JSMR reported revenue FY09 of Rp3.7tn (+10%yoy) due to higher traffic and an increasing tariff in Sep-09. This figure is slightly above our expectation and consensus. Traffic volume in 2009 grew by 4.1%yoy reached 916.0mn of vehicles.
The company booked extraordinary income of Rp124bn, boosted net margin to 27% compared with 21% in previous year, meanwhile operating margin and pre-tax margin relatively constant. Consequently, net income was Rp993bn (+40%yoy), above our estimate and consensus.
Therefore, with traffic growth targeted 7.0%yoy, JSMR targets revenue FY10F may reach Rp4.3tn (+16.2%).
Currently, JSMR is trading at P/E10F of 9.0x and P/B10F of 1.5x. Maintain Buy.
Tidak ada komentar:
Posting Komentar