SMGR January 2013 sales grew 24.24%
Rising cement demand early in the year has driven SMGR sales volume to grow 24.24% yoy to 2.05mt which was mostly supported by domestic sales which was 2.04mt. Sales growth was backed by increasing demand from the infrastructure and property sectors in the beginning of the year. The three top contributor to sales came from Semen Gresik (1.07mt), Semen Padang (609.250ton), and Semen Tonasa (362.990ton). (Kontan)Indofood soon to complete China Minzhong acquisition
INDF will soon complete the 14.95% acquisition of China Minzhong Food Corporation Ltd. (CMFC) after the Singapore Exchange agreed in the new stock issuance terms. The SGX agreed in the issuance of 98mn new stocks with a price of SGD0.915/sh. Based on the price, the acquisition value will be around SGD89.67mn. (Investor Daily)BUMA book lower Strip Ratio in Jan’13 than in Jan’12
BUMA, the second largest coal mining contractor in Indonesia, booked Jan’13 coal production of 2.5mn ton (0.0% yoy, -19.4%mom). Its OB volume decrease to 23.0mn BCM in Jan’13 (-8.0%yoy, -8.0% mom) because of lower Strip Ratio in Jan’13 (9.2x) than in Jan’12 (9.8x).Comment: The decrease in OB volume is the same with company guidance that its Strip Ratio would decrease in FY13F. The decrease in OB volume would decrease its profit margins due to lower utilization of heavy equipment. We think the lower utilization of heavy equipment would also trigger lower growth of service and sparepart sales of heavy equipment distributors. Therefore, we estimate UNTR’s FY13F Part and service growth only 14.0%, which far below 2006-2011 CAGR of 29/9% (UNTR, Rp19,100, Sell, TP: Rp16,700)
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