We visited Mayora (MYOR) yesterday and were informed that 9M09 result still in line with company’s expectations. MYOR therefore still believe to reach Rp4.7tn sales in FY09F (+20% yoy) with gross margin stand at 23%.
The company also highlighted that the operation of its new factory has started in Aug09 and therefore possibly increase its production capacity substantially in 2010. Coupled with better demand next year, MYOR expects to book Rp5.8tn sales in FY10F, up by around 20% yoy.
Currently, Mayora is trading at PER09F of 12.5x.
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