In its latest presentation material which was released yesterday evening for the next public expose (22 April 2010), the company reveals its new contract target for 2010 of some Rp9tn (+36.8% yoy). Around 65% of its portfolio will be government related project. They expect revenue and net profit to grow by 11.8% yoy (to Rp8.6tn) and 12.1% yoy (to Rp185bn), respectively. Note that this target has factored in another provision for Al Habtoor projects as much as Rp146bn, yet still above our and consensus
estimates. Their earnings expectation reflects PER10F of 5.6x, slightly lower compare with our projections of 6.3x.
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