ADHI 1Q18 results: Net income soaring +283%YoY
Revenue 1Q’18: Rp3.14tn (+39.7% YoY, -51.2%QoQ)
Revenue 1Q’17: Rp2.24tn
Operating profit 1Q’18: Rp310bn (+97.8%YoY, -67.1%QoQ)
Operating profit 1Q’17: Rp157bn
Net income 1Q’18: Rp73bn (+282%YoY, -76.4%QoQ)
Net income 1Q’17: Rp19bn
Revenue 1Q18A vs FY18E:
15.9% SSI dan 15.5% cons (avg hist 3YR 13.4%) - Above
Net Income 1Q18A vs FY18E:
11.5% SSI dan 9.1% cons (avg hist 3YR 3.1%) - Above
Net income 1Q18A Rp73bn vs 1Q18E Rp23bn
Maintain BUY, TP Rp3,250 18.2x P/E18E, 1.7x PBV18E
Regards,
Akhmad Nurcahyadi
Samuel Sekuritas Indonesia
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