Indocement TP (INTP) - In-line FY10 Result

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