Download PDFProdia Widyahusada ( IJ; Rp2,790; Buy) have released their FY18 financial statement with highlights as follow:
booked a strong profitability; FY18 net profit booked at Rp175bn (+16.3% yoy), which came above market expectation, forming 110% of consensus estimate.
Revenue reported at Rp 1.59tn (+9% yoy), in line with consensus, following the increasing test and revenue per visit trend.
Operating profit grow 20.1% yoy, forming 128% of consensus estimate, reaching Rp180bn as of FY18, due the stable operating cost at 48% of revenue.
GPM and EBITDA margin maintained stable at 58% and 14% respectively. OPM grow by 100bps to 11.2%
In quarterly basis, book Rp 62bn net profit (27% qoq), with revenue and gross profit booked at Rp 483bn and Rp294bn (+20% qoq), meanwhile operating profit grow a significant 56% qoq to Rp78bn in 4Q18. (Kontan)
(Rp bn) | FY18 | FY17 | % yoy | 4Q18 | 3Q18 | % qoq | % of cons |
Revenue | 1,600 | 1,466 | 9.1% | 483 | 404 | 20% | 99.9% |
Gross Profit | 943 | 854 | 10.5% | 294 | 244 | 20% | |
EBITDA | 228 | 203 | 11.9% | 83 | 68 | 23% | |
Operating Cost | (770) | (713) | 8.1% | (215) | (198) | 9% | |
Operating Profit | 180 | 150 | 20.1% | 78 | 50 | 56% | 128% |
Net Income | 175 | 151 | 16.3% | 62 | 49 | 27% | 110% |
GPM (%) | 58.9% | 58.2% | 60.8% | 60.5% | |||
EBITDA Margin (%) | 14.2% | 13.9% | 17.2% | 16.8% | |||
OPM (%) | 11.2% | 10.2% | 16.1% | 12.4% | |||
NPM (%) | 11.0% | 10.3% | 12.9% | 12.2% |
Comment: delivered a good FY18 profitability supported by its increasing test per visit and revenue per visit due to its continuous expansion and integrated services. We are positive towards following their consistent growth over the years. is the cheapest among its peers, traded at EV/EBITDA of 10x
Sumber : IPS RESEARCH
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