Flashnote – Intiland Development (DILD) – 9M’12 Result

Flashnote – Intiland Development (DILD) – 9M'12 Result 

Today, PT Intiland Development Tbk (DILD) announced its 9M'12 financial result. Here are our comments on the result:

• 9M'12 revenue and net income grew by 34.8% YoY and 34.4% YoY respectively. The Company managed to post Rp852 billion of revenue in 9M'12, which is higher than Rp 632 billion in 9M'11 due to higher recognized sales of township and highrise units.

• On quarterly basis, revenue grew 27.6% QoQ to Rp 322 billion in 3Q'12 from Rp252 billion in previous quarter. However, net profit grew by 52.7% QoQ, which is higher than revenue growth rate. This is the proof of improving profitability margin. Net profit margin rose to 19% in 3Q'12 from 15.9% in 2Q'12. Although this 9M'12 result is not really satisfying, quarterly

• DILD's 9M'12 result is in-line with our forecast. DILD's 9M'12 revenue achieve 74% of our FY'12 estimate, meanwhile its net profit formed 77.2% of our full year forecast.

• Although the latest achievement is not too appealing, we are optimist that DILD's could record stellar performance in 2013, when a large bulk of its 2012 marketing sales will be recorded as accounting sales. We expect DILD's 2013 revenue and net profit to grow by 48% YoY and 90%YoY respectively.

• We will switch our valuation year base to 2013 as we are approaching the end of 2012. In the mean time, we maintain our Buy call on DILD with TP of Rp600/share. (KI)

Source : Listri Adistri
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