Mayora booked incredible earnings growth of 92.0% yoy and 90.4% qoq to Rp268bn in 9M09. Top-line is slightly above ours and consensus estimates, whereas bottom-line is significantly above our and consensus estimates. The robust growth in 9M09 earnings was fueled by 154.7% growth in EBIT’s confectionary products. Therefore, we share management view that MYOR could reach Rp4.7tn sales in FY09F (+20% yoy) with gross margin stand at around 23%.
Since the operation of company’s new factory has started in Aug09, we believe they could 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 9.8x.
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