Timah (TINS IJ) – 1H08 results: good, but not sure about 2H
The
company posted a net profit of Rp1,112bn in 1H08, up by 42% YoY, the sole
outperformer in the metal space. The result came in somewhat line with
consensus, reflecting 56% of full year target.
We
suspect there has been a sharp reduction in sales volume in 1H08 as revenue was
up by 3% YoY while LME tin price was very strong, up by 51% YoY, in 1H08,
averaging at US$20,100.
We
are not so confident about 2H08 outlook with LME tin price has fallen by 20%
from this year peak, still outperforming other metals, and are not sure how
long that is going to last.
Rpbn
1H08
1H07
Chg YoY
Revenues
4,203
4,078
3%
Gross profit
1,933
1,477
31%
Operating profit
1,672
1,271
32%
Pre tax profits
1,666
1,187
40%
Net profits
1,112
781
42%
Gross margin
46.0
36.2
Operating margin
39.8
31.2
Pretax margin
39.6
29.1
Net margin
26.5
19.1
Best
regards,
Wuddy Warsono, CFA
CLSA
Indonesia
| Institutional Sales
Phone:
(62-21) 573 9460
Toll
Free - HK: 800 938 000
Toll
Free - SIN: 800 621 1104
Toll
Free - US: 800 460 2581
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