Kategori: Misc Industry

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Commercial vehicle sales on track Commercial vehicle sales jumped 22% y-o-y in the first five months of the year compared to the same period the last year. Over the longer term, commercial vehicle sales have been growing at a 9% CAGR since 2005. Assuming that the average age of commercial vehicles is five years, the.

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Unique business model We like MASA unique offtake business model that produces branded tyre for multinational distributors which give MASA opportunity to utilize these distributor’s strong networks while enjoying a substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third party brands while the smaller.

KEY HIGHLIGHTS High dividend yield SMSM’s high dividend payout ratio of 91% for 2010 earnings (its policy is to pay a minimum 45% DPR if its net income exceeds IDR30bn) makes the stock one of the best dividend payers. We expect its dividend yield to reach 7.0% for 2012 versus the average of 2.4% among.

SMSM’s FY11 results were in line with our forecast, with net income and revenue coming in at IDR201bn (+34% y-o-y, +10% q-o-q) and IDR1,808bn (+16% y-o-y, +17% q-o-q), comprising 106% and 100% of our FY11 forecasts. Its full year gross margin and operating margin slightly beat our estimate, although these were partially offset by a.

THE BUZZ In the last Friday, SMSM disclosed that it will create a joint venture with Tokyo Radiator Manufacturing which will be located in Tangerang. The JV activity will be in manufacturing and trading of heat exchanger (radiator). SMSM will have 33% contribution from total invested capital of IDR17.2bn. From Tokyo Radiator Manufacturing release, it.

High dividend yield SMSM’s high dividend payout ratio (DPR) of 91% for 2010 earnings – it has a policy of maintaining a minimum DPR of 45% if net income exceeds IDR30bn – makes the stock one of the best dividend plays, in view of its 7.4% dividend yield at the current price on 2010 earnings..

New cement plants to commence operation SMGR’s two cement plants – located in Tuban, East Java and Tonasa, South Sulawesi – are expected to commence operations in early-2012. These new cement plants’ combined capacity stands at 5.0m tonnes, which is equivalent to 24.3% of SMGR’s existing capacity. It plans to increase its production capacity to.

Poised to Benefit From Rapid Industry Growth Last week, we visited the Tuban Plant and here are the key takeaways: Remarks from Mr Dwi Sutjipto. Mr Sutjipto’s opening remarks summarize Semen Gresik’s (SMGR) medium-term strategy. He started off by highlighting that the progress of integration between the three companies within the group is now currently.