CIMB INTP Result note - Gleaming results

(INTP IJ / INTP.JK, OUTPERFORM - Maintained, Rp14,150 - Tgt. Rp16,600, Construction and Materials)

Maintain Outperform on Indocement. FY09 earnings beat consensus and our forecasts by 7% and 8% respectively due to a smaller-than-expected decline in sales volume. We raise our earnings estimates by 3-4% for FY10-11 on the back of the higher base while maintaining our growth assumptions. We also introduce FY12 forecasts. Following our earnings upgrade, our DCF-based (WACC 13%) target price rises to Rp16,600 from Rp15,500. We see stock catalysts coming from consensus earnings upgrades for FY10-11 and positive surprises in margins.