Tuesday, April 2, 2013

Mayora Indah result booking a net profit of Rp 730

Mayora Indah: FY12 result booking a net profit of Rp730 which is slightly above consensus’ estimates (106.2%) (MYOR, Rp 27,100, Under review)

MYOR reported a year end net profit of Rp730bn in FY12, slightly above consensus’ estimates (106.2%), showing positive growths of 54.9% yoy and 29.3% qoq.

Softening raw material price played a role in boosting the company’s revenue. Operational efficiency also helped MYOR on the operating profit level.

MYOR is targeting a net profit of Rp800bn this year. The company is also planning for capacity increase of 30% partly from the new biscuit factory that they are constructing. MYOR is also planning to pay down its debt that is due this year which will cut down the company’s interest expense. We are reviewing our forecast on MYOR. The stock is currently trading at 23.2-16.3x FY13F PE.

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