1H10 makes up 44% of FY10CL net profits and 45% of full year EBIT.
Revenue for 2Q10 was up 27% yoy (something which had been a concern last year). We had
highlighted that last year revenue growth was muted as distributor was being consolidated for the first time.
Opex increased by 116% yoy and 62% yoy due to increased world cup spend. Yet profits grew by 31% yoy even though qoq it declined by 8%
Gudang Garam has had six price increases meaning 2H10 will be much stronger. There is upside risk to our forecasts
Investment conclusion: Reiterate buy on Gudang Garam.
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