SMGR predicted that its 1H10 net profit can reach Rp1.66tn - Rp1.74tn, up 5% to10% from the same period last year. The increase in net profit is primarily caused by cost efficiency and not forex gain driven. SMGR Chief Director stated that 1H10 revenue an reach Rp5.95tn to Rp6.2tn.
Comment: At the top end this represents 45% of our full-year forecast of Rp3.88tn. Earnings growth is slowing as the company is operating at full capacity with no material increase in output before 2012. Our preference remains Indocement and Holcim.
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