Alam Sutera books Rp600.0bn of net revenue in 9M10 (ASRI, Rp225)

· Alam Sutera shared its revenue figure of Rp1.40tn, or net revenue of Rp600.0bn in 9M10 or 75% of the company’s 2010F target at Rp800.0obn. The company also indicated its net income will come in at Rp180.0bn assuming net margin ratio of 30%. This net income indication is 60% of the company’s 2010F net income target at Rp250.0bn. The company’s net revenue figure is 68.3% of the consensus’ expectation while net income is at 60% to the expectation.

· Meanwhile, for 2011F, Alam Sutera aims to spend up to Rp500.0bn in capex, Rp200.0bn of which is allocated for the company’s shopping mall project, Rp100.0bn for office area project and the remaining will be allocated for residential infrastructure development.

· Meanwhile, for its project in Tangerang, the company aims to complete the master plan next year in order to generate cash from this 600ha land bank.

· ASRI is trading at 2011F consensus PER of 10.2x and EV/EBITDA of 8.0x.