(ELTY IJ / ELTY.JK, TRADING SELL - Maintained, Rp230 - Tgt. Rp230, Property)
Maintain Trading Sell on Bakrieland. 1Q10 results met our forecast at 22% of our FY10 estimate (20% of consensus), considering seasonality. Revenue grew 27% yoy (-49% qoq), driven by: 1) a newly operating toll road; 2) revenue recognition of strata-title offices and mall in the CBD; and 3) growth in hotel operations. Nevertheless, cash inflow remains a risk in the next few quarters, given its recently low customer advances and longer receivables period. We maintain our earnings estimates and DCF-based target price of Rp230 (WACC 12%). We see de-rating catalysts from project delays and balance-sheet risks.
Tidak ada komentar:
Posting Komentar