Express Transindo Utama 1Q13 a bit off due to pools expansion

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

Express Taxi targeting net earnings up 50% in 2013

PT Express Trasindo Utama Tbk (TAXI) believe that it's business prospect still wide open. It can be seen from the high performance targets this year.

For 2013, the target TAXI revenue rose 34% to Rp 700 billion, compared to last year's Rp 521 billion. The realization of revenue in 2011 amounted to Rp 338 billion.

"With the revenue growth, we are optimistic that our net income also rose 50%," said David Santoso, Finance Director of TAXI, Monday (29/4). In 2012, management successfully earned a net profit of Rp 79.4 billion, up approximately 32% compared to 2011, amounting to Rp 60.2 billion.

"TAXI will add a new fleet of 2,000 units." he adds. (Kontan)

Express Transindo Utama License acquisition fully completed

Express Transindo Utama: License acquisition fully completed (TAXI, Not Rated, Rp960)

TAXI made an announcement last night that the company has acquired PT Ekspres Mulia Kencana (EMK) on April 5, with a purchase price of Rp67bn. The company did not specifically mention the number of regular taxi licenses owned by EMK, but did stated that the acquisition is aligned with the company’s previous statement, written on its IPO prospectus, to add 2,000 regular taxi fleets in 2013.
EMK itself is a land transportation company established in March 2012, as a subsidiary of PT Ekspres Transportasi Antarbenua, an incorporated company founded  in September 1989 that provides elite aircraft services.

On the announcement, TAXI further stated that it targets to operate more than 10,000 regular taxi fleets by the end of this year with approximately a 30% revenue increase and a 65% profit increase as compared to audited FY12 results. That said, the company aims for Rp677bn of revenues (11% above consensus – only one broker covering) and Rp130bn of NPAT this year (8% above consensus). TAXI also expects its regular taxi fleets to reach 15,000 units within the next 2-3 years.

PT Express Transindo Utama Tbk to hold AGM and EGM on April

PT Express Transindo Utama Tbk to hold AGM and EGM on 29 April 2013, with intention to alter its IPO proceeds spending allocation

On a press release to the IDX yesterday, Express Transindo Utama (TAXI) stated that the company would conduct AGM on 29 April. On the same date, TAXI would also hold an EGM to discuss two topics: a) the company’s intention in altering its IPO proceeds spending allocation plan, and b) the approval for collateralizing majority or the entire of its assets for obtaining more external debt financing.
(Company)