Adhi Karya (ADHI) - Marvelous 4Q10 Result

Adhi Karya (ADHI) – Upgrade to BUY
Price: Rp830 -  Target Price: Rp1,150

Marvelous 4Q10 Result

  • ADHI’s FY10 earnings up by 14% YoY despite its revenue dropped by 26% YoY.
  • In 4Q10, both revenue and earnings surged by 116% QoQ.
  • The earnings figure beats our estimate by 38%.
  • Strong 4Q10 result on the back of swift disbursement on government project.
  • We raised our earnings forecast by 10-23% on lower tax rate and higher contract realization.
  • New target price of Rp1,150, offers 39% upside. Upgrade to BUY
  1. Adhi Karya (ADHI) 28 March 2011 (194.2 KiB)