Analisa Saham ADHI | 14 Maret 2018

CLSA (KZ) 13 Mar 2018

Analisa Saham ADHI

ADHI IJ – Adhi Karya 4Q17 Result Highlights by Jonathan Mardjuki

Stock: Adhi Karya, ADHI IJ

Market cap, ADTO: US$615m, US$3.2m

Target price, Rec: N/A

Event: 4Q17 Results – Ebit above, overall inline

4Q17 result highlight:

· Revenue: Rp6.4tn (+82% QoQ, +20% YoY), 100% of Cons. 

· Gross Profit: Rp1.1tn (+148% QoQ, +92% YoY), 140% of Cons.

· EBIT: Rp943bn (+180% QoQ, +113% YoY), 125% Cons.

· NPAT: Rp310bn (+321% QoQ, +57% YoY), 102% of Cons.

Comment:

·ADHI results came inline. 

·4Q revenue jumped 82% QoQ due to better recognition, most likely from the Greater Jakarta LRT project since half of ADHI’s new contract came from the project. 

·Note that ADHI booked impressive new contract last year, Rp43tn, up from Rp18tn in 2016. 

·Gross margin improved in 4Q to reach 18%, from 13% in 3Q. Overall margins in 4Q and FY17 expanded across the board.

·4Q Ebit grew 180% QoQ, faster than revenue and gross profit. Opex was manageable in 4Q. 

·4Q NPAT grew even more by 320% QoQ. 

·ADHI is currently trading at 11x 18Cons PE.