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Rabu, 06 April 2011

Quoted Tire: Sales for car tire in 1Q11 reached 12.8mn units increase by 6.7%yoy - Mandiri

􀂄 Quoted in Kontan, according to Indonesian Tire Manufacturers Association (APBI), car tire sales volume in 1Q11 reached 12.8mn units (+6.7%yoy). According to the chairman of APBI a car need tire replacement roughly by every 2 years. Based on APBI data, car tire sales in Jan11 reached 4.5mn unit (+11.4%yoy), while sales in Feb and Mar reached 4.2mn units (+8.8%yoy) and 4.1mn units (+0.1%yoy), respectively.

􀂄 We expect car tire sales is continuing to grow due to production capacity expansion is in progress. GJTL has production capacity for radial tire at 37,000tire/day and its targeting to reach 45,000tire/day by end 2011, while capacity for bias tire reached 13,600tire/day by end 2010. In FY10, around 84.8% of its radial tire is contributed from export and 14.9% is from replacement.

􀂄 Production capacity for radial tire in MASA reached 19,000tire/day by end 2010 and it’s expected to reach 28,500tire/day by end 2011. Note that MASA is not a member of APBI.

􀂄 We have buy recommendation on GJTL and MASA, currently both are traded at PER11F of 8.4x and 8.7x, respectively.
Posted by Saham Pilihan at 23.20

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