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Friday, July 8, 2011

Tunas Baru Lampung Tbk - Cheap but Good

TBLA showed excellent performance in the last 3 years which is always recorded a profit increase of 100%. Increased net profit was underpinned by a rise in sales indicates that the performance TBLA is growing very rapidly.

TBLA ROE currently at the level of 46% based on Q1-2011 financial statements became the highest compared with LSIP, SGRO, and AALI. In addition, with a valuation of 2.3 x PBV and also PER of 5.0 x makes TBLA as the second cheapest stocks after UNSP. TBLA clearly better performance compared with UNSP. Moratorium imposed by the government will indeed inhibit the production of CPO TBLA and other issuers, on the one hand indirectly this could increase the selling price of CPO.

With PBV agriculture sector by 3.5 x (exclude UNSP), then the share price target is $ 1.020 TBLA / shares until the end of 2011.

Technical side, TBLA was located in an overbought condition but the penetration of upper resistance channel formed since Q1-2009 will be the trigger TBLA to strengthen in the medium term. If there is a correction to the 630-650 level, then buy and add to the accumulation of the current position through the resistance 700 is one of the wise action. Investors at the level of Stop Loss 590.

Recommendation: Buy Accumulation

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