Net sales 1H10 was Rp4.8tn (+27.3%yoy)due to strong volume growth.The company targeted net sales may up by 20- 25%this year,due to increasing demand from Michelin.Demand from Michelin in FY09 was 1.9mn unit,in FY10F was 3mn units and up to 5mn unit in 2011.
Around 40%of sales contributed from export.In FY09 the company sales radial totaling 7.6mn unit,bias tire was 3.5mn and motorcycle tire was 16.9mn unit.
Gross margin 1H10 up to 20.7%from 15.9%in previous year due to successful managing of raw materials costs and
passing on some of the increases to customers as well as a higher margin product mix.Resulted net income 1H10 totaling Rp415bn (+186.8%yoy).
We don ’t cover GJTL,currently only 1 analyst cover it.Based on consensus,it trades at PER10F of 7.3x.
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