Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 19 Mei 2011

4M11 Cement Sales grew 7%, exceeding our 6% expectation, accumulate INTP after share price weakens yesterday - UOBKH

Cement Sector
4M11 domestic sales grew 10.7% YoY reaching 14.3mt, with export declined by almost 50%
More demand from the domestic players, as can be seen from the increased infrastructure activities in Jakarta on construction of double decker roads. Cement Association data noted that in 4M11, there were higher growth from bulk cement sales of 25% vs bag cement sales of 8% meaning more was used for infrastructure construction.
Further price increase of another 5-6% in 2H11 should push up margins. Average increase now is only 2.5%, but this is because Holcim never increased its price, while the other 2 players INTP & SMGR raise price during 1Q11.

First positive QoQ growth after 2 years, INTP 2011 Earnings may exceed estimate
Buy Indocement, INTP IJ, TP: Rp22,300, Share Price: Rp16,450 Upside:+35.5% (Analyst: Marwan Halim, marwanhalim@uobkayhian.com)
1Q11 net profit increased 10% YoY and 3% QoQ to Rp868bn, driven by higher sales volume and higher ASP.
To offset higher COGS from steep energy cost, INTP were able to increase ASP by 8% to 920,000/tonne without losing market share.
Margin improvement going forward,as we expect commodities price to soften, and more opportunity to increase prices later this year.
Zero debt position! Cash increased by 90% to Rp5tn, very flexible for further business expansion.
Running at 75% capacity, INTP is best positioned to absorb increasing demand, especially in greater Jakarta area.
Trading at 13.3x 2012F PE

A cheaper alternative, but fundamentals is slightly less attractive
Buy Semen Gresik, SMGR, TP:Rp11,100, Share Price:Rp9,450, Upside:17.4% (Analyst: Marwan Halim, marwanhalim@uobkayhian.com)
1Q11 net profit grew 9% yoy. To Rp871bn
Able to increase ASP by +8% YoY, REALLY helped boost net profit considering the company has capacity constraints.
Net cash position, but debts increased 38% to Rp845bn, due to higher capex for construction of new 2 cement plants.
Will benefit from cement demand outside of Java, that are expected to grow by 4-7X by 2030
Trading at 12.7x 2012F PE
Posted by Saham Pilihan at 21.53

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)