Semen Gresik (SMGR) – Maintain BUY
Price: Rp9,500 - Target Price: Rp11,200
In-line 1Q11 Result
- SMGR’s 1Q11 revenue and earnings grew by 9.5% and 8.5% YoY.
- Lower QoQ result with revenue and earnings down by 12% and 22%, respectively.
- The result figure came in-line within our expectation.
- Revenue growth came higher than sales volume growth in 1Q11.
- Margins eroded across the board on higher energy cost.
- Current valuation at ‘11F PE and EV/EBITDA of 13.7x and 7.9x. Maintain BUY
- Semen Gresik (SMGR) 2 May 2011 (214.5 KiB)