In 2009, Indocement posted lower domestic sales volume compare with 2008 (-3.8% yoy). Yet price tag was higher (around 15% yoy). That explains why FY09 transportation and selling expense drop 10.7% yoy. Other than that, cash position of some Rp2.6tn (vs Rp790 in 2008) doubled interest income figure to Rp78bn. It resulted into moderate growth in the top line level of 8.1%, while bottom line growth reaches 57.4% yoy. Overall, FY09 result is slightly above consensus estimates, yet inline with ours.
Assessing from February 2010 sales volume data, where domestic consumption shoots up 19.1% yoy, while export continues on declining, we believe that earnings upgrade is possible. This suggests that margins would increase further. Note that consensus estimates only projected 15.3% yoy and 24.5% yoy growth for FY10 top line and bottom line level. Currently INTP is trading at EV/ton and PER10 of US$263 and 18.1x, respectively.
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