· Summarecon Agung shared that it expects to book Rp165.0bn of net income in 3Q10, or 36.4% YoY increase. The company’s full year target is Rp220.0bn and Rp1.12tn of revenue, or 20.0% YoY increase from last year. Its estimate is lower than market expectation for full year achievement of Rp237.8bn of net income and Rp1.58tn in sales.
· The company is optimist of the third quarter’s achievement as the sales of its projects in Serpong and Kelapa Gading have gone well. In 2011, the company targets the second phase for the development of Summarecon Serpong to become the revenue driver.
· SMRA is trading at 2011F PER of 22.8x and EV/EBITDA of 13.1x.
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