• During 1Q10 Astra managed to post significant performance where net income grew by 60.7% YoY to Rp3.0tn as compared to Rp1.9tn in 1Q09. The results came in at 23.8% of our full year expectation for 2010F and 25.4% of the consensus.
• Such strong growth was driven by 37.8% YoY growth on revenue to Rp29.7tn from Rp21.5tn, as all of the company’s business units posted strong growth during 1Q10 compared to a year earlier.
• This was also added by higher contribution from share of associates’ results and jointly controlled entities that leapt by 172.7% YoY to Rp1.1tn on significantly higher contribution from automotive companies such as Astra Honda Motor, Toyota Astra Motor and Astra Daihatsu Motor, which contributes Rp918bn of share of results compared to Rp309bn in 1Q09.
• However, the company’s margin decreased slightly during 1Q10 as stronger Rupiah affect several Astra’s subsidiaries.
• Overall, the results managed to meet the expectation and with current valuation of 2010F PER of 14.8x and EV/EBITDA of 11.8x, we still maintain buy.
Tampilkan postingan dengan label Rp46. Tampilkan semua postingan
Tampilkan postingan dengan label Rp46. Tampilkan semua postingan
Minggu, 02 Mei 2010
Mandiri Sekuritas Astra International: 1Q10 net income grew by 61%yoy, within estimates (ASII, Rp46,100, Buy, TP: Rp50,000)
Enjoying the benefits on improvement in its major business lines, ASII posted net income of Rp3tn in 1Q10 up by 61%yoy and well within ours and consensus estimates. ASII’s 4 and 2 wheelers units sales grew by 71%yoy and 28%yoy to 99k and 750k units respectively, representing market share of 57% and 45% respectively. On its non-vehicle segments, AALI posted a 25% increase in net income, while UNTR’s net earnings grew by 12%yoy. We currently have a buy on the stock trading at PER10F of 15.9x.
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