We see a possible one-off expense in 2Q17 leading to net loss in 1H17 with lower core income in 2Q17
There is a possibility that DOID would book a non-cash and non-recurring one-off expense in 2Q17. I think DOID would book earnings loss in 1H17. A higher cash cost and one-off expense in 2Q17 would bring EBITDA lower by 20% QoQ to USD55mn or USD125mn in 1H17. The bottom line in 2Q17 would reach earnings loss of USD18mn, resulting earnings loss in 1H17 of USD6mn. However, DOID would still book positive core income of USD15mn in 2Q17 or USD34mn in 1H17 (37% to our 2017F estimate). Note that those numbers are my own estimate and could be different with actual data.
What is the valuation at current price?
Using our annualized 1H17 scenario (2017F core income USD68mn and EBITDA USD250mn) and share price of IDR700, DOID is trading at 6.4x core PE and 3.7x EV/EBITDA 2017F, vs our estimate of 4.7x PE and 3.6 EV/EBITDA 2017F. I think selling pressure on this stock may continue until the financial statement be announced this Friday.
(sandro.sirait@trimegah.com)
Komentar
Posting Komentar