Semen Gresik (SMGR) - In-line 1Q11 Result

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
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  1. Semen Gresik (SMGR) 2 May 2011 (214.5 KiB)