Adhi Karya’s 9M14 Results was below Expectation

Adhi Karya (ADHI IJ, BUY, TP: IDR3,745) booked 44% YoY lower earnings in 9M14 that only reached IDR101bn, revenue also declined 8% YoY to IDR5.19trn. 9M14 achievements were below expectation where revenue & earnings only accounted for 45%/47% & 23%/24% from our/consensus full year estimates. Seasonally, revenue and net income achievements in the past 3 years were 51% & 36% respectively. Meanwhile, the company only achieved IDR4.9trn of new contracts until 9M14 or 32.7% from this year’s target.

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