KLBF has revised down its revenue target due to divestment of 58.1% stake in PT Kageo Igar Jaya Tbk IGAR). Historically, IGAR was contributing 4% to KLBF’s revenue. With this divestment, KLBF’s forecasted sales growth for the year is down by 1% to 12-14% from 13-15%, translating into revenue of Rp10tr–Rp11.26tr a rise from its FY09 revenue of Rp9tr.
Yet, there is no change of KLBF’s net profit target of around Rp1.2tr-Rp1.3tr which is a 29%-40% y-o-y from the FY09 figure of Rp929bn. In its 23 August public disclosure, Vidjongtius, KLBF’s Corporate Secretary, was confident of securing stronger profit margin due to appreciating Rupiah and stable commodity price.
As planned, in attempt to bolster its revenue growth, KLBF will penetrate Vietnam and Nigeria markets to market Extra Joss through Joint Venture. KLBF is prepared to spend US$10m (approximately Rp90bn) for these expansions, which will be internally financed.
We maintain our hold call with TP Rp2,585 as we have taken into account the divestment and the revised target in the valuation. Our FY10 earning and net profit targets for KLBF are Rp10.1tr and Rp1.2tr consecutively. Strong potential catalyst would come from materialization of KLBF’s acquisition plan.
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