SMRA - Highest quarterly earnings since 4Q14; Above Expectation

SMRA - Highest quarterly earnings since 4Q14; Above Expectation In 1Q24, SMRA booked highest quarterly profit in the last 10-year of IDR441.4 bn (+62.4% yoy; +290.8% qoq). Solid net profit growth mostly driven by higher revenue on property development segment by 58.3% yoy to IDR1.44 tn, which driven by higher recognition and investment property segment by 21.5% to IDR 480 bn. (Source : Company) Comment : The performance in the first quarter of 2024 above both our internal estimates and street projections, representing 43.8% (IDR1.01 tn) of our and 52.7% (IDR837 bn) of the street estimate, respectively. Given the higher performance result, we may review our estimate for 2024F upward