• During 1Q10 Timah managed to post Rp141.8bn of net profit, 882.1% YoY higher from Rp14.4bn in 1Q09. The result came at 14.1% of the consensus 2010 full year expectation for net profit of Rp1.0tn.
• Such surge on net profit was driven by the company’s higher selling price of US$16,970/ton, 51.2% YoY higher from 11,221 a ton in 1Q09. However as the Rupiah had appreciated against US$, revenue only grew by 15.6% YoY to Rp1.8tn in 1Q10 from Rp1.6tn in 1Q09.
• Nevertheless, the company managed to benefit from the stronger Rupiah that lowered the company’s direct cost. Timah’s direct cost was relatively flat during 1Q10 and 1Q09 at Rp1.5tn. As an impact, gross profit jumped to Rp369.8bn, 195.4% YoY higher while operating profit rose by 13 times to Rp248bn.
• TINS is trading at 2010F consensus PER of 12.5x and EV/EBITDA of 6.7x.
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