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, 07 Juli 2011

Gudang Garam – Refocusing on profitability – BUY Tp57,000 - CLSA

Another good piece from Merlissa. She is still a buyer of Gudang Garam (GGRM IJ) as we believe in their ability to deliver double-digit earnings growth despite competitive industry. We upgrade our TP to Rp57,000/sh, implying 19x P/E 2012CL.

Couple of things to highlight:

Refocusing on profitability. Just recently, GGRM raised its ASP by another 1%, which reaffirms our confidence on its continued pricing power. This translates to a 7% ASP increase on yearly basis, mirroring the excise tax hike. We thus believe that GGRM will be able to pass on the excise tax hike, like what they did in the last 3 years.
Gaining market share in mild category. Its new Surya Pro Mild is well accepted by the market – of which they manage to gain ~0.8% market share in less than one year.
Ramping up marketing efforts. Our channel check said that the company is hijacking marketing people from HM Sampoerna (HMSP). Also, their 1Q11 ad spend grew by 50% YoY or about 3.2% of overall sales. This is necessary to create stronger brand equity in the longer term, we believe.
We agree that valuation is not glaringly cheap, yet remains attractive if we compare to its regional peers. Based on PEG valuation, Gudang Garam (GGRM) and Indofood (INDF) are still trading below 1x. Also, Mayora (MYOR) and Mitra Adiperkasa (MAPI) in small-cap category are trading at attractively 0.5x PEG 2012CL.

Tidak ada komentar:

Posting Komentar