Fortune Indonesia, Tbk - PT. PEFINDO
Fortune Indonesia, Tbk - PT. PEFINDO
Fortune Indonesia, Tbk - PT. PEFINDO
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“Disclaimer statement in the last page<br />
is an integral part of this report”<br />
www.pefindo.com<br />
<strong>Fortune</strong> <strong>Indonesia</strong>, <strong>Tbk</strong><br />
FORU Business Prospect<br />
We are optimistic about the prospects for the national advertising industry in the<br />
years to come, mainly due to sound economic indicators such as strong domestic<br />
consumption, a manageable inflation rate below 5% and a low benchmark<br />
interest rate (BI rate) of 5.75%, which would boost business activity.<br />
Accordingly, national spending on advertising this year is predicted to grow 16%<br />
YoY to IDR124 trillion. Leading up to the national elections and World Cup in<br />
2014, we are confident that the advertising industry will benefit from campaign<br />
and football promotion activities. Given all these opportunities along with FORU’s<br />
strong image in the domestic advertising industry, we expect FORU to grow its<br />
revenue by a compound annual growth rate (CAGR) of 9% during 2011–2016.<br />
(IDR billion)<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Figure 6: FORU’s Revenue Estimation<br />
506<br />
March 8, 2013 Page 6 of 9<br />
481<br />
530<br />
637<br />
703<br />
775<br />
2011 2012P 2013P 2014P 2015P 2016P<br />
Revenue Estimation<br />
Source: <strong>PT</strong> <strong>Fortune</strong> <strong>Indonesia</strong> <strong>Tbk</strong>., Pefindo Equity & Index Valuation Division Estimates
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