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Minggu, 15 Mei 2011

Charoen Pokphand Indonesia (BUY) - Maintaining high gross margin - Kim Eng

Charoen Pokphand Indonesia’s 1Q11 net profit rose by 46% y/y to reach Rp653b, with sales increasing by 27% y/y to Rp4,380b. The results were above our expectations. Gross margin remained high at 23%, above our estimate of 18.5%, as the company was able to pass on the cost increases of raw materials in the poultry feed division. Historically, the company had never lowered the ASP of its poultry products once raw material costs declined. As the company was able to maintain high gross margin, we lift our FY11 gross margin assumption to 24.6% (from 18.5%), and raise our FY12-FY15 average gross margin assumption to 24.1% from 16.6%. Therefore, we set the new TP at Rp2,500, pegging the stock at 13.7x 2011 PER. Reiterate BUY.
Posted by Saham Pilihan at 21.08

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