Bakrie and Brothers posted FY09 net loss of Rp1.6tn, an improvement from FY08 net loss of Rp16.5tn as the company in FY08 booked Rp17.1tn loss from investment on subsidiaries sale.
From the operational side, the company yoy performance worsened with revenues declining by 9.0%yoy due to 20%yoy revenues decline from UNSP, but offset by 25%yoy revenue growth from BTEL. Operating profit declined by 43.9%yoy due to decline in UNSP operating profit by 38%yoy and BTEL by 24%yoy.
However, the main reasons of the poor 4Q09 net income were (1) loss from ENRG where ENRG posted Rp1.4tn loss in 4Q09 due to debt restructuring and financing charges, (2) interest expense of Rp821bn (+720%qoq), and (3) allowance from asset revaluation of Rp237bn.
We have no coverage on the stock. Based on consensus, the stock is trading at PER10F of 17.2x
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