PT Adhi Karya Tbk (ADHI) booked a net profit of Rp68,4 billion in semester I/2013, 16.4% of consensus expectations of market participants. ADHI recorded net profit growth of 135.6% YoY. The achievement is still better than an increase of 14.5% on the portion of semester I/2012 from last year target.
ADHI posted revenue of Rp3,3 trillion this semester I/2013, meanwhile the net profit in semester I/2012 still has portion for 23% of revenue. The growth of revenue is 87.5% YoY.
The company has already bagged a new contract worth Rp 4,5 trillion in the first 6 months of this year, which represents 31% of total revenue this year (Rp14,4 trillion). This achievement is lower than last year, with the new contracts for semester I/2012 or reached 47% from last year's total achievement.
In general, ADHI' achievement is still good, although the next two quarters will be more important for the company because it will follow more bidding and project work that associated with the government.
ADHI still be the only company with a BUY recommendation in construction sector with a good valuations related to the stock. Currently traded at the level ratio 15,4x PE (price-to-earnings ratio) in 2013 and PE 2014 is 12.6%.
One of its nearest competitor, PT Pembangunan Perumahan Tbk (PTPP, Rp1.470, NUETRAL, TP Rp1.500) that is still traded with PE 2013 19,5x and PE 2014 15,7x.
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