Search result for: "Operating income"

Satisfactory bottom-line, flat top-line Selamat Sempurna (SMSM)’s 1H12 net income of IDR112bn (+13% y-o-y, +33% q-o-q) was in line with expectations, and comprising 48% of our forecast. The top-line numbers, though, were a rather flat IDR893bn (+2% y-o-y and +10% q-o-q), making up only 44% of our forecast. On a q-o-q basis, revenue indicated a.

1Q12 net profit reached IDR39bn (+51.4% q-o-q; -12.7% y-o-y), accounting for 24% and 21% of our and consensus estimates respectively. Wintermar Offshore Marine, Tbk (WINS IJ) revenue, operating and pre-tax level are all in line to our and consensus estimates. We upgrade our earnings by 28% and 36% for 2012 and 2013 respectively to factor.

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.

Massive growth seen As Indonesia still lags in terms of per capita consumption of protein, provides huge opportunities in the poultry industry given that chicken meat is one of the cheapest sources of animal protein, as well as its low per capita consumption. In tandem with increasing standards of living, broiler consumption per capita also.

Synergy from the merger Chandra Asri Petrochemical (TPIA), which was recently formed early this year through a merger between Chandra Asri and Tri Polyta Indonesia, has become the largest integrated olefins and poly olefins producer in Indonesia, providing a distinctive edge by possessing the only naphtha cracker in Indonesia with an integrated set of downstream-chain.

Summary: We visited SMSM’s Bitung – Tangerang plant which produces filters and found the plant to be neat and well organized. We reiterate our positive view on SMSM considering its 1) high profitability; 2) high dividend yield; and 3) stable growth in export and local market. We maintain our forecast and BUY recommendation with TP.

Being the largest bread manufacturer in Indonesia – supplying in our estimate some 90% of the mass market – PT Nippon Indosari Corpindo Tbk (Indosari) we believe is in the right position to fulfill huge demand in the segment. Backed up by strong shareholders, it is set to break out of its traditional markets in.