AKR Corporindo (AKRA)– Maintain BUY
Price: Rp1,680 – Target Price: Rp1,900
Excellent 1Q11 Result
- AKRA’s 1Q11 earnings and revenue surged by 79% and 2,480% YoY respectively.
- 1Q11 Revenue and net income came above our estimate.
- Every division contributed positive top line growth due to volume growth.
- Petroleum distribution remains the main revenue generator.
- Manufacturing division also performed well with 53% YoY growth despite the absence of SOBI.
- Currently, the company has strong balance sheet with net cash position to support further growth.
- We maintain our recommendation and target price Rp1,900 implying 15.6x–14.9x PE’11F–12F. Maintain BUY.
- AKR Corporindo (AKRA) – Excellent 1Q11 Result (378.3 KiB)