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Selasa, 11 Januari 2011

Mandiri Sekuritas Semen Gresik: SMGR to build two new cement plant in Sumatera (SMGR, Rp8,600, Neutral, TP: Rp9,400)

􀂄 SMGR is taking feasibility study to build a two new cement plant which be located in Sumatera. It aims for an additional 2.5-3ton/yr from the company’s current capacity of 19.5mn ton/yr. Total investment of the plant is approximated US$700mn or Rp6.3tn which be funded through 30% equity while the remaining is from external funding.

􀂄 The construction will be one of the company efforts in expanding its capacity, aside of the non-organic one which been recently working closely with regards of its acquisition plan of two Malaysian cement producers.

􀂄 Minimal spare production capacity has been the problem concerning the company while cement demand is
continuing surging. SMGR may only add an additional 1mn ton/yr in 2011 through de-bottlenecking that the company is currently conducting. Besides, recent conversion of its coal production is believed will mitigate the company from the potential of significant production cost in 2011 as the rising commodity prices, thus maintaining its margin.

􀂄 Currently SMGR trades at EV/EBITDA11F 8.6x and EV/ton US$281. We maintain Neutral on the stock.
Posted by Saham Pilihan at 21.51

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