Summarecon booked a good FY09 result, with net profit increased by 78% to Rp167bn, this was 2% above our expectation and 11% above consensus expectation. Gross profit was booked at Rp604bn, implying a strong 50% gross margin. While sales booked was 6% lower than FY08, the improvement in gross margin and lower operating expenses booked, had caused net profit to climb to Rp167bn. SMRA booked a strong marketing sales last year at Rp1.2tn, thus a portion of this will be booked this year. We maintain a BUY on SMRA, with TP: Rp1,000/sh. Now trading at 36% discount to our NAV assumption.
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