PT Summarecon Agung Tbk reported a net profit after tax

PT Summarecon Agung Tbk (SMRA, Rp730) reported a net profit after tax (NPAT) throughout the semester I/2013 Rp 612 billion, an increase of 76.8% year on year (YoY) and -9.2% quarter on quarter (QoQ). Despite the gains, the performance is still below the estimate (68.6% of the 2013 target) and the consensus of market participants (60.9% of the 2013 target).



SMRA' Operating margin rose if based YoY, but down if based QoQ. Per semester I/2013, SMRA is still at the level of net cash to net debt ratio (net gearing) -33%.

Issuers also plans to issue Rp 2 trillion in bonds on Semester II/2013 to acquire land in South Jakarta. If the bond's interest above the target of 0%, then the number of publications can be down. The company still has cash Rp 2,7 trillion at the end of the semester I/2013.

In the same period, SMRA record sales of 2 trillion or 44% of year target. SMRA' Management is targeting NPAT Rp 1 trillion in 2013. Currently SMRA shares traded at PE ratio of 10.7 x 2013.

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