--- obrolan-bandar@yahoogroups.com
<[EMAIL PROTECTED]> wrote:
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> . Strong 1H07 results, in line: Bakrieland reported
1H07 net income of Rp48
> B; up 175.5% Y/Y. The reported result came in
relatively in line with JPMo
> rgan's and consensus estimates of
>
> Rp117 B (41%) and Rp114 B (42%), respectively.
Operating profit also grew s
> trongly, up 228% Y/Y from Rp16.6 B in 1H06 to Rp54.5
B in 1H07.
>
> . 2Q07 net income grew by 123% Y/Y: Subtracting the
1Q07 results, 2Q07 net
> income expanded by 123% Y/Y and 145% Q/Q. Operating
profit also grew strong
> ly by 169% Y/Y and 77% Q/Q.
>
> The low interest rate and project developments have
accelerated the revenue
> and profit growth during 1H07 and 2Q07.
>
> . Land acquisition visibility improves; upgrade PT
to Rp630: In less than a
> month, Bakrieland has managed to acquire 130 ha of
land adjacent to its Bo
> gor Nirwana residential project. With that,
>
> we believe the visibility of land acquisition has
improved. We think there
> is a higher probability now, say about 70%, that the
targeted 500ha acquisi
> tion by June-08 can be achieved. Hence, we
>
> incorporate the potential 500ha acquisition in our
valuation and raise our
> June-08 PT to Rp630; implying 28.6% upside
potential.
>
> . Maintain OW and raise PT to Rp630: With strong
results recorded and the b
> etter visibility of land acquisition, we maintain
our OW rating on Bakriela
> nd. Our new Jun-08 price target of
>
> Rp630 is derived from a combination of DCF and NAV
methods. Risks are: (1)
> an unexpected interest rate hike; (2) delay in
Rasuna Epicentrum project; a
> nd (3) delay in land acquisitions.
>
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