*As seen on our tweet:* [image: Inline image 1]
*Maintain Neutral on SMGR, with Dec-12 PT of Rp10,900.* *We think the share price will not react to FY11 results. We are slightly cautious on the company’s new plant commissioning with 9% volume growth estimated (versus the market's estimate of 12%).* * * *We would turn more positive if the share price drifted down on fear of inability to pass on costs during the fuel price hike.* (http://tinyurl.com/84822e4). -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
<<Tweet +01-JPM-SMGR Maintained Neutral PT 10900 (30mar2012).GIF>>
