Mandiri Sekuritas Summarecon Agung: SMRA net profit surged by 47.9%, in line with ours (SMRA, Rp880, Buy, TP:Rp1,130)

SMRA reported earnings surge by 47.9% yoy to Rp101.6bn, which is in line with our expectation, but slightly below consensus estimates. This was a result of higher revenue which increased by 26.8% to Rp677.6bn, following company’s sales pick up in 2009 by 31.5%, which up to realization this year. SMRA trades at 46% discount to our NAV10, and PE10 26.3x. We have Buy recommendation on the stock.

Mandiri Sekuritas Summarecon Agung: SMRA reported sold out of 1st phase Summarecon Bekasi (SMRA, Rp910, Buy, TP: Rp1,130)

􀂄 Summarecon Agung (SMRA) reported sold out of sales of its 2 clusters launched consist of 475 units residential in Bekasi within in only 6 hours. This first phase of the project is calculated to worth around 300 bn, which expected to be incurred to company’s revenue in 2011. The company targets to reach marketing sales of Rp1.6 tn this year, a 32,1% yoy increase from last year. As per Mar10, the company’s marketing sales indicated a 36%yoy jump to Rp321bn or about 20% of FY10F. Although running slightly below FY10F target, the chunk of demand is destined for 2Q10, including the Bekasi project

􀂄 At the same, as told Investor Daily , the company declared dividend from 2009 net income amounting to Rp8 / share this year or equal to 30% dividend pay out ratio, on June, 2 2010. It results in dividend yields 2010 of 0.2%

􀂄 Currenty, SMRA is trading at 44% to our NAV10. We still maintain Buy on the stock

Mandiri Sekuritas IndoTambang: FY08 earnings above our and consensus estimates. (ITMG, Rp9,650, Buy, TP: Rp15,130)

Indo Tambangraya Megah (ITMG) FY08 earnings rose by 321.1% yoy to US$235mn, outpacing ours (+10.3%) and consensus estimates (+16.5%). FY08 revenue went up to US$1.3bn (+70.6% yoy), below our expectation but in-line with consensus estimates. FY08 coal sales were 17.7mn tons (- 2.2% yoy), above our expectation, with average selling price (ASP) of US$74/ton (+74.7% yoy), below expectation. On qoq basis, 4Q08 coal sales were 4.8mn tons (+8.2% qoq) which result in US$420mn revenue and US$105mn net profit.

In FY09F, ITMG plans to beef up coal output to 20.5mn tons (+15.8% yoy) with 57% fixed price, 14% based on index, 14% under negotiation, and the remaining 15% still unpriced. FY09F capital expenditure is planned at US$126mn. Meanwhile, we estimated ITMG FY09F coal output at 17mn tons with ASP of US$63/ton, translating into FY09F earnings of US$231mn (-1.7% yoy). Based on our estimates, ITMG is trading at PER09F of 4.0x.