SMRA reported earnings surge by 47.9% yoy to Rp101.6bn, which is in line with our expectation, but slightly below consensus estimates. This was a result of higher revenue which increased by 26.8% to Rp677.6bn, following company’s sales pick up in 2009 by 31.5%, which up to realization this year. SMRA trades at 46% discount to our NAV10, and PE10 26.3x. We have Buy recommendation on the stock.
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