Amid the slowing down in the cement
consumption, SMGR’s performance in 1H14 was the highest among its peers, with
sales grew by 12.8% yoy. Sales volume growth of 5.4% also beats domestic cement
consumption of 4.0% yoy. The bottom line profit grew by 9.3% yoy, but lower
than our estimate due to higher costs and expenses. We upgraded our TP to
Rp18,500 by rolling forward our valuation to FY15F. BUY.
No comments:
Post a Comment