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
- Semen Gresik (SMGR) 23 March 2011 (234.2 KiB)