Summarecon Agung’s 9M09 results were above our estimates and consensus. Revenue and net profit increased by 11.9% yoy and 45.0% yoy, respectively. Such increase was particularly due to the decline in non operating expense (- 19% yoy) supported by higher forex gain and lower loss in derivative instrument.
On qoq basis, revenue and net income grew by 44.9% yoy and 11.9% yoy, respectively as a result of higher revenue realization from its 2008 marketing sales, which is mainly supported by project development in Kelapa Gading & Summarecon Serpong.
In Kelapa Gading, the company will operate their first hotel in May 2010 with total development cost of Rp150bn. The hotel is a 3-star hotel with 300 rooms available targeted to local business people and travelers. This hotel operation will provide additional recurring income to the company, in addition to mall and apartment (source: Kontan Newspaper)
Currently, we have a sell rating on this stock, which is trading at 24% discount to our NAV09F and PER09-10F of 11.3x and 8.4x respectively. We are still reviewing our forecast and recommendation, and still keep our target revenue Rp1tn for FY09F.
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