AKRA: H1/2011

AKRA                       Date : 29-07-11
               Financial Performance (in billion Rp)
                          www.investdata.net
             
                           2011                        2010|         2009|
         29-07-11 ....Q2 ....Q1|....Q4 ....Q3 ....Q2 ....Q1|....Q4 ....Q3|
---------- ------ ====== ------|------ ------ ====== ------|------ ------
Sales              9.061  4.353 12.195  8.537  5.221  2.432  8.959  6.306
COGS               8.606  4.132 11.235  7.858  4.778  2.207  8.006  5.586
Gross Marg           454    221    959    679    443    225    953    720
GM (%)                 5      5      7      7      8      9     10     11
Opr Profit           258    122|   460    320    205    112|   539    426
OP (%)                 2      2      3      3      3      4      6      6
Net Profit         1.958  1.812|   310    225    140     70|   274    191
NP (%)                21     41      2      2      2      2      3      3
---------- ------ ====== ------|------ ------ ====== ------|------ ------
Stk Price   3.050  2.125  1.470| 1.730  1.510  1.060    930| 1.170  1.050
Book Value         1.024    940|   629    626    607    740|   554    535
PBV          2,98   2,07   1,56|  2,75   2,41   1,74   1,26|  2,11   1,96
DER                 1,07   1,21|  2,21   2,03   1,96   1,72|  2,48   2,35
---------- ------ ====== ------|------ ------ ====== ------|------ ------
ROE (%)              100    203|    13     12     12     12|    15     15
ROE (Qtr)             14    203     14     14     12     12     19      3
ROA (%)               48     92|     4      4      4      4|     4      4
Opr prof/share        67     32|   121     84     54     35|   172    136
EPS                  512    477|    81     59     37     22|    87     61
EPS (Qtr)             38    477|    22     22     18     22|    26      5
EPS (Annu)         1.024  1.911|    81     79     74     89|    87     81
PER          2,98   2,07   0,77| 21,10  19,06  14,24  10,34| 13,37  12,83
PER (Qtr)   19,96  13,91   0,77| 19,17  16,93  14,21  10,34| 11,08  50,37
---------- ------ ====== ------|------ ------ ====== ------|------ ------
COP (year)  22,58  15,73  11,34  14,24  13,41   9,75   6,49   6,80   5,77
CLOP(year)  30,71  23,87  20,09  25,69  24,74  20,73  15,35  14,80  12,68
CLOP(Qtr)   29,32  22,78  20,09  21,04  23,03  22,78  15,35  17,61  14,33
---------- ------ ====== ------|------ ------ ====== ------|------ ------
Sales Growth(%)       73     78     36     35
Op.Prof Growth(%)     25      9    -14    -24
Net.Prof/EPS Grow  1.290  2.479     13     17
PEG (<1)            0,00   0,00|  1,60   1,09
---------- ------ ====== ------|------ ------ ====== ------|------ ------
Sales(Qtr)         4.708  4.353  3.657  3.316  2.788  2.432  2.652  1.587
COGS (Qtr)         4.474  4.132  3.377  3.079  2.570  2.207  2.419  1.383
Gross Marg(Qtr)      233    221    279    236    217    225    233    204
GM (%)                 4      5      7      7      7      9      8     12
OP.PR (Qtr)          135    122    140    114     93    112    113    125
OP %                   2      2      3      3      3      4      4      7
NET.PR (Qtr)         145  1.812     85     84     70     70     82     16
NP %                   3     41      2      2      2      2      3      1
---------- ------ ====== ------|------ ------ ====== ------|------ ------
Asset              8.114  7.869| 7.665  7.211  6.815  6.287| 6.059  5.603
Liability          4.198  4.301| 5.279  4.834  4.515  3.974| 4.318  3.931
Equity             3.916  3.567| 2.386  2.376  2.300  2.312| 1.741  1.672
Capitalis. 11.655  8.120  5.575| 6.561  5.727  4.010  2.906| 3.671  3.281
Share(mil)         3.821  3.792  3.792  3.792  3.783  3.125  3.138  3.125
---------- ------ ====== ------|------ ------ ====== ------|------ ------

- http://www.investdata.net/QQFAKRA.TXT

Note:
- Pada Q1 terjadi penjualan investasi dengan keuntungan 1,68 triliun
- EPS 3 bulan = 477
- EPS 6 bulan = 512
- Jadi EPS AKRA normal 3 bulan terkahir tampa penjualan investasi = 512 -477 = 35, setahunnya = 140
- EPS dari penjualan investasi = 512 - 2 x 35 = 442
- Jadi EPS setahun 2011 = EPS normal setahun + EPS penjualan invest = 140 + 442 = 582
- Thn 2012, EPS akan kembali normal
- Lonjakan Laba bersih thn 2011 akan membuat ROE, PER menjadi menarik, tapi thn depan EPS, PER dan ROE akan kembali normal.