Bahana Securities ANTM FYO9 results, above our and consensus estimates

ANTM FYO9 results, above our and consensus estimates Aneka Tambang (ANTM-BUY-IDR2,350-TP:IDR2,100), reported net profit of IDR604b (-55.8% y-y ) coming above our and consensus estimates. Though we and consensus are inline up till the operating
profit level, forming 98% and 101% respectively, we are 48% above consensus at net profit level. This difference is because of other income and taxation. On quarterly basis, the results are extremely good, with sales rising 31% q-q, while COGS at a lower rate of 26%; therefore translating into 58% q-q growth in gross profit. On y-y basis, 4Q09 sales were up 21% y-y while COGS was down 5% y-y, therefore translating into net profit of IDR460b from a loss of IDR73b in the previous year. Strong growth in 4Q09 was backed by higher sales volume of ferronickel, which rose 3% y-y to 4,552 TNi, and also higher sales price of ferronickel which rose 24% to USD7.52 per lb.