· Timah net income soared to Rp322.3bn, 652.6% higher from Rp42.8bn last year. Although revenue only rose by 5.9% YoY to Rp3.75tn from Rp3.54tn, lower cost of goods sold enabled the company to book higher operating profit by 140.1%. However these results came below expectation as net income and sales figure only accounted for 29.0% and 44.5% of consensus full year expectation.
· The company suppressed interest expense and forex losses to only Rp 9.2bn and Rp22.8bn compared to Rp34.4bn and Rp95.7bn in the previous period, making bottom line higher.
· On a quarterly basis, cost of goods sold showed signs of increase as gross profit contracted by 13.7% to Rp 319.3bn in contrast to higher revenue by 4.3% to Rp1.91tn. As such gross and operating margins declined by 3.5% and 4.8% to only 16.7% and 8.7%.
· TINS is trading at 2011F consensus PER of 9.1x and EV/EBITDA of 5.1x.
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