Bahana Securities ELTY FYO9 results: 0.5% Top line growth, inline with our forecast and consensus

FY09 Bakrieland Development's (ELTY-BUY-IDR250-TP:IDR300) top line came in at IDR 1.06t, up 0.5% yy and inline with our forecast and consensus. However, 4Q09 revenue booked strong growth of 39.9% qq. Higher 4Q09 operating expense made FY09 operating profit down to IDR167b (-65% y-y). Lower FY09 forex gain caused pretax profit to fall to IDR203b (-43% y-y). FY09 Net profit margin was IDR132b, down 51% y-y, bringing FY09 net profit margin to 12.5% from 25.8% in the previous year. On separate news, ELTY will hedge USD44m of total USD155m Equity-link Bond and continue its buyback program. Last week, on March 24 and 26, the company has bought back IDR25.39b shares from the market.