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Selasa, 22 Maret 2011

Semen Gresik (SMGR IJ) FY2010 results in line, reiterate UPF by Nick Cashmore - CLSA

SMGR reported Rp3.6tn in full-year earnings, 3% higher than our forecast. See file for more details.


Revenue, Gross profit and PBT numbers were 100% of our forecasts, the slight difference arose from slightly lower operating costs (less marketing)
Revenue was flat last year, we forecast almost 7% growth this year driven a 5% increase in prices and 1.5% volme growth
But we expect flat earnings growth for 2011 as costs rise faster than revenue leading to a slight decline in margins acoss the board
We are keeping our U/P rating as the stock offers no growth for the next 12 months until the extra capacity comes on line
INTP and SMCB are our preferred vehicles for exposure to the cement industry
Posted by Saham Pilihan at 10.40

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