· Bakrieland Development management cited its 2010F revenue may come above the company’s target of more than Rp1.4tn or surpassing its 30% YoY growth target. Such view was derived from several completions on projects and commencement of the company’s toll road sections.
· Furthermore, Bakrieland expects to start its projects on two toll road sections in 1H11, which are Pejagan – Pemalang (58km) and Ciawi – Sukabumi (54km). The company had received Rp1.23tn of cash for land clearance.
· The company’s statement may satisfy expectation for 2010F where consensus expects Rp1.4tn of revenue. ELTY is trading at 2011F consensus PER of 23.5x and EV/EBITDA of 18.4x.
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