Semen Gresik (SMGR) - Strong 4Q10 Performance

Semen Gresik (SMGR) – Maintain BUY
Price: Rp8,650 -  Target Price: Rp11,200

Strong 4Q10 Performance

  • SMGR’s FY10 earnings grew by 9.2%, while revenue slightly down by 0.3% YoY.
  • Strong 4Q10 performance with revenue and earnings surged by 11.6% and 24.2% QoQ, respectively.
  • The result figure came in-line within our expectation.
  • Lower than expected interest expense due to low loan disbursement in FY10.
  • Margins improved across the board helped by lower tax rate.
  • Potential final dividend yield of 3.2%. Maintain BUY
  1. Semen Gresik (SMGR) 23 March 2011 (234.2 KiB)