*OMG, very sorry that I missed your email Pak Lukman & just checked on my sent items there was some email that I haven't reply yet.* ** *Fyi, now the data has already updated by IDX.* ** *OK for net revenue as a holding company yes there was small decrease (0.2%) due to impact of global financial crisis that dragged down automotive industry in 2009 which was contributed by its subsidiary. However, if you see also on parent company section, actually you will see **increased in net revenue by small percentage of 0.5%.* ** *AUTO was also able to manage the cost of manufacturing especially due to lower cost of raw material, mentioned in the notes.* ** *Increase of net income was mostly due to increased in equity in net income of associates & jointly controlled entities by almost 80%. This was contributed mostly by Denso of 21% (2nd wheel segment), Kayaba 16% (both 2nd wheel & 4wheel segment), GS Battery & Tridharma Wisesa each 14%, and Aisin Indonesia 13%. These companies always contributed alot to AUTO and this proven that AUTO had made a very good investment decision on those companies.* ** *If you notice, almost every year since 2005 automotive booming in Indonesia, AUTO received a very good return on its investment from its associates & jointly controlled entities.* ** *If you notice also on its cashflow statements, you will see a very healthy cashflow from operating activities. And if you compare yoy basis starting 2005, you will be amazed on how this company generates cash. * ** *One thing that made it so interesting in 2009 was its cash conversion cycle suddenly dropped from 24days to only 12days contributed mostly from dropped in inventory days (most likely due to global crisis & price decrease) and increase in AP days. Its working capital also increased and shown that it has the resources necessary to expand internally. Furthermore, both of its short term borrowing & longterm debt reduced significantly as well as its debt ratio reduced from 45% to 39%, so it also loosen its cash in the following years ahead and could be used for another expansion.*
*Its share price increased but you have to be fair also because its cash position also increased more than 100% since 2007. While its bookvalue also increased by approx 35% compared to 2007 (if you compare with when its share price still stable at 3500/share), or by 20% compared to 2008.* *While in 2008 we knew there was crisis that increased Indonesian CDS, weakened IDR/USD, increased of gov't securities yield by almost 20%, that factors could dragged down overall P/E ratio.* ** *T.o.m* On 3/2/10, lkm jkt <lkm...@gmail.com> wrote: > > > > Pak Tom. > > data di link : tersebut belum ada . > > Hanya bingung saja EPS di Q4 2008 dari auto memang anjlok. > > dan penjualan antara 2009 dengan 2008 malah menurun . > > kalau EPS nya meningkat paling juga karena efisiensi. (belum lihat , > hanya dugaan) > > dan harga di banding yg lalu sudah naik sekitar 100 % an. > > Apa iya akan naik 100 % lagi darri mula mula nya. ( di sekitar 3.500 an) > > > dari sisi deviden interimnya sudah di bayar sekitar 20 % dari EPS > (2009) > > paling tersisa juga sekitar 20 % ~ 30 % dari EPS (2009) sebagai deviden > finalnya. > > dengan harga saat ini , menurut bapak apa masih layak ? > > EPS yg meningkat karena efisiensi, menurut saya loh paling lama hanya 3 > tahun saja. > > selanjutnya akan flat. > > Kecuali di dukung dengan naiknya omset penjualan . (ini idealnya) > > Salam > > Lukman > > > > > > On 2 March 2010 09:27, Tom DS <tom.ds.st...@gmail.com> wrote: > >> >> >> *You can download in : >> http://202.155.2.90/corporate_actions/new_info_jsx/jenis_informasi/01_laporan_keuangan/02_Soft_Copy_Laporan_Keuangan/Laporan%20Keuangan%20Tahun%202009/LKT_Desember_2009_Audit/ >> >> Or you can see "bisnis indonesia" last thursday, or simply check at >> embah's website. >> >> EPS fullyear 2009 = Rp996/share. Target price of 9,200 was implying >> Forward P/E 10.62x at 2010 & 8.86x at 2011. >> >> >> T.o.m* >> >> 2010/3/2 lkm jkt <lkm...@gmail.com> >> >>> >>> >>> Pak Tom. >>> >>> Tanya : dimana bisa lihat lap keu dari AUTO. >>> dan berapa EPS nya di Q4 2009 . >>> >>> Kalau target nya di 9.200 PER nya akan di ? X >>> >>> (mungkin sekitar 9 ~ 10 X ) >>> >>> >>> Salam >>> >>> Lukman >>> >>> >>> >>> >>> >>> On 1 March 2010 23:45, Tom DS <tom.ds.st...@gmail.com> wrote: >>> >>>> >>>> >>>> *Slow but sure for your investment.. * >>>> ** >>>> ** >>>> *T.o.m* >>>> >>>> >>>> >>> >>> >>> >>> -- >>> Lukman >>> >>> >> >> >> >> > > > -- > Lukman > > >
