Evaluating RALS performance is through looking at seasonality in revenue. Ramayana 1Q revenue at the lowest was 15.5% and the highest was 18.6% of total revenue from the year. In 1Q10, RALS sales were 14.3% of FY10F of ours and 14.5% of FY10 according to Bloomberg consensus. However, this was due to a change in reporting format. Using the old format (where sales incorporate number from inhouse and consignment), total revenue was 17.7% of our FY10F. Therefore we conclude the performance as within our estimate. Details have yet to be obtained. We have a Sell recommendation as RALS share price performance has already inputted an expectation of strong performances this year.
At Rp850/share, RALS is trading at 15.2x and 13.0x PER10F, and PER11F, respectively.
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