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Jumat, 05 Agustus 2011

Tire Manufacturer: Car tire sales in 1H11 up by 3%yoy, supported by domestic sales (GJTL, Rp3,150, Buy, TP: Rp3,000) (MASA, Rp580, Buy, TP: Rp520) - Mandiri

􀂄 According to Indonesian Tire Manufacturer Association (APBI); as quoted in Investor Daily, 1H11 car tire sales volume reached 25.58mn units (+2.9%yoy), while around 28.7% are domestic sales. Domestic sales in 1H11 is predicted to reach Rp5.5-18.4tn. The amount is based on sales volume, which reached 7.35mn units (+3.7%yoy) and selling price on range Rp750k-2.5mn per unit. Around 70% of the domestic sales are OEM (original equipment manufacturer) sales. Car tire export in 1H11 reached 18.22mn units (+2.5%yoy) equivalent to US$2.2bn - 9.1bn. Meanwhile, production of car tire reached 26.47mn units (+6.5%yoy).
􀂄 In 1H11, GJTL has sold 6.1mn units of PCR (passenger car radial) (+19.6%yoy) and 7.2mn units of bias tire (-0.1%yoy). We have a buy recommendation on GJTL, is trading at PER11-12F of 11.6-11.2x.
􀂄 Meanwhile, MASA’s sales volume for PCR in 1H11 reached 3.2mn units (+13.0%yoy). We have a buy recommendation on MASA, is trading at PER11-12F of 14.6-11.5x.

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