Download PDFHanjaya Mandala Sampoerna ( IJ; Rp3,760; Buy) reported FY18 earnings result with the following highlights:
Net profit recorded at Rp13tn (+6.8% yoy) forming of 103% of ours and 104% of consensus.
Revenue reported at Rp106tn (+7.7% yoy) while forming 103% of ours and 101% consensus.
NPM and GPM slightly decline to 12.6% and 23.8% respectively (vs. 12.7% and 24.4% in FY17). This is relatively higher than our expectation for 12.3% and 23.6%. We presume that this is due to a price increase in 4Q18 that affected sales volume performance.
We will adjust the number accordingly while currently maintain our BUY call on . The stock is currently trading at current P/E of 32x (slightly below its 7-yr average of 34x). (Company).
FY18 | FY17 | % yoy | 4Q18 | 3Q18 | % qoq | Ours (%) | Cons. (%) | |
Sales | 106,742 | 99,091 | 7.7 | 29,207 | 28,377 | 2.9 | 103 | 101 |
Gross Profit | 25,491 | 24,216 | 5.3 | 7,183 | 6,879 | 4.4 | 32 | 100 |
Operating Profit | 16,882 | 16,111 | 4.8 | 4,770 | 4,571 | 4.4 | 69 | 100 |
Net Profit | 13,538 | 12,671 | 6.8 | 3,848 | 3,577 | 7.6 | 104 | 103 |
GPM (%) | 23.9 | 24.4 | 24.6 | 24.2 | ||||
OPM (%) | 15.8 | 16.3 | 16.3 | 16.1 | ||||
NPM (%) | 12.7 | 12.8 | 13.2 | 12.6 |
Sumber : IPS RESEARCH