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
- Indocement TP (INTP) 3 may 2011 (207.1 KiB)