Bakrieland Projected to Gain US$128.4 Million

Sumber :

VIVAnews - In 2009, it is projected that PT Bakrieland Development Tbk (ELTY) will gain revenue of Rp 1.55 trillion (US$128.4 million) with net profit of Rp 240 billion (US$19.8 million). It is in line with the optimism over the improved mid-to-high level property business targeted by the company.

"In addition, the recovery has been on the scene by the first quarter of 2009," said an analyst of BNI Securities, Maxi Liesyaputra, on Wednesday, March 4.

Based on the research that BNI Securities conducted, the targeted share price of Bakrieland applying the next asset value (NAV) method within the next 12 months will be at Rp 730. "It is recommended to buy [the share," he said.  

Liesyaputra explained that the Bakrieland management indicated that the company's income in 2008 reached more than Rp 1 trillion (US$82.9 million) compared to 2007 with Rp 782 billion (US$64.8 million).

The margin of operation in 2008 is projected to reach 23 percent, an increase compared to 2007 with 22 percent. "The increase had been detected in the 2008 company's financial report per September of 2008," he said.

Although the global economic crisis still occurs, the management revealed that property demand in the first quarter of 2009 was better compared to the fourth quarter of 2008. However, the growth will not be too high.

"We figured that the company's income in 2008 reached Rp 1.14 trillion (US$94.6 million) with net profit of Rp 188 billion (US$15.6 million)," he said.

The estimation was based on the assumption that people responded various projects like Bogor Nirwana Residence and Rasuna Epicentrum positively. "The condition will have a positive outlook over the increase of the company's performance," he said.

The Rasuna Epicentrum project will be a stimulation of growth for Bakrieland. In addition, the company has a strong income portfolio.

In 2009, the valuation of price to earning ratio (PER) of Bakrieland is projected to multiply by 6.1 times with price to earning growth (PEG) by 0.2 times.

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Translated by: Bonardo Maulana Wahono