Mayora delivered incredible earnings growth of 89.7% yoy and 0.4% qoq to Rp372bn in FY09. Top-line figure is within ours and consensus estimates, whereas bottom-line is significantly above our and consensus estimates. Revenue upped by 22.3% backed by stronger demand coupled with increased production capacity (do note that MYOR’s new factory has started in Aug09). Stronger rupiah exchange rate also helped to boost gross margin in 4Q09 (25.3% vs 3Q09 of 25.2%) which brought FY09 margin to 23.7%, slightly higher than company’s previous indication of 23%.
However, operating margin dropped in 4Q09 which mainly due to significantly higher G&A expenses. G&A expenses jumped 3-folds on quarterly basis to Rp74bn in 4Q09. We think this is largely due to salaries and bonuses which book in 4Q09.
All in all, FY10F sales is likely to grow by 20%yoy to Rp5.6tn, in our view. This is to take into account for improving purchasing power, coupled with fully implementation of company’s new plant.
Currently, Mayora is trading at PER10F of 8.4x.
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