Company Results Note Citra Marga Nusaphala Per PT | PDF Mixed bag of results CMNP IJ / CMNP.JK | NEUTRAL

 Company Results Note
Citra Marga Nusaphala Per PT   | PDF Mixed bag of results
CMNP IJ / CMNP.JK | NEUTRAL - Downgrade | Rp1,830.00 - Tgt. Rp2,000.00 Toll Roads | by Lydia TOISUTA, Linda LAUWIRA  ▍Lower-than-estimated operating cost and reported financing cost enhanced CMNP's 3Q12 results. Since we expect these to normalise in 4Q in line with historical trends, our earnings are unchanged. 9M12 core profit came in ahead of its historical seasonality, making up 90% and 84% of our and the street's numbers respectively – thanks to low opex and lower reported financing cost. We maintain our forecasts but start to take into account the dilution impact from the rights issue. We cut our DCF-based target price to Rp2,000 (WACC: 9-12% and implies 13.9x FY14 P/E), at a higher discount to Jasa Marga, given the risks surrounding its investment decisions and consensus downgrade. Downgrade to Neutral.

Source : Listri Valsa
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