Indocement TP (INTP) – Maintain BUY
Price: Rp14,300 - Target Price: Rp19,500
In-line FY10 result
- INTP’s FY10 earnings surged by 17.4% YoY while its revenue up by 5.3% YoY.
- While on QoQ basis, revenue and earnings grew by 10.3% and 13.4% QoQ,respectively in 4Q10.
- The result figure came in-line within our expectation.
- Margins improved by 1.2-3.0% on yearly basis and 0.8-1.1% on quarterly basis.
- Strong interest income growth due to higher cash on hand.
- Fundamental remain unchanged with considerably cheap valuation at 14.4x and 8.4x ‘11F PE and EV/EBITDA. Maintain BUY
- Indocement TP (INTP) 18 March 2011 (198 KiB)