During the analyst meeting yesterday, BFI Finance highlighted 1H10 results whereby net profit grew by 29% yoy to Rp177bn despite a decline in revenue by 6% yoy to Rp441bn. This was mainly enabled by lower operating expenses (-27% yoy to Rp208bn) as the company did not allocate provisioning for bad debt in 1H10 vs Rp41 bn in 1H09.
The company's new booking was actually quite strong at Rp1.8 tn in H10 from Rp838bn in 1H09, however tighter competition and lower interest rate environment caused yield to decline which affecting revenue. The company targets new booking to reach Rp3.5 tn this year (+70% yoy) as it see strong demand across all business segment including demand for heavy equipment leased in 2H10.
At current price, BFI is trading at 2010F PER of 5.0x and P/BV of 1.1x. We have no rating on this counter.
Tidak ada komentar:
Posting Komentar