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Stock price soars beyond analysts' estimation More News

Danamon posts IDR2.2 trillion net
Mayora goes beyond expectation incom e
2010-08-03 13:26:38 Oleh: Arif Gunawan S.
ArcelorMittal collects US$1.4 billion net
PT Mayora Indah Tbk saves all the potentials to benefit from the growing incom e in Q3
domestic consumption. Its stock price also soars beyond the analysts’
estimation. Revenue of Myoh Technology sinks by
At the moment, Indonesia is praised for being a resilient country against the 8.67%
global crisis that had hit some of European major countries. The great
population somehow has become Indonesia’s key strength. JCI slightly rises 0.29%, driven by BCA
This condition serves as strong fundamental for the stocks of Indonesia’s food
manufacturers, including Mayora, to adjust to the expected rise in the income
Realization of BCA credit is IDR138.9
per capita or the public purchasing power. trillion
Two analysts from PT CLSA Asia Pacific Markets, Jessica Irene and Swati
Chopra also sparked similar optimism. Both revealed that Indonesia’s income
UBS reports 3Q net profit of CHF1,664
per capita has doubled during the last five years and may potentially double m illion
over the next five years.
“As the steady rupiah exchange rate, the company’s earnings will still have
Switzerland embassy s upports
room to grow due to the rising public purchasing power. We recommend to buy financial of HRRCA
Mayora’s stock with target price at IDR7,100,” she said on the research as per
6 May.
Regulator reviews cellular operators
The positive recommendation is also based on the positive figure of proposed merger
consumption level of processed food in Indonesia, which grows 15.6% per year
since 2000. Urbanization and the rise in the income per capita have become
the additional supporting factors. Features
The foreign brokerage predicts that there are 10 million households in Indonesia
'Saham kom oditas jadi penggerak
with US$400 income per month. This class of society is estimated to grow by bursa'
50% over the next three years.
However, as a matter of fact, the 12-month price target has been realized only
Behind a s ignificant jump in Intiland's
in two months in the trading on July 7. Further, the MYOR-coded stock kept performance
climbing and successfully reached IDR8,150 in yesterday’s closing.
This Mayora's performance was surprising since Mayora had established its
'We are ready for rupiah
dominance in consumer goods consumption in nine major cities as surveyed redenom ination'
by Nielsen.
Apart from that, a research by Euromonitor showed that Mayora dominated
Mayora goes beyond expectation
biscuit market by controlling 16.8% of the total market share. In 2001, Mayora
shared 11.4% of the total biscuit market. Mayora also surpassed Kraft’s
Expecting a boost on Semen Gresik's
achievement that has been expanding its market share from 3.9% in 2006 to
production
15.2% this year.

Consumption pattern
CLSA assesses that Indonesia has big potential to grow due to the change in
consumption pattern from the need-based-spending to pleasure-based
spending.
The faster growth of processed food consumption compared to the spending on
primary food has proven such change. People seem to spend more on snacks
or soft drink than primary food.
“The consumer goods manufacturers will be the most benefited from the trend,”
said Swati and Jessica on their research.
With the income hike, people will tend to spend more on the processed foods.
Mayora, established in 1977, is a well-known manufacturer of biscuit, candy,
chocolate, coffee and health supplement. Its main brands are Roma, Kopiko,
Torabika and Energen.
The subsidiary of Inbisco Group is now run by the third generation of the
company's founder. Inbisco itself has 35 years of experience in the food
industry. One of the main shareholders in Mayora is Unita Branindo that

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10/26/2010 Bisnis.Com >> Featdetail
acquired Mayora’s stock through IPO in 1990.
The company plans to expand its capacity by 20% annually over the next four
years. In the perspective of CLSA, the expansion plan may inflict to profit jump
by 28% on average per year.
The plan will also support the company’s revenue profile that has grown 24% in
the last decade. CLSA projects the company to score similar growth this year
and next.
The only risk that should be well anticipated by Mayora is the cost production,
particularly due to the rising raw material, such as sugar and palm oil. These
two raw materials contribute 55% to the company’s cost of good sold (CGOS).
“Based on our estimation, every 2% hike in raw material prices and the
shipping expense will boost the gross margin by 1.1%. Amidst the possible
hike of raw materials, rupiah rate will help cover the cost production. Yet, we
expect to see stable margin,” said Swati and Jessica. (T02/NOM)

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