Superior 3Q09 Profitability
Higher ASP and cost efficiency have resulted in superior profitability in 3Q09 where the gross margin soared by 285 bps. Responding the 9M09 result, we upgraded our ASP assumption for year 2009–2010 thus resulted in higher revenue and net profit forecast by 5.4%-12.7% and 8.1%-13.9%, respectively. Due to changes of assumptions, we get new TP at Rp 8,100 per share from previous TP Rp 7,210 per share which implying PE – PBV FY10E at 16.00x – 3.83x. BUY.
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