The company reported net income of Rp16bn from in 2009 from a loss in 2008, but still fell way below ours and consensus estimates. Compounding its woes is a 15%yoy drop in revenues, which even included a months worth of power plant contribution. Ex-power plant, revenues would have fallen further by another 5% to 20%yoy. With the uncertainty facing its power plant as well the unresolved action plan with regards to the maturing US$35mn debt this April, we are likely to pull down our TP. The stock currently trades at a 76% discount to NAV10F.
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