PTPP: 770-1,200 - 2012 profit may increase by about 100% to IDR480 billion

PTPP: 770-1,200. 2012 profit may increase by about 100% to IDR480 billion from IDR240 billion due to an increase in net profit in the fourth quarter of the year as the company accrues most of its earnings by the fourth quarter. It now trades at a P/E ratio of ONLY 8.3 X 2012 EPS of IDR99 and 7.6 X 2013 EPS of IDR108 Vs infrastructure industrial average P/E ratio of 21X. Fair value is at 21 X IDR99 = IDR2,079 (2012) and 21 X IDR118 = IDR2,478. IT IS A BUY AT ANY LEVELS FOR 12-MONTH INVESTMENT OR MID-TERM INVESTMENT.