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

Minggu, 31 Juli 2011

1H2011 results in full swing – mostly in line or stronger than expected (update3) - CLSA

Consumers – ACES strong, CPIN strong, MYOR weak, KLBF weak

Ace Hardware (ACES IJ) strong results by Merlissa

· ACE managed to deliver strong 2Q11 result, with sales grew by 40%YoY aided by 13 % SSSG and massive store expansion of 24k sqm last year. This is representing 49-48% of our and consensus expectation. Bottom-line jumped by 50% YoY, forms 48-49% of our and consensus expectation.

· Margins have continued to expand, a 5% and 1% higher for gross and operating margins respectively on yearly basis. However, a 4% Rupiah appreciation is partly offset by their higher selling expense.

Mayora (MYOR IJ) weak results as expected

As expected, the company delivered weak 2Q11 result. 1H11 earnings of Rp153b, -28%YoY, is 27% of our FY11 forecast and 31% of consensus.
· Revenue grew by 27%YoY to Rp4.2t, largely paced by volume growth rather than prices. The company has only raised its ASP of ~3-4% for product with size cutting and ~5% without size cutting.

· Margins decline is inevitable in 2Q11, as its major raw materials have continued to rise, albeit partly helped by stronger Rupiah. Wheat and coffee, which form ~35% of their COGS, have seen the prices jump by 14-38% respectively.

· We like long-term consumption growth story of Mayora, given our low per capita consumption of biscuit and coffee, which is only ½ of Malaysia and ¼ of Singapore. Its aggressive expansion should also help. The stock is now trading at 16x P/E12CL.

Kalbe Farma (KLBF IJ) slightly on the weaker side

· Kalbe’s 1H11 operating performance is slightly below our expectation for top-line level, but largely in line at the bottom-line level.

Tidak ada komentar:

Posting Komentar