SMGR 1H10 net profit may grow 10-15%yoy following higher revenue of 7-9%yoy.SMGR ’s president director also reported that production volume increases by 4-5%yoy.The indicated top and bottom line figures reflect 1H10 revenue and net profit of Rp7.2-7.4tn and Rp1.66-1.74tn,respectively.
It also indicates that average selling price is slightly increased,thus reflecting better margins.It is inline with our forecast as it represents around 45-46%from FY10 target.The company is currently trading at PER10-11F of 14.5x-12.5x vs average industry of 17.0-14.4x.
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