Gudang Garam posted 1Q10 net income of Rp928bn (+18.9%yoy, -5.4%qoq). This result is inline with our and consensus FY10F estimate
Lower QoQ performance was due to high base seasonality effect in 4Q09, while yoy improvement was due to the effect of full consolidation of distribution arm.
We expect company’s performance in the rest quarters in 2010 will be more or less the same with 1Q10 as ASP increase is limited due to strong competition.
We have Buy recommendation on GGRM which currently is trading at PER10-11F of 13.3-11.7x.
Tampilkan postingan dengan label TP: Rp30. Tampilkan semua postingan
Tampilkan postingan dengan label TP: Rp30. Tampilkan semua postingan
Selasa, 04 Mei 2010
Selasa, 30 Maret 2010
Mandiri Sekuritas Gudang Garam: FY09F net income was in line with our estimate, but 13% above consensus (GGRM, Rp25,500, Buy, TP: Rp30,000/share)
Gudang Garam posted revenues of Rp33tn (+9.0%yoy, +11.5%qoq), this translates to net income of Rp3.5tn (+83.8%yoy, -5.9%qoq).
Despite of qoq growth in sales, 4Q09 gross profit was relatively flat while 4Q09 operating profit declined by 17.5%qoq. As the company increased 4Q09 selling expense by 148%qoq, we think the company was aggressively promoting their products through advertising and sales discounts. We will confirm it later after analyst meeting.
We still maintain Buy recommendation on GGRM which is trading at PER10-11F of 11.6-10.2x.
Despite of qoq growth in sales, 4Q09 gross profit was relatively flat while 4Q09 operating profit declined by 17.5%qoq. As the company increased 4Q09 selling expense by 148%qoq, we think the company was aggressively promoting their products through advertising and sales discounts. We will confirm it later after analyst meeting.
We still maintain Buy recommendation on GGRM which is trading at PER10-11F of 11.6-10.2x.
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