ELTY reported increased net profit by 10.7%for its 1H10 result,to reach Rp63.0bn,which our expectation (+174%,as we have incorporated debt and interest rates purposed for Kanci-Pejagan toll road project),but below consensus estimates (+38.8%).Company ’ s revenue increased by 45.8%to Rp537.5bn,mainly contributed from property sales (apartment, housing,and office)which covers 65.4%of revenue.
Pre-tax profit recorded lower margin to 14.4%(vs.18.0%1H09),as the company has started to book the capitalized interest from the debt purposed for its Kanci-Pejagan toll project which commenced the operation this year.We might see further realization of the interest expense and depreciation on the second half,which may comes the earnings pitfall in 2010.Unless we see a drastic tariff hike,we do not expect Kanci Pejagan to be earnings positive until 2012.
As per last closing price,ELTY currently trades at 67%the stock.
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