Wednesday, August 15, 2012

Lippo Karawaci (LPKR.IJ, BUY) - All is Well

Lippo Karawaci (LPKR.IJ, BUY) - All is Well

-    Lippo Karawaci (LPKR) booked 1H12 revenue of IDR2.4t, up by 28% YoY, which was supported by the sterling performance from its hospital division. 1H12 net profit of IDR437b (+47% YoY) was in line with our expectations.
-          Revenues generated by the company’s hospital business grew by 37% in 1H12, better than our estimates. The company expects to have 13 hospitals operating by the end of 2012, from the current nine.
-        We raise our NAV assumptions on the back of the better-than-expected healthcare business performance. This brings our new TP to IDR1,200 (from IDR900), pegged at FY12F PER of26.8x, which is based on 40% discount to our NAV estimates. BUY.

source: KIMENG dated  14 August 2012