FR CGS-CIMB (YU) : Pakuwon Jati
9MFY18 results beat from strong revenue growth and margin expansion
PWON IJ / PWON.JK | ADD - Maintained | Rp478.00 tp:Rp690.00▼
Mkt.Cap:US$1,513.00m | Avg.Daily Vol:US$0.93m | Free Float:42.40%
Property Devt & Invt
Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
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■ 9MFY18 core profit of Rp2.05tr (+27% yoy) was ahead of expectations. The beat mainly came from stronger-than-expected revenues and margins.
■ Revenue growth was driven by both landed development and recurring income. Gross margin also expanded in both segments.
■ Leverage remains one of the lowest in the sector. Maintain Add with a lower TP (due to higher bond yield assumption). PWON is one of our top picks.
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