FR CGS-CIMB (YU) : Total Bangun Persada
Positives matched by negatives
TOTL IJ / TOTL.JK | HOLD - Downgrade | Rp635.00 tp:Rp675.00▼
Mkt.Cap:US$150.20m | Avg.Daily Vol:US$0.03m | Free Float:38.00%
Construction
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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TOTL booked weak revenue of Rp1.4tr (-2% yoy, -20% qoq) in 1H18. Core NP in 1H18 was also weak at Rp119bn (-7% yoy, -33% qoq).
New contracts booking for 6M18 was disappointing at Rp876bn (-41% yoy). There have been no improvements in contracts booking during 1-30 Jul 2018.
We cut our FY18-20F new contracts forecasts by 33.1-35.9% and EPS by 8.3-12.1%.
Despite the cloudy earnings outlook, we continue to expect the company to have a resilient balance sheet with an attractive dividend yield of 6.4% in FY19F.
Downgrade to Hold with a lower TP of Rp675, still based on -1 s.d. below its 3-year forward P/E but a lower multiple of 9.4x FY19F P/E (vs. previously 11x FY18F P/E).
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