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Selasa, 15 Maret 2011

Semen Gresik - Formal Board of Directors finally in place - Deutsche Bank

No major change in policy expected from the new Board of Director
Finally, Semen Gresik has a formal Board of Director (BOD) following its EGM on Friday (11 March 2011). We expect no major changes in the company's policy and strategy given four from seven positions in the BOD were re-appointed - CEO, Marketing, Production, and R&D and Operation.
Additionally, three new directors are all from internal. For details please refer to table below.

Reiterate Buy rating with TP of Rp10,400
With no major policy change expected, we continue to view SMGR as one of the main beneficiary to strong cement demand supported by its superiority in brand equity, distribution network and access to the fastest growing region, coupled with its well-time expansion (adding 40% new capacity by 2013F). The stock currently looks attractive, trading at 12.6x 2011F earnings, some 12.5% discount to the market.
Posted by Saham Pilihan at 11.40

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