Revenue FY09 reaches Rp7.9tn (-0.3%yoy), due to volume decreases in the export markets. Around 38% of sales contribute from export, 10% from OEM and the rest 52% for replacement.
Gross profit increase 60.5% to Rp1.8tn, as the company benefited from lower raw material inventory costs ordered in the first part of 2009, consequently, gross margin increase to 23.0% compare with 14.3% in 2008.
Net profit improve significantly to Rp905bn compared with net loss of Rp625bn in 2008, due to improving operational margin and gain from foreign exchange of Rp487bn compare with loss of Rp786bn in previous year.
For 2010, GJTL targets sales volume will increase by 15-20%, due to additional demand from Michelin and automotive sales growth. In FY10F, demand for tires from Michelin is estimated reaches 3mn units, compared with 1.9mn in 2009, and become 5mn units in 2011.
The company plans to expand its production capacity, especially for radial tire and motorcycle tire. Currently, radial tire has capacity of 35,800 pcs/day (utilization 61%) and become 45.000 pcs/day by 2011. Motorcycle tire capacity is 60,000 pcs/day (utilization 82%) and targeted become 90,000 in 2011 and reaches 105,000 in 2012.
We do not cover on this stock, and there is only one analyst on market covering the stock.
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