Bakrieland posted net income of Rp132bn in 2009, down by 51%yoy, which came slightly lower than our estimates , while easily falling short of consensus estimates. Despite maintaining flat growth in top-line of Rp1.1tn, a jump in operating expenses helped pulled down margins. Additionally, the company incurred higher non operating expenses with interest expense jumping to Rp24bn from Rp2.2bn a year earlier, presumably as a result of the incorporation of the Kanci Pejagan toll projects in its books last year (starting Dec09). Additionally, net gearing ended at 50% in 2009 as
compared to 9% in 2008.
We continue to be the most conservative in 2010 in the market with FY10F of Rp33bn(-75%yoy), as we see the company to be hounded by high interest expenses and depreciation, principally coming from the full incorporation of its completed toll project (Kanci Pejagan) in its books in 2010. On a NAV basis, it remains undemanding with current price trading at a 60% discount to NAV10F. Maintain buy.
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