CLSA INDO UPDATE - SMRA: GREAT 9M09 RESULTS

SMRA posted 9M09 result: Revenue increased by 12% YoY, GP 12% and Net Profit 46%
While Rev and EBIT met consensus expectation, 9M09 Net Profit was already met full year consensus estimate

The increase in net profit was mainly due to higher "income from associated company" booked at Rp26bn compared to 9M08 at Rp14bn. This is due to more sales coming from its Serpong projects. For its Serpong project, it is through an company called JBC (PT Jakarta Baru Cosmopolitan) where SMRA owned 25.4%.

For FY09, SMRA is now guiding for Rp1.2bn, same as FY08. SMRA's 9M09 revenue was already 78% of this FY09 expectation. also, for Net Profit, SMRA is expected FY09 at Rp160bn (70% increase from FY08, and at the same level as FY07 which was Rp159bn).