Mandiri Sekuritas Mitra Adiperkasa: 1Q10 Within our and consensus estimate (MAPI, Rp850, BUY, TP:Rp880)

Mitra has less seasonality. In 2009, revenue from 1Q09/FY09 was 22.6%, while 1Q09 operating profit was 14.4% of FY09 operating profit. Hence we considered 1Q10 operational performances are within our expectation with a slight upward bias. At Rp690/share, MAPI is trading at 6.0x and 5.3x PER10F, and PER11F, respectively.

Mandiri Sekuritas Ramayana : 1Q10 Within our and consensus estimate (RALS, Rp850, SELL, TP:Rp800)

Evaluating RALS performance is through looking at seasonality in revenue. Ramayana 1Q revenue at the lowest was 15.5% and the highest was 18.6% of total revenue from the year. In 1Q10, RALS sales were 14.3% of FY10F of ours and 14.5% of FY10 according to Bloomberg consensus. However, this was due to a change in reporting format. Using the old format (where sales incorporate number from inhouse and consignment), total revenue was 17.7% of our FY10F. Therefore we conclude the performance as within our estimate. Details have yet to be obtained. We have a Sell recommendation as RALS share price performance has already inputted an expectation of strong performances this year.
At Rp850/share, RALS is trading at 15.2x and 13.0x PER10F, and PER11F, respectively.

Mandiri Sekuritas SMRA: FY Result slightly below our consensus (SMRA, Rp850, Buy, TP: 730)

􀂄 SMRA’s booked net revenue FY09 Rp1.98 bn (-5,4% yoy), slightly below our estimates and consensus. The slip mainly due to global economic recession over the year that giving impact to company’s marketing sales target, especially its Serpong property (-10,9% yoy). However, the gross margin increased to 64% FY09, compared to 61% FY08, led to the bottom line grew (+77.8%). For 2010, SMRA targeted growth in net profit by 15%, as this will mainly result from the booked revenue from the newly opened site in Bekasi. SMRA is currently trading at a discount of 14.1% to its NAV. We are currently reviewing our forecast and assumption.