NISP Summarecon optimistic to achieve Rp1.90tn revenue (SMRA, Rp1,120)

· Summarecon management shared that the company can book Rp1.90tn this year, up by 58.3% YoY from last year’s achievement of Rp1.20tn. The company’s had initially expected to make around Rp1.60tn in line with market expectation of Rp1.60tn,

· Previously the company has hinted that that it expects to book Rp165.0bn of net income in 3Q10, or 36.4% YoY increase.

· At the end of this month, the company will start sales for its Bekasi Cluster where it targets Rp200.0bn of sales.

· SMRA is trading at 2011F PER of 22.8x and EV/EBITDA of 12.9x.