Gudang Garam posted revenues of Rp33tn (+9.0%yoy, +11.5%qoq), this translates to net income of Rp3.5tn (+83.8%yoy, -5.9%qoq).
Despite of qoq growth in sales, 4Q09 gross profit was relatively flat while 4Q09 operating profit declined by 17.5%qoq. As the company increased 4Q09 selling expense by 148%qoq, we think the company was aggressively promoting their products through advertising and sales discounts. We will confirm it later after analyst meeting.
We still maintain Buy recommendation on GGRM which is trading at PER10-11F of 11.6-10.2x.
Tidak ada komentar:
Posting Komentar