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Jumat, 22 Juli 2011

Gajah Tunggal: GJTL has reduced its ownership in ADMG by 2.65% (GJTL, Rp3,250, Buy, TP: Rp3,000) - Mandiri

􀂄 As quoted in Bisnis Indonesia, GJTL has reduced its ownership in Polychem Indonesia (ADMG) from 28.9% to 26.25%, through regular market mechanism. For the remaining stake, the company is still looking for potential strategic investor. ADMG is a manufacturer of nylon cords, polyester chips, polyester filaments, engineering plastic, and resins; including weaves, knits, and manufacturer’s textile. This action is the realization of the GJTL’s strategy to focus on the tire business.
􀂄 GJTL is targeting FY11F revenue will grow by around 22%-25%yoy to around Rp12.0tn-Rp12.3tn. Around 10% of revenue increase will be distribute from volume and the remaining from increasing ASP. GJTL has increased its ASP by around 10% in 1H11.
􀂄 We have a buy recommendation on GJTL; which is trading at PER11-12F of 12.0-11.6x.

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