Sunday, March 20, 2011

PT. Indocement Tunggal Perkasa (INTP)

by Samuel Securities

In-line FY10 result

Highlights: PT Indocement Tunggal Prakarsa (INTP) has released its FY10 result with earnings surged by 17.4% YoY to reach Rp3.22tn vs Rp2.74tn in FY09. Revenue slightly grew by 5.3% YoY to Rp11.14tn from Rp10.57tn in FY09. While on QoQ basis, INTP’s revenue and earnings grew by 10.3% and 13.4% QoQ, respectively.

Comments: INTP’s FY10 results came in-line within our expectation as its revenue and net profit accounted for 99.1% and 97.5% of our FY estimate. The company’s margin improved in YoY basis as its EBIT and net margin reached 49.7% and 29.0% vs 48.3% and 26.0%, respectively in FY09. While on QoQ basis, the company managed to improve its margins by 0.8-1% in 4Q10 after dropped significantly in 3Q10. The company booked strong interest income growth of 133% YoY to Rp183bn as an effect of higher cash on hand which grew by 78.6% YoY Rp4.68tn in FY10. COGS/ton decreased by 0.9% mainly due to stronger Rupiah in FY10 as around 60% of its costs are US$ sensitive. The company also mentioned successful purchase price renegotiation of its major material & fuels also contributed its cost efficiency.

Action & Recommendation: There were no surprises on INTP’s FY10 results thus we leave our earnings assumption unchanged. Currently trading at a considerable cheap valuation of 14.4x ‘11F PE and 8.4x ‘11F EV/EBITDA, we maintain our recommendation on the counter with 36.4% upside potential to our target price. BUY


  1. It's a great joy for me to see u again, my friend. Thank u for ur visit, with pleasure inviting for the next. Have a nice week.

  2. kapan ya eike bisa punya saham INTP :D