PTPP released FY2012 financial report this morning.
Revenue was booked at IDR8.0trn (up 28% y-o-y) with Net profit came at IDR310bn
(up 29% YoY). Constructions segment still contributed 82% of the company’s
revenue, followed by EPC at 16% (IDR1.3trn) – up from last year’s 6% contribution.
Interestingly enough, net margin and gross margin have yet to expand despite
higher EPC contribution.
Balance sheet totals expanded by 25% accordingly, but
has yet to reflect the company’s recent bond issuance. D/E Ratio was booked at
1.08x, up from 0.96x last year (consisting of bank loans and medium term
notes). By end of FY13, the company’s D/E Ratio would be pushed up to 1.6x on
the back of IDR700bn-IDR1trn bond additions – the highest in the industry.
PTPP’s
bond issuance was directly caused by robust growth in mega projects such as New
Priok Port stage 1, whose last construction costs at IDR8.3trn is as large as
the company’s balance sheet. Yesterday, the company successfully launched
IDR700bn 5-year bond (rated by Pefindo at A-) for 8.375% coupon rate – a much
lower cost of fund compared to our estimates, as Indonesia’s corporate bond
spread to govies has allegedly declined over late last year. We have assumed a
9.5%-10% coupon rate on our model. All in all, good news for PTPP.
PTPP has booked IDR2.4trn worth of new contracts by end of
Feb, 12% of its FY13 target at IDR19.7trn. Seasonality wise, we expect the
company to garner more projects as the year advances.
0 komentar:
Posting Komentar