compared to more land lot sales last year, which resulted to a longer realization period of revenues this
year) to Rp871bn. Likewise, non-operating expenses were reduced by 44%yoy as a result of lower interest charges. On qoq basis, net income improved by 3% and 8%, respectively. We shall keep our forecast intact at least on the top-line as we continue to see higher realization rates from its 2008 marketing sales of Rp1.65bn equating to a hefty Rp926bn in customer advances in the balance sheet as of 9M09 awaiting revenue booking. We maintain buy on the stock which currently trades at a
54% discount to our NAV10F.
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