§ Indocement reported its FY09 result today. Sales rose 8% y/y to Rp10.58t, while operating profit and net profit each surged 50% and 57% y/y to Rp3.69t and Rp2.75t, respectively.
§ On a quarterly basis, sales rose 24% q/q to Rp3.15t while operating and net profit rose 70% and 71% q/q to Rp1.15t and Rp878b, respectively.
Analyst comment:
§ Overall result is inline with our estimate.
§ During the period, Indocement’s domestic sales volume was actually declining by 3.8% y/y to 11.59m tons with export (cement and clinker) plunging 30% y/y to 1.58m tons.
§ The company posted much better ASP, which we estimate at around 15% y/y higher due to a number of price increases in 2008 when coal price skyrocketed. The full effect of the increase was felt in 2009.
§ Coal price retreated in 2009 while cement price was kept steady. As a result, Indocement enjoyed far higher margin with EBITDA margin and net margin at 39.9% and 26.0% vis-à-vis 31.3% and 17.8% in 2008.
§ We maintain our BUY recommendation and Rp16,200 TP for the counter.
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