BSP sets a target of Rp570.0bn of revenue from its rubber business, 10% YoY higher from Rp479.3bn in 2009. This optimism is backed by higher rubber sales volume during 1H10 of 16,600 tons, 14.5% YoY higher from 14,500 tons in 1H09. The company also sees its sales price to be higher on a YoY basis, hence, foresees a possibility of double digit growth of revenue from this business.
As an impact of higher contribution from rubber business, the company expects a lower contribution from CPO of only 60% of total revenue compared to 70% a year earlier.
UNSP is trading at 2010F consensus PER of 12.5x and EV/EBITDA of 9.4x.
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