Indocement
Result note - Positive results - by Rania Rahmundita
(INTP IJ / INTP.JK, OUTPERFORM - Maintained, Rp4,275 - Tgt. Rp5,600, Construction and Materials)
FY08 core net profit was 13-14% above our and consensus expectations, thanks to higher operating profit and lower tax. Net gearing dropped further to 2% while cash more than doubled. We think Indocement is in good shape to face the more challenging 2009. Despite our lower export sales and cost adjustments that have cut our FY09 EPS by 4.7%, earnings decline in FY09 would be much thinner than peers. The resulting lower FY09 net cash projection have trimmed our target price to Rp5,600 from Rp6,000 (US$100 EV/tonne), but it remains the most attractively valued among peers. Maintain Outperform.
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