As quoted in Bisnis Indonesia, GJTL has reduced its ownership in Polychem Indonesia (ADMG) from 28.9% to 26.25%, through regular market mechanism. For the remaining stake, the company is still looking for potential strategic investor. ADMG is a manufacturer of nylon cords, polyester chips, polyester filaments, engineering plastic, and resins; including weaves, knits, and manufacturer’s textile. This action is the realization of the GJTL’s strategy to focus on the tire business.
GJTL is targeting FY11F revenue will grow by around 22%-25%yoy to around Rp12.0tn-Rp12.3tn. Around 10% of revenue increase will be distribute from volume and the remaining from increasing ASP. GJTL has increased its ASP by around 10% in 1H11.
We have a buy recommendation on GJTL; which is trading at PER11-12F of 12.0-11.6x.
Jumat, 22 Juli 2011
Gajah Tunggal: GJTL has reduced its ownership in ADMG by 2.65% (GJTL, Rp3,250, Buy, TP: Rp3,000) - Mandiri
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