PTPP IJ / PTPP.JK | OUTPERFORM - Maintained | Share Price Rp660 - Tgt. Rp760
Construction | - by Lydia TOISUTA / Linda LAUWIRA
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Balance sheet continued to improve despite 1Q12’s operational disappointment. We still overweight PTPP in light of the sector’s bright prospects, PTPP’s better risk management, and recent diversification into EPC projects that deliver higher margins. At 9% of our FY12 estimate, 1Q12 core EPS is in line with its historical range, though slower-than-expected revenue recognition and faster costs force us to cut our FY12-13 core estimates by 15-17%. We keep our Outperform and target price, now at 10x CY13 P/E (previously at 8.6x) to reflect the sector up
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