Pada perdagangan hari Jumat kemarin tgl 22 Juli, broker Asing yg agresif melakukan pembelian INTP, yaitu :
UBS Securities (AK) net buy 1486 lot** Deutsche Securites (DB) net buy 1403 lot Ayo dong YU, ikutan borong juga….:) Buy INTP yg masih murah meriah… 2011/7/20 budi harlino <[email protected]> > CIMB SECURITIES: Buy INTP, Target Price Rp. 19.300 > > > > Riset TERBARU CIMB Securities (YU) memberi target INTP Rp. 19.300. > > > > Buy INTP yg masih murah meriah. > > > > Kemarin Asing, khususnya Credit Suisse (CS) borong banyak. > > > > *1QFY10 RESULTS* > > > > May 2011 > > *NEUTRAL *Maintained *Indocement RP17,100 * > > Target: Rp19,300 > > *The cash king *Mkt.Cap: Rp62,949bn/US$7,368m > > > > > > > > > • *Ahead; maintain Neutral. *1Q11 core profit of Rp850bn is 2% ahead of > our forecast > > and 4% ahead of consensus, from higher-than-expected revenue from its > concrete > > business. Despite this, we are maintaining our forecasts as contributions > from the > > concrete business are low. Accordingly, we keep our target price of > Rp19,300, still > > based on 15.6x CY12 P/E as well as our Neutral rating, as we believe the > bulk of > > the upside has been factored in. EBITDA/tonne growth has been decelerating > and > > further margin improvements from operations appear limited. > > • *1Q11 core EPS up 10.6% yoy. *Revenue grew 15% yoy on higher non-cement > > sales (concrete) as well as higher implied ASPs for exported cement. Cement > sales > > grew 10% yoy to Rp2.7tr, led by domestic sales growth of 9%. This implies > flat > > ASPs, in line with our expectation and industry trends. Energy costs rose > sharply, > > resulting in declining gross margins. Lower-than-expected operating expense > > however, helped to offset the decline in EBIT margins. > > • *Cash at US$560m*. Cash position inched up to Rp4.9tr with no debt as > the > > company has paid its US$25m revolving loan. It plans to start the > construction of > > another mill which should be completed in 2012/13. Total spending of > US$140m > > should be internally financed. > > *Results comparison* > > *FYE Dec (Rp bn) 1QFY11 1QFY10 yoy % 4QFY10 qoq % Prev.* > > *chg chg FY11F Comments* > > Rev enue 2 ,944 2 ,550 *15.5 *3 ,030 *(2.8) *12,712 Slightly ahead on > higher RMC grow th > > Operating costs (1,735) (1,413) *22.8 *(1,772) *(2.1) *(7,191) Energy cost > offset by low er opex > > EBITDA 1,209 1 ,137 *6.3 *1 ,258 *(3.9) *5,521 > > *EBITDA margin (%) 41.1% 44.6% 41.5% 43.4% *Below on low er D&A > > Depn & amort. (148) (157) *(5.7) *( 212) *(30.2) *( 692) > > EBIT 1,061 980 *8.2 *1 ,046 *1.4 *4,829 Ahead on low er cost > > Interest ex pense ( 5) ( 4) *51.5 *( 5) *10.9 *( 3) Ahead > > Interest & inv t inc 6 3 4 5 *41.6 *5 6 *13.4 *2 28 In line > > Forex gain (loss) 5 1 5 *(69.7) *( 0) *2,638.2 *3 > > Others 13 0 *11,259.1 *1 2 *8.9 *- Ahead > > *Pretax profit 1,136 1,036 **9.6 **1,109 **2.5 **5,058 *Slightly ahead > > Tax ( 269) (250) *7.6 *( 266) *0.9 *(1,264) Slightly low er tax > > Tax rate (%) 24% 24% 24% 25% Ahead > > Minority interests ( 2.2) 0.3 *(832.4) *( 0.7) *202.4 *- > > *Net profit 865 7 87 **10.0 **8 42 **2.8 **3,793* > > *Core net profit 850 7 68 **10.6 **8 33 **2.0 **3,790 *Forming 22%, 2% > ahead of our estimate > > EPS (Rp) 235 2 14 229 1 ,030 > > Core EPS (Rp) 231 2 09 226 1 ,030 > > Source: *Company*, *CIMB Research* >
