In line – BSDE, CTRP, UNVR, AALI, SGRO, SMGR, INTP, SMCB - CLSA

Bumi Serpong (BSDE IJ) - good 1Q11 result of Rp162bn net profit:
Net profit 1Q11 rose 97% YoY, 7% QoQ to Rp162bn, which is 21% of FY11CL and 25% of consensus.
We forecast FY11 earnings to grow 21% to Rp756bn. We are 14.5% ahead of consensus. Consensus is yet to reflect the consolidated numbers post acquisition. Company is guiding for Rp700-750bn net profit this year.
Maintain BUY on BSDE. Now trades at 46% disc to its NAV of Rp1,718/sh, and 15.1x PE12 and 12.6x PE13. See file for details.

Ciputra Property (CTRP IJ) inline
CTRP reported net profit 1Q11 of Rp30bn, which came at 20% of consensus full year expectation.
CTRP trades at 45% discount to NAV. CTRP also trades at 16.8x PE11Cons and 15.3x PE12Cons.
Unilever (UNVR IJ) in-line: profit 23% of CL & 25% of consensus numbers.

· Revenues grew by 14% YoY, making up 24% and 25% of ours and consensus number.
· Net profit grew by 3% YoY, comprising 23% of our FY forecasts and 25% of consensus.

Astra Agro (AALI IJ) in line
Revenue grew 69% YoY on the back of a 27% rise in sales volume to 284k tons and a 26% YoY rise in ASP to Rp8,272/kg (net of VAT).
Net profit +140% YoY and made up 23% of our FY forecast.
On Friday, AALI announced 65% of FY10 earnings, Rp830/share (Rp1,311bn aggregate), to be paid out in cash dividends. Cum dividend til May 25. Payment date June 9th. Offers 3.6% dividend yield.

Semen Gresik (SMGR IJ) – in line
Revenue grew 9% YoY on the back of 1.6% volume increase. The company also said it raised prices by ~3% in some parts of the country.
SMGR domestic cement sales grew by 1.4% in 3M11, vs 8.4% for the industry. Market share dropped below 40% for the first time in March 2011.
Operating and net profit were roughly in line with expectations, coming in at 24% and 23% of our FY forecast. 1Q tends to be seasonally weak for cement sales.

Indocement (INTP IJ) – in line
Revenue grew 15% YoY from 10.3% volume growth in cement sales.
COGS grew 23% YoY mostly from higher raw material costs, fuel and power costs, and manufacturing overhead expenses. This underlies cement companies’ exposure to rising energy costs, though management believes it can shift higher production costs to end users.
Net income increased by 10% to Rp865bn, making up 24% of our FY forecast.

Holcim (SMCB IJ) – in line
Revenue grew 23% YoY from higher cement and ready mix sales.
COGS grew at 26% YoY, mainly from higher depreciation and depletion expenses and raw material costs for manufacturing.
Opex grew 35% YoY because of higher distribution costs.
Net income of Rp209bn for the quarter represented only 2% YoY growth and 19% of our FY11 forecast.
On April 18, shareholders approved of a Rp27/share cash dividend, Rp178bn aggregate, from 2010 net income (DPO ~21%). This signifies the first cash dividend paid out since 1997.