Wednesday, March 21, 2012
Antam (ANTM.IJ, HOLD):
Antam (ANTM.IJ, HOLD): FY11 net profit of Rp1.93t
Antam announced FY11 audited result with net profit increasing by 15% YoY to
Rp1.93t.
On a quarterly basis, net profit fell 31% QoQ to Rp370b in 4Q11 as nickel price fell
during the period.
Analyst Comment:
The unaudited figure has been announced early this month, so we expect no
irregular post-announcement price movement.
We have a HOLD recommendation on Antam with Rp1,830 TP, pegging the stock
at 2012F PER of 10.4x.
source: KIMENG Equity daily dated 21 March 2012
Antam announced FY11 audited result with net profit increasing by 15% YoY to
Rp1.93t.
On a quarterly basis, net profit fell 31% QoQ to Rp370b in 4Q11 as nickel price fell
during the period.
Analyst Comment:
The unaudited figure has been announced early this month, so we expect no
irregular post-announcement price movement.
We have a HOLD recommendation on Antam with Rp1,830 TP, pegging the stock
at 2012F PER of 10.4x.
source: KIMENG Equity daily dated 21 March 2012
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