• AAL managed to book a higher sales volume of Rp6,544/kg in 1Q10, 19.1% YoY higher from Rp5,494/kg in 1Q09 period. This higher sales price managed to balance the impact from lower sales volume of 223,308 tons (-1.18% YoY) and helped the company post 17.74% YoY increase in its revenue to Rp1.5tn in 1Q10 as compared to Rp1.2tn a year earlier.
• The company also managed to post higher sales price on kernel where AAL recorded a selling price of Rp3,083/kg or increased by 46.2% YoY.
• Despite the company has not released its full financial statement, these figures indicates that AALI’s revenue in 1Q10 may come below the market expectation as the consensus foresees a Rp2.0tn of revenue for 1Q10F.
• AALI is trading at 2010F consensus PER of 14.9x and EV/EBITDA of 9.7x.
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