biasanya klo sekuritas rekom, dia malah sendiri yang sell. suhu 2 yg rekom saham biasanya dia siap ancang ancang untuk jual di harga yg dia rekom untuk buy. WASPADALAH, INGAT TIDAK ADA MAKAN SIAN YANG GRATIS, TIDAK ADA REKOM YANG GRATIS TANPA ADA KEPENTINGAN.
________________________________ Dari: "[email protected]" <[email protected]> Kepada: [email protected] Dikirim: Selasa, 26 Juli 2011 9:20 Judul: Re: [saham] Re: CIMB SECURITIES: Buy INTP, Target Price Rp. 19.300 Akh mantap, kadang kan ad sekuritas yg suka keluarin rekomendasi buy tp malah net sale dilapangan..xD www.smssolutiononline.com solution for your business ________________________________ From: budi harlino <[email protected]> Sender: [email protected] Date: Tue, 26 Jul 2011 09:16:54 +0700 To: <[email protected]> ReplyTo: [email protected] Subject: [saham] Re: CIMB SECURITIES: Buy INTP, Target Price Rp. 19.300 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
