Result is in-line with net profit of Rp786bn which is 23% of our FY10 expectation and 24% of market consensus. Strong growth in earnings is largely driven by 21% YoY increase in domestic sales volume.
Sales reached Rp2,549bn , rose by 16.6% YoY. This was 22% of our FY expectation.
Net profit reached Rp786bn, rose by 56% YoY. This came at 23% of our FY expectation, and 24% of consensus's expectation
GP margin for 1Q10 was 51.9%, higher than our expectation of 50.8%.
Results were in-line with our assumptions. 1Q quarter are usually seasonally weak for cement industry. In 2008: 1Q08 was 22% of FY08, and in 2009, it was 18% (weaker than expected demand last year)
Reiterate BUY with 26% upside potential to TP of Rp19,000/share
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