BINAARTHA SEKURITAS
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ

INTP

Contact our analyst Eka
BUY
19th May 2021
​
Price Rp 12,250
Target price Rp 15,170
Bulk sales recovery
  • The domestic Bulk cement market started to recover in April after months of contraction due to the restart of infrastructure projects from the end of March 2021.
  • As of April 2021, the domestic cement market grew +8.6% MoM to 4.89 Million Tons (MT) or +3.7% YTD to 19.76 mt. The bulk market grew double digits +13.8% YoY while the bag market growth was +7.1%.
  • INTP booked 1.27 mt sales volume driven by bulk sales volume up +18.9% YoY and bag sales volume +8.6% YoY.
  • For 1Q2021 sales volume, INTP booked total cement sales volume of 4.24 mt higher by +5.5% YoY inline with the increases of domestic cement sales volume +2.2% YoY to 14.8 mt.
  • The positive growth in bulk cement indicates a faster recovery of major infrastructure and commercial projects, so we are expecting higher cement demand in 2H2021.

Sign up now to trade; what you want, when you want, where you want.
Binaartha Online Trading

1Q2021: Stable Margin
  • In 1Q2021, INTP net revenue increased +2.2% to IDR 3.44 trillion, less than the growth of sales volume (+5.5%) due to lower average prices.
  • INTP net profit in 1Q2021 decreased +12.6% YoY to IDR 351.3 billion due to lower finance income, normalized income tax expense (from 22% to 25% ) and a lower ASP. This resulted in a lower NPM of 10.2% from 11.9% in1Q2020.
  • Gross profit in 2020 slightly increased +3.3% YoY to IDR 1.09 trillion, with a slightly higher GPM at 32%.
  • Operating profit increased +2.4% YoY to IDR 395.5 billion with a stable OPM at 11.5%.
  • EBITDA also increased +1.4% to IDR 731 billion with a stable Ebitda margin at 21.4%.
  • We are expecting INTP’s 2021FY revenue and net profit will reach IDR 15 trillion and IDR 1.9 trillion which is growth of +5.9% and +6.4% respectively.

Valuation: maintain Buy with TP 15,170
  • As we expect the recovery to continue giving a more positive sentiment towards the cement sector, we maintain our recommendation to BUY.
  • We are now targeting INTP to trade at 27x 2022F PE within a year. Target Price is IDR 15,170 which represents +24% upside.
DOWNLOAD THE FULL REPORT

Previously
​INTP Mar2021
​INTP Nov2020
​INTP Aug2020
​INTP Jul2020
​INTP Mar2020
​January 2020
​March 2019
November 2018
​April 2018
February 2018
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

Follow Our Social Media
Picture
binaarthasekuritas
Picture
​binaartha sekuritas​
Picture
Linkedin
Picture
@binaarthasekuritas
Picture
Binaartha research
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ