Mandiri Sekuritas Semen Gresik: FY09 result is inline with consensus (SMGR, Rp7,550, Neutral, TP: Rp8,600)

Higher sales volume as well as price tag lifted FY09 revenue, as well as margins. FY09 revenue was up 17.8% yoy, and net profit grew 31.8% yoy. This is inline with consensus estimates yet slightly higher than ours. As for FY10, SMGR targeted a conservative net profit growth of only 10% yoy, citing SMGR’s president director. The figure is below our and consensus estimates growth of 11.3% and 15.1%, respectively. Currently SMGR is trading at PER10F of 12.4x and EV/ton of US$222.