MDLN: 980-1,200 MDLN’S FIRST QUARTER NET PROFIT ROSE 257% TO IDR322 BILLION

MDLN: 980-1,200 MDLN'S FIRST QUARTER NET PROFIT ROSE 257% TO IDR322 BILLION FROM IDR90 BILLION IN THE SAME QUARTER A YEAR EARLIER DUE MOSTLY TO HIGHER SALES. TARGET PRICE MAY PEAK IDR3,300; 2013 NET PROFIT MAY RISE BY 438% TO IDR1.4 TRILLION FROM IDR260 BILLION AT THE END OF 2012 DUE MOSTLY TO HIGHER SALES AND GAINS FROM SELLING A 150-HECTARE OF LAND TO ASRI WHICH IS WORTH IDR3 TRILLION. THE IDR3 TRILLION PROCEEDS WILL BE IN THREE YEARS PAYMENT. MDLN WILL GET IDR1 TRILLION EACH YEAR UNTIL 2015. MDLN NOW TRADES AT A P/E RATIO OF ONLY 4.8 X 201E EPS OF IDR210 VERSUS PROPERTY INDUSTRIAL AVERAGE P/E RATIO OF 16X. FAIR VALUE IS 16 X IDR210 = IDR3,360. BEST BUY IS AT ANY LEVELS BELOW IDR1,100.

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