PTPP 9M14 Earnings Reached IDR290bn (+32.9% y-o-y)

PT Pembangunan Perumahan (PTPP IJ, Neutral, TP: IDR2,590) booked net income of IDR290bn (+32.9% y-o-y) while revenue reached IDR7.8trn (+7.6% y-o-y). On quarterly basis, 3Q14 net income jumped to IDR143bn (+91.6% y-o-y) and 3Q14 revenue reached IDR3.2trn (+4.1% y-o-y).
Comment: The 9M14 earnings was above our expectation that made up 56%/54% from our/consensus full year estimates, while revenue accounted for 57%/53% from our/consensus estimates. We maintain our projections for PTPP.