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
- Adhi Karya (ADHI) 28 March 2011 (194.2 KiB)