• Holcim Indonesia booked a turnaround on its 1Q10 net profit as the company posted Rp205bn net profit compared to Rp91bn net loss in 1Q09 on the back of a turnaround on its forex gain account. While on the revenue side, the company booked 8.1% YoY growth to reach Rp1.37tn vs Rp1.26tn in 1Q10. This figure was relatively in-line with our expectation as the company’s revenue and bottom line accounted for 21.8% and 22.7% of our full year estimate.
• While on quarterly basis, the company’s 1Q10 result was weaker as revenue and net profit was down by 23.3% YoY and 37.7% YoY due to lower sales volume in 1Q10.
• The company also booked a 24.3% YoY growth on domestic sales volume which reached 1.3mn tons, while becoming the only cement player that booked growth on its export sales as it grew by 12.9% YoY to reach 395k tons.
• It is interesting to note that on quarterly basis, the company’s margins deteriorated as operating and net margin was down by 5% and 3% to only 22.8% and 15.0%, respectively.
• We are currently still evaluating our recommendation on Holcim as it current price had exceed our target price of Rp2,100. In the meantime, Holcim is trading at 2010F PER of 19.9x and EV/EBITDA of 10.0x.
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