Holcim Indonesia: Weak 1Q13 results 14.4% to our’ and 13.7% to consensus’ estimates (SMCB, Rp3,725, Sell, TP: Rp3,000)
SMCB reported a weak 1Q13 results booking a net profit of Rp184bn (-26.1%yoy, -58.0%qoq) which is 14.4% to our’ and 13.7% to consensus’ estimates. The company was hit hard on the pretax earnings level which we suspect is due to royalty cost.
Revenue is saw a 7.3% yoy growth, but a 13.5% qoq contraction which we believe is due to decline in sales volume. ASP grew by 5% yoy or 3% qoq. Cost wise, COGS/ton grew by 9% yoy or 10% qoq where salary costs showed the highest jump of 38% yoyo t 21% qoq.
In terms of domestic sales volume, SMCB saw a negative growth of -1.6%yoy or -15.5%qoq. On a yoy basis, Eastern Indonesia and Kalimantan saw the most decline in sales volume growth and Sumatra is the only region which posted a positive growth of 13.7%. If we look on a qoq basis, SMCB saw negative growths in sales volume across the board in all area except for Maluku & Papua.
The most significant decline was seen in Sulawesi where volume decreased by -42.9% qoq.
SMCB is still the most expensive among the three cement players; trading at FY13F PE of 22.4x vs. industry of about 19.6x and EV/ton of US$339. Maintain SELL.
Indonesia Market Summaries, 2 May 2013
Thursday, May 2, 2013
Federal International Finance diversifies into 4W financing
Federal International Finance (FIF), a subsidiary of Astra International (ASII), diversifies into 4W financing this month, seeking Rp10-15bn monthly new booking target or about 100 cars. The CEO expects to gradually ramp up the target to Rp100bn/month or about 1,000 cars.
At the moment, FIF’s portfolio is 80% channeled to new 2W financing, and the remaining 20% to used 2W and electronics. On 4W financing, FIF will tap the areas that have not been by Astra Credit Companies (ACC), another subsidiary of ASII that is involved in the 4W financing business. Thus, FIF will focus on areas like Papua, Ambon, and Pontianak. This year, FIF targets 1.2mn units of new 2W (around Rp12tn), 400,000 units of used 2W (around Rp3.45tn), and Rp2.5tn of electronic products. (Bisnis Indonesia)
Indonesia Market Summaries, 2 May 2013
At the moment, FIF’s portfolio is 80% channeled to new 2W financing, and the remaining 20% to used 2W and electronics. On 4W financing, FIF will tap the areas that have not been by Astra Credit Companies (ACC), another subsidiary of ASII that is involved in the 4W financing business. Thus, FIF will focus on areas like Papua, Ambon, and Pontianak. This year, FIF targets 1.2mn units of new 2W (around Rp12tn), 400,000 units of used 2W (around Rp3.45tn), and Rp2.5tn of electronic products. (Bisnis Indonesia)
Indonesia Market Summaries, 2 May 2013
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