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