Express Transindo Utama: 1Q13 a bit off due to pools expansion (TAXI, Not Rated, Rp1,320)
1Q13 revenues and gross profit grew 35.4%yoy and 28.8%yoy to Rp158bn and Rp50bn, respectively accounting for 25% and 20% of our full-year forecasts or 24% and 19% of consensus’. However, NPAT only increased by 6.7%yoy to Rp24bn, accounting for just 18% of ours and 19% of consensus’.
Top-line achievement remains intact, with operational fleets expanded to 8,550 units as of end-1Q13 as compared to 8,035 units as of end-4Q12. However, bottom-line came weaker-than-expected due to doubling G&A expenses on account of significant jump in salaries and allowances expenses (+200%yoy). The company addresses the rising salaries costs due to pools expansion (the plan is to add 5 in FY12 and 3 in FY13), as well as additional positions at HQ to comply with public company requirements.
Based on Indonesia Market Summaries last post, Express Taxi targeting net earnings up 50% in 2013, TAXI guides to book Rp677bn revenues and Rp130bn NPAT this year. That said, revenue guidance is 5% above ours and 1% above consensus, while NPAT guidance is 2% below ours but 6% above consensus. We have no rating on TAXI. The counter trades at 23.1x FY13F PE based on consensus numbers, or 21.8x PE based on its guidance
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