ASRI hints to post a surge on its 1Q2010 net profit as a result from the marketing sales hikes in 2009 that reached to Rp1.0 tn, compared to Rp492 bn in 2008. On the phone discussion with company’s corporate secretary yesterday, it is indicated that the revenue will be booked at around Rp200 bn (+290% yoy), thanks to higher margin from commercial area sales that booked around 70% of the total marketing sales last year, which slid to the bottom line to post around Rp72.5 bn (+866.7%)
In 2010, the company sets its marketing sales Rp1.2 tn, a 20% increase of the 2009’s figure, that mainly be focusing on the development of 2 shophouses projects, Pasar 8 modern market and 300 units residential of Sutera Renata cluster on the 23 ha land bank. As per Mar10, the company has booked of total Rp458bn marketing sales, or 38% of total target this year
Based on Bloomberg consensus, ASRI is currently trading at PER10 15.5x and P/BV10 3.5x. We still don’t have rating on the stock
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