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Jumat, 01 April 2011

Full Year 2010 Earnings Result Dashboard (update 2) - UBS

Telekomunikasi Indonesia (TLKM Buy PT 9,500): Results inline
TLKM result is in-line with expectations.
Net profit = Rp11.5 tn (+3% YoY, -8% QoQ); in-line with UBS and Street’s expectations.
Revenue = Rp68.6 tn (+6% YoY, -8% QoQ); in-line with UBS and consensus forecast.
EBIT = Rp22.5 tn (flat YoY, -9% QoQ); in-line with UBS and consensus forecast.
EBIT and net margin stood at 33% (-200bps YoY, -100bps QoQ) and 17% (-100bps YoY, flat QoQ).

Sales comment: No surprises on TLKM 2010 results. Positive sentiment on TLKM share should be supported by the result announcement. We are a buyer of TLKM.

Gudang Garam (GGRM IJ, Buy, PT Rp53,500): Results inline
GGRM 2010 net profit = Rp4.1 tn (+19% YoY, -11% QoQ); in-line with UBS and consensus forecast.

Sales comment: No surprises on GGRM 2010 results. UBS recently upgraded the stock to buy on the back of GGRM’s ability to increase price – and still post modest volume growth – and margin expansion story in the medium-term. We think GGRM will continue to rerate.

Delta Dunia (DOID IJ) 2010 results: Disappointing result
Net loss of Rp159 bn (-1% YoY, -451% QoQ); vs UBS and Street’s expectations for a net profit of Rp580 bn and Rp566 bn respectively.

Revenue = Rp5.8 tn (-9% YoY, +8% QoQ); in-line with UBS and consensus forecast.
EBIT = Rp1.04 tn (-16% YoY, -4% QoQ); 5% and 10% below UBS and consensus forecast.
EBIT and net margin stood at 18% (-200bps YoY, flat QoQ) and -3% (flat YoY, -4200bps QoQ).
Below the operating line, DOID reported: 1) 116% increase in interest expenses to Rp542bn; 2) loss of LT receivables of Rp335 bn; 3) 179% increase in the decrease of value (of assets?) to Rp264bn.

Sales comment: Disappointing results, which should weigh on DOID share price in the market.

Summarecon Agung (SMRA Buy PT 1,700): Results inline
The result was in line with expectations.
Net profit = Rp233 bn (+39% YoY, -16% QoQ); in-line with UBS and Street’s expectations.
Revenue = Rp1.7 tn (+42% YoY, +28% QoQ); 8% and 10% ahead of UBS and consensus forecast – ahead.
EBIT = Rp378 bn (+18% YoY, -5% QoQ); in-line with UBS and consensus forecast.
EBIT and net margin stood at 22% (-400bps YoY, -700bps QoQ) and 14% (flat YoY, -600bps QoQ) respectively.

Sales comment: No surprises on SMRA 2010 results. This should add to the positive sentiment on SMRA stock in the market. SMRA stock, however, is entering the overbought region, raising the possibility of a technical correction.

Ramayana Lestari Sentosa (RALS Buy PT 1,200): Below expectations result
RALS 2010 net profit = Rp412 bn (+23% YoY, -65% QoQ); in-line with UBS forecast, but 10% below consensus. Revenue = Rp6.06 tn (+11% YoY, +21% QoQ), while EBIT = Rp371 bn (-2% YoY, -102% QoQ). EBIT and net margin stood at 6% (-100% YoY, -1000bps QoQ) and 7% (+100bps YoY, -1000 QoQ) respectively.

Sales comment: Weak result largely weighed by higher operating expenses (+17% YoY), which resulted in EBIT margin compression. Bottom line was somewhat supported by lower FX losses, but still is below consensus forecast. The weak result will weigh on buying sentiment on RALS. We are a seller.
Posted by Saham Pilihan at 05.32

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