DILD recorded earnings surge for its 1H10 result,to reach Rp223bn from only Rp6bn in the same period last year,which above consensus estimates (76.1%).The net profit jump was a result from boosted revenue by +134.0%to Rp455bn, majorly contributed from their low yield assets which covered 53.2%of total revenue.
As of 1H10,DILD has posted Rp587.8bn total marketing sales,58.8%from target sales this year,as achievement in solid housing sales in Taman Semanan Indah (34.4%)and Graha Famili (26.0%),besides contribution from 1Park Residences apartment units (30.8%).
Company has conducted 2:1 stock split which commenced yesterday.This should be positive for company,especially in creating more liquidity to the stock trades,yet cheaper in line with other property stock nominal price in the market.As per yesterday ’s closing price,DILD is trading at 42%discount to its internal NAV10,and consensus PE10 19.6x,in compared to our property basket which currently at an average of 57%trading discount to our NAV10 and PE10 average 22.8x
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