Berhubung kemarin malam mati lampu, saya tidak sempat mencatat transaksi saham INTP
kemarin. Tapi seingat saya, DB masih mencatat net buy sekitar 700-an lot. So, tak perlu banyak komentar lagi, dengan kinerja yg demikian kinclong, bahkan dijuluki "the cash king" oleh YU, buy INTP yg masih MURAH MERIAH... 2011/7/27 budi harlino <[email protected]> > Pada perdagangan hari Selasa kemarin tgl 26 Juli, Broker Asing yg agresif > membeli INTP yaitu: > > > > Deutsche Securites (DB) net buy 1833 lot > > > > Citigroup Securites (CG) net buy 339 > > > > Sedangkan CIMB Securities (YU), net buy 347 lot. > > > > Ayo dong YU, hari ini borong langsung 2000 lot ya…J > > > > Salut buat DB yg selalu jeli melihat peluang barang2 yg masih murah… > > > > Buy INTP yg masih murah meriah… > > > > > > 2011/7/26 budi harlino <[email protected]> > >> Kemarin tgl 25 Juli, Broker Asing yg agresif membeli INTP yaitu: >> >> Deutsche Securites (DB) net buy 1213 lot >> >> >> >> Untuk lebih jelasnya, bersama ini saya lampirkan di attachment rekomendasi >> lengkap dari CIMB Securities (YU). >> >> >> >> Mulai besok dan seterusnya, saya juga akan melaporakan transaksi saham >> INTP oleh Broker YU, untuk melihat KESERIUSAN mereka tentang rekomendasi >> INTP yg mereka berikan… >> >> >> >> >> 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* >>> >> >> >
