1H10 makes up 44% of FY10CL net profits and 45% of full year EBIT.
Revenue for 2Q10 was up 27% yoy (something which had been a concern last year). We had
highlighted that last year revenue growth was muted as distributor was being consolidated for the first time.
Opex increased by 116% yoy and 62% yoy due to increased world cup spend. Yet profits grew by 31% yoy even though qoq it declined by 8%
Gudang Garam has had six price increases meaning 2H10 will be much stronger. There is upside risk to our forecasts
Investment conclusion: Reiterate buy on Gudang Garam.
Tampilkan postingan dengan label Gudang Garam reported good 2Q10. Tampilkan semua postingan
Tampilkan postingan dengan label Gudang Garam reported good 2Q10. Tampilkan semua postingan
Sabtu, 31 Juli 2010
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