Indocement TP (INTP) - Solid 1Q11 Result

Indocement TP (INTP) – Maintain BUY
Price: Rp17,100 -  Target Price: Rp19,500

Solid 1Q11 Result

  • INTP’s 1Q11 revenue and earnings grew by 15.5% YoY and 10.3% YoY.
  • While on QoQ basis, revenue slipped by 2.8% and earnings slightly grew by 3%.
  • The result figure came slightly ahead our expectation.
  • Margins decreased by 140-240bps due to higher energy cost.
  • Maintain our earnings projection with least potential earning revision.
  • Currently trading at 17.3x and 10.3x ‘11F PE and EV/EBITDA. Maintain BUY
  1. Indocement TP (INTP) 3 may 2011 (207.1 KiB)