APLN profit grew 141% yoy to Rp581bn, 8% ahead consensus (APLN TP 540)
Agung Podomoro released FY11 results, which net profit posted an increase of solid 141% to Rp581bn, which above ours (108%) and consensus estimate (108%)
APLN stock has been laggard among peers. However this has been 4th consecutive quarters where the company beat the consensus number. In 2012, the company set target of a revenue growth by 10-15%, excluding any acquisition of new projects that may directly gives contribution. Project acquisition in eyes are totaling up to 6-7%, with bonds as top priority of the fund source. With strong marketing sales booking last year, a possible surprise may again be delivered by the company.
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