TOTL IJ / TOTL.JK | OUTPERFORM - Maintained | Share Price Rp560 - Tgt. Rp675
Construction | - by Lydia TOISUTA / Linda LAUWIRA
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Topline weakened in 1Q12 but bottom line improved together with its balance sheet. The company still offers a premium quality book in the sector, with additional catalysts from property investments. 1Q12 core EPS formed 19% of our FY12 and consensus which is in line with historical seasonality. We cut FY13-14 EPS by 2-3% to incorporate flat earnings but upgrade our target to 13.5x P/E to reflect sector’s upcycle P/E (2003-2007) in view of thriving property sector. Maintain Outperform.
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