OurComment
Mitra Adiperkasa posted abetter-than- expected result with bottom line increased 54% YoY to Rp118b in1H09.
The result was driven by 18% sales growth and Rp131b gain on foreign exchange.
Even excluding the gain on foreign exchange, the result came above expectation.
On quarterly basis, gross margin showed improvement, increased to 37.7% in 2Q 09 from 37.2% in 2Q 08 and 35..6% in1Q 09.
Greater contribution from high-margin specialty stores (45% in 1H 09 vs.42% in 1H 08) was the driver for the margin improvement.
BUY, TP is under review as the result came above expectation.
Medco announced poor 1H 09 result with 85% lower net profit YoY. Sales dropped by 59% to US$311m, not ably on lower sales of oil & gas and petrochemical products.
YoY, sales of oil & gas dropped by more than a half to US$227.2m in 1H 09, while that of petrochemical product fell to US$15m from US$125.1m in 1H 08.
Operating profit shrunk to 10.1% from 25.6% in 1H 08.
We see earnings to remain poorin 2H09. and expect a negative sentiment for the counter due to the disappointing result.
Maintain HOLD, TP is Rp3,000.
KatarinaSetiawan
Highlights
o Mitra Adiperkasa (BUY): Strong results
o MedcoEnergi (HOLD): Poor 1H09 result
o AnekaTambang (UNDER REVIEW): Sales down 16% YoY in 1H09
o Elnusa :Obtained US$126m new contracts in 1H09
From our chartist desk
o IDX: The index has limited upside until to 2427, and near-term target of 2246 level. The main triggers are coming from regional market, and Rupiah appreciation. Daily TD sequential is in buy countdown 12th day. Today´s trading range is between 2249-2284-2303(support) and 2337-2352-2386(resistance) .
o TLKM:Candlestick signal appeared on 29 July 2009, it is significant for a continued upside. TRADING BUY
o PGAS: We maintain our target price of Rp4100 (medium term). The stock has a very strong uptrend. TRADING BUY
Sunday, August 2, 2009
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